Citi analyst Pierre Lau downgraded Huaneng Power to Neutral from Buy. In a research note to investors, Lau says that he used to like the stock as a yield play, which is no longer valid. The analyst says he expects Huaneng to make impairment losses on its 159 loss-making power plants in Q4, saying he assumes it will book an impairment loss of RMB3.4B in Q4, so its net profit will rise below 50% y/y in 2019 and hurt its dividend yield. Additionally, he says that based on his firm's recent global marketing, he notes more institutional investors are taking environmental, social and governance issue more seriously in stock selection and that coal-fired power generators such as Huaneng Power will become less popular due to pollution concerns.