UTILITY_ALTERNATIVE_ENERGY:STATE_GRID_MAY_BE_SPLIT_AFTER_NATIONAL_PEOPLES_CONGRESS-2013-03-13.pdf
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1、Deutsche Bank Markets Research Asia China Utilities Periodical Utility/Alternative Energy Date 13 March 2013 State Grid may be split after National Peoples Congress _ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investor
2、s should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 072/04/2012.
3、Michael Tong, CFA Research Analyst (+852) 2203 6167 Eric Cheng, CFA Research Analyst (+852) 2203 6202 eric- Kai-Ting Wong, CFA Research Analyst (+852) 2203 6235 kai- Companies Featured Beijing Enterprises (0392.HK),HKD59.00 Buy 2011A 2012E 2013E P/E (x) 19.7521.8016.88 EV/EBITDA (x) 10.613.911.9 Pr
4、ice/book (x) 1.41.71.6 China Resources Power (0836.HK),HKD21.05 Buy 2011A 2012E 2013E P/E (x) 18.3615.5311.44 EV/EBITDA (x) 8.99.57.4 Price/book (x) 1.31.71.5 Longyuan Power (0916.HK),HKD6.51 Buy 2011A 2012E 2013E P/E (x) 16.514.714.2 EV/EBITDA (x) 10.99.58.8 Price/book (x) 1.51.21.2 Dongfang Electr
5、ic (1072.HK),HKD15.04 Hold 2011A 2012E 2013E P/E (x) 14.810.39.2 EV/EBITDA (x) 8.03.62.3 Price/book (x) 2.81.51.3 Huaneng Power Intl (0902.HK),HKD7.75 Buy 2011A 2012E 2013E P/E (x) 39.5913.698.67 EV/EBITDA (x) 9.78.36.4 Price/book (x) 0.91.51.4 BEWG (0371.HK),HKD2.35 Buy 2011A 2012E 2013E P/E (x) 24
6、.7920.9813.90 EV/EBITDA (x) 20.918.712.4 Price/book (x) 1.81.91.7 Datang Renewable (1798.HK),HKD1.56 Buy 2011A 2012E 2013E P/E (x) 12.7473.2723.47 EV/EBITDA (x) 10.211.210.2 Price/book (x) 0.91.01.0 FY12 earnings reporting calendar for utilities/renewable energy FY12 earnings reporting calendar for
7、utilities/renewable energy March 13: CR Gas; March 14: GCL-Poly; March 15: Towngas China; March 18: CR Power, Hong Kong March 19: Huaneng Power; March 20: Huaneng Renewable, China Power Intl; March 21: Kunlun Energy; March 23: Goldwind; March 25: Harbin Electric, ENN Energy, Datang Renewable; March
8、26: Datang Power, GDI; March 27: Longyuan Power, Dongfang Electric, CHSTE; March 28: Huadian Power, Beijing Enterprises and March 29: Shanghai Electric. Sector news Sector news State Grid may be split after National Peoples Congress According to people familiar with the matter, the highly monopolize
9、d State Grid may be faced with a split after the National Peoples Congress. One of the potential schemes is to split regional grids from the State Grid. Some industry commentators stated that if this scheme is implemented, it will benefit the formation of the regional grid market and promote effecti
10、veness and competition. Meanwhile, it will also enhance the transparency of grid companies and lower the difficulty of supervision. Company news Company news China Oil and Gas FY12 net profit up 75% yoy China Oil and Gas announced that as of 31 December 2012, the company recorded revenue of HK$4,889
11、m for FY12, representing an increase of 11% yoy. Its net profit reached HK$366m with an increase of 75% yoy. Final dividend of HK cent 0.65 per share was recommended by the Board. During the year, the companys total gas sales and transmission volume reached 3.761bn cubic meters (bcm), where gas sale
12、s volume increased by 22% yoy to 1.930bcm and gas transmission volume increased by 41% yoy to 1.731bcm. Suntech to close Arizona factory Suntech Power Holdings Co., Ltd. will stop production at its Goodyear, Arizona solar panel manufacturing facility on 3 April 2013, with 43 employees affected. High
13、er production costs exacerbated by import tariffs on solar cells and aluminum frames imposed by the US government, as well as global solar module oversupply, contributed to the facilitys closure. Alstom signs contract to supply Chinese power plant with gas turbine generators Alstom has signed a cont
14、ract to supply Harbin Company Limited (HTC) with two sets of GT13E2 gas turbine generators for Huaneng Power Internationals (HPI) Suzhou gas-fired combined heat and power plant in the city of Suzhou in Chinas Jiangsu province. The new plant will have an installed capacity of 400MW to help meet the e
15、nergy needs of the citys southwestern areas. Coal price update Coal price update 11-Mar-13 12-Mar-13 13-Mar-13 655 655 655 620 620 620 530 530 530 13 March 2013 Utilities Utility/Alternative Energy Page 2 Deutsche Bank AG/Hong Kong Sector news State Grid may be split after National Peoples Congress
16、(C) According to people familiar with the matter, the highly monopolized State Grid may be faced with a split after the National Peoples Congress. One of the potential schemes is to split regional grids from the State Grid. Some industry commentators stated that if this scheme is implemented, it wil
17、l benefit the formation of the regional grid market and promote effectiveness and competition. Meanwhile, it will also enhance the transparency of grid companies and lower the difficulty of supervision. Company news China Oil and Gas FY12 net profit up 75% yoy (company announcement) China Oil and Ga
18、s announced that as of 31 December 2012, the company recorded revenue of HK$4,889m for FY12, representing an increase of 11% yoy. Its net profit reached HK$366m with an increase of 75% yoy. Final dividend of HK cent 0.65 per share was recommended by the Board. During the year, the companys total gas
19、 sales and transmission volume reached 3.761bn cubic meters (bcm), where gas sales volume increased by 22% yoy to 1.930bcm and gas transmission volume increased by 41% yoy to 1.731bcm. Suntech to close Arizona factory (Company announcement) Suntech Power Holdings Co., Ltd. will stop production at it
20、s Goodyear, Arizona solar panel manufacturing facility on 3 April 2013, with 43 employees affected. Higher production costs exacerbated by import tariffs on solar cells and aluminum frames imposed by the US government, as well as global solar module oversupply, contributed to the facilitys closure.
21、Suntechs Goodyear, Arizona manufacturing facility opened in October 2010. The facility reached peak production of 50MW per year in 2011. In November 2012, the facilitys production throughput was scaled back to 15MW per year. Alstom signs contract to supply Chinese power plant with gas turbine genera
22、tors () Alstom has signed a contract to supply Harbin Company Limited (HTC) with two sets of GT13E2 gas turbine generators for Huaneng Power Internationals (HPI) Suzhou gas- fired combined heat and power plant in the city of Suzhou in Chinas Jiangsu province. The new plant will have an installed cap
23、acity of 400MW to help meet the energy needs of the citys southwestern areas. The value of the contract is approximately EUR40m and the two new sets are to be delivered in early 2014. The total cost of the plant is estimated at RMB1.474bn (EUR182m). This is the third gas turbine order awarded by HTC
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