Datang’s Weak First Half In Line; Signs Point to Decent Second-Half Earnings
In line with industrywide weakness, no-moat-rated Datang’s power segment interim operating profit fell 77% year over year to CNY 1.4 billion. Compared with the 94% earnings tumble at Huaneng, we think Datang benefited from its diversified power-generation sources, with strong contributions from its nuclear and renewables units lifting depressed coal-fired earnings. Despite strong 12% output growth at coal-fired power plants, we estimate the profitability should be just at break-even, given the s...
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