CRP’s Weak First-Half Results In Line; 25% Increase in Interim Dividend a Positive Surprise.
No-moat-rated China Resources Power’s, or CRP’s, weak first-half 2016 result came as no surprise, with net profit declining 22% to HKD 5.3 billion, making up 54% of our full-year forecast. Notably, management revised up its 2016 utilization guidance to 4,700 hours, from previous guidance of 4,500 hours, which reaffirmed our view that coal-fired power plants are expected to see a moderate recovery in power demand in the coming quarter, evidenced by continued improvement in average daily coal-cons...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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