Huaneng Renewables: A No-Brainer Buy 华能新能源：终会发光的潜力股
I read with amusement that wind power producer Huaneng Renewables (HKEx: 958) stumbled out of the gate in its Hong Kong debut on Friday with a 3 percent decline from an already cheap IPO price, as investors fretted over recent news that China will halt subsidies to makers of wind power equipment and components. (English article) Honestly speaking, I couldn’t understand what all the worry was about as Huaneng is a power generating company, not an equipment maker that may see some slight impact from China’s subsidy-ending move. Clearly big names like General Electric (NYSE: GE) and Temasek didn’t worry about the company’s prospects, as both came in as cornerstone investors to this IPO. So let’s look at the big picture here to see why this investment is a sure-fire winner: China has set a massively aggressive goal to have 110 gigawatts of wind power capacity installed by 2015, nearly triple the current figure. Huaneng, as the nation’s largest power producer, will clearly be called upon to help implement this aggressive target. To make that proposition attractive to Huaneng shareholders, which include the Chinese government, Beijing has already introduced attractive rates for wind power tariffs that offer attractive returns for investors. If it really wants to encourage investment in the area to meet its target, it could even increase those rates, offering a potential upside for wind power producers. At the end of the day, anyone betting against this company should have a better reason than concern about loss of subsidies, as Huaneng Renewables’ profits should be strong and steady over the next 5 years.
Bottom line: Huaneng Renewables could be a good buy following its weak Hong Kong debut, as it looks set to cash in on China’s aggressive wind power goals.
我饶有兴趣地发现，中国风力发电企业–华能新能源股份有限公司<0958.HK>周五在香港的首日挂牌交易中便出师不利，收市价比本已非常便宜的发行价下跌了3%，因最近市场传言称中国将停止对风电设备和零件生产商的补贴，投资者对此颇为担心。实话说，我无法理解为何会出现这种担心，因为华能是一家发电企业，并不是可能因中止补贴政策而受到一定冲击的设备生产商。很明显，通用电气<GE.N>和淡马锡等知名企业并不担心华能的前景，因两者均为华能此次IPO的基础投资者。那麽让我们来看看大背景，看看这笔投资为什麽一定会成功：中国制定了在2015年前实现风电装机容量1.1亿千瓦的宏伟目标，是现有水平的近三倍。作为中国最大的发电企业，华能势必需要为实现这一目标而添砖加瓦。为获得华能股东的支持，中国政府推出了具有吸引力的风电并网电价，以使投资者能获得较好回报率。如果中国政府真得希望鼓励风电领域投资，以实现上述目标，那麽甚至还可能提高风电并网电价，以使风电企业获得潜在优势。最终，不看好这家企业的人应该有更好的理由，而不是担心补贴被取消，因华能在未来五年的利润应会强劲而稳定。
一句话：华能新能源香港上市首日表现不佳，不影响它的潜力股地位，因其料会受益於中国宏伟的风电发展目标。
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