Ge Long Hui·2025-08-01 02:14Core Viewpoint - Bank of America Securities highlights the resilience of coal power pricing for Huaneng International Power, leading to upward revisions in profit forecasts for 2025 and 2026 by 16% and 3% respectively due to decreased interest expenses and other costs, as well as adjustments in electricity prices for thermal, wind, and solar power in 2026 [1] Financial Performance - The company is expected to maintain a dividend payout ratio of 58%, resulting in a projected dividend yield of 8.3% for 2025, the highest among its peers covered by the bank [1] - Significant improvement in free cash flow has been noted [1] Investment Rating and Price Target - The bank reaffirms a "Buy" rating for Huaneng International Power, anticipating that ongoing improvements in thermal power earnings will drive a revaluation of the stock [1] - The target price for H-shares has been raised from HKD 5.5 to HKD 6, while the target price for A-shares has been adjusted down from CNY 9.7 to CNY 8.4 based on the AH share premium [1]