Nomura lifted its target price for Huadian Power (01071) to HK$5.31 from HK$4.75, but downgraded the stock to "neutral" from "buy".
call.
The research house said it sees limited near-term catalysts ahead, given the strong 1H results have already been reflected in the current share price; and any parent asset injection is less likely in the near term; even if it does occur, Nomura does not see any material earnings impact.
It noted that Huadian's share price has risen 67.5% since February, and the stock is no longer trading at the most attractive valuation in the sector.
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