CRP’s First Half Missed on Higher Coal Cost; Dividend Commitment Leads to 6% Yield
No-moat China Resources Power’s, or CRP’s, first-half result was a little disappointing, with higher-than-expected coal cost leading to a sharp 65% decline in net profit to HKD 1.9 billion. The company saw its unit coal cost jump by 64% year over year versus the 52% hike for the benchmark Bohai-Rim Steam-coal Price Index, or BSPI, and the 55% rise for its close peer Huaneng. This suggests that CRP has little bargaining power over coal miners, and despite its ownership of coal mines, there is lit...China Resources Power is an investment holding company. Through its subsidiaries Co. is principally engaged in the construction and operations of power stations and coal mining. Co. invests, develops, operates and manages coal-fired power plants, wind farms, hydro-electric projects and other renewable energy projects in China, and invests, develops, constructs and operates coal mines in China. Co.'s segments include Thermal power, Renewable energy, and Coal mining. As of Dec 31 2014, Co. had 39 coal-fired power plants, 2 hydro-electric plants, 1 gas-fired plant and 56 wind farms in commercial operation. The total attributable operational generation capacity of Co. is 31,331 MegaWatt.
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