Datang’s Core Business On Track; Coal-Chemical Restructure Is a Long-Term Positive.
We raise our fair value estimate for no-moat-rated Datang to HKD 2.50 per share from HKD 2.20, following the completion of its coal-chemical asset restructure on Aug. 31, and management’s recent updates on its interim 2016 results. We think Datang’s coal-chemical disposal is a positive move toward restoring shareholder confidence, and despite the huge one-off impairment, we see long-term benefits that allow the firm to refocus on its core power activities, and improve returns and cash flows. Whi...
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