CRP’s Decent Second-Half 2017 Earnings in Line; Dividend Commitment Leads to 6.2% Yield
Contrary to industrywide weak second-half performances, no-moat-rated China Resources Power’s, or CRP’s, recurring profit of HKD 5.5 billion in 2017 implies a strong 69% sequential improvement in the second half, in line with our expectations. This reflects the company’s strength from its diversified business portfolio, with strong earnings growth from its coal mining segment and renewable generation units helping to cushion the sharp profit decline at its coal-fired power plants, as well as its...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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