Datang's Turnaround in 2017 in Line; CNY 0.09 Dividend Surprises
No-moat Datang International Power Generation’s turnaround in 2017 net profit was expected, but the dividend of CNY 0.09 per share was a positive surprise, indicating confidence in the cash flow outlook. Fourth-quarter performance was weak, in line with the industry, and led to a 48% drop in full-year recurring profit to CNY 1.4 billion, as surging coal prices and lower average tariff coupled with an increasing share of lower-margin direct power sales squeezed profitability. We think Datang bene...
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