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Huaneng Power International, Inc.

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HNP.N

ISIN: US4433041005
SEDOL: 2441737

Rating:

BUY

Target Price:

30.91 USD

Investment Horizon:

6 to 12 months
22nd Apr 2009 View Report   Download

1Q 09 News Alert

Huaneng Power International, Inc. (HPI) reported strong 1Q 09 results. Although total power generation declined in 1Q 09, revenues registered strong growth, driven by higher average electricity tariff rates. HPI reported a significant increase in its earnings led by lower operating expenses during the period. Given the company’s superior performance in 1Q 09, we do not anticipate a change in our current…

9th Apr 2009 View Report   Download

FY 2008 Update Report

We expect HPI will witness moderate revenue growth over our investment horizon on the back of high electricity tariffs, set by the State Regulatory Commission of China, partially offset by sluggish growth in its electricity volumes. The State Regulatory Commission of China increased electricity tariff rates in FY 2008 to compensate electricity producers for the high price of their principle input, coal. We do not expect a major pull back in electricity tariffs…

1st Apr 2009 View Report   Download

FY 2008 News Alert

Huaneng Power International, Inc. (HPI) reported strong revenue growth in FY 2008, in-line with our estimate. However, earnings were significantly lower than our estimates. Given the company’s poor operating performance in FY 2008, we do not anticipate a change in our current rating for the common stock. Therefore, although the common stock target price does not support a HOLD rating at current price levels, we maintain our…

22nd Oct 2008 View Report   Download

3Q 08 News Alert

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Huaneng Power International, Inc. (HPI) reported a strong increase in 9M 08 revenues, driven by continued demand for power in China and an increase in average electricity tariff rates. However, earnings declined significantly as high coal prices impacted operating and bottom-line performance. The company now expects to incur a loss in FY 2008 in view of high coal prices, which it expects to continue into FY 2009, denting profitability....

3rd Oct 2008 View Report   Download

1H 08 Update Report

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Huaneng Power International, Inc.’s (HPI) 1H 08 revenues increased 33.0% y-o-y, above our expectation. Strong growth in power sales volume as well as increase in average electricity tariff rates led to strong revenue growth during 1H 08....