Bright capacity growth outlooks for Huadian's various businesses up ahead

A positive view remains for company's fundamentals.

Strong capacity growth is on track for Huadian Fuxin, as strong wind capacity growth for the company is expected at a 30% 2013-16F CAGR.

According to a research note from Nomura, the capacity growth outlook for other fuel types also remains strong, with two large-scale coal-fired assets in the pipelines.

Several small-scale hydro/distributed/solar assets in the pipeline are also to be expected, the report said.

Here's more from Nomura:

Diversified portfolio of generation assets - Huadian's unique and well-balanced power generation asset portfolio in different fuel mixes (wind, hyrdo, coal, nuclear, etc) offers diversification benefits across different fuels (eg, a weak coal price offset low wind speeds in 1H14).

Also, stable cash flow from the traditional business offers strong support to new energy business development.

Nuclear power generation – Unit 1 of the Fuqing nuclear power station has been connected to the grid for a trial run and is expected to be commissioned in November 2014.

Together with three more units scheduled to commence in 2014-17, this should provide a strong earnings stream for the company, we estimate at CNY200mn pa for each unit.

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