Higher Tariffs and Lower Coal Costs Drove Datang’s Decent 1Q; Shares Slightly Undervalued
In line with the industrywide turnaround after the loss-making fourth-quarter 2017, no-moat Datang’s first-quarter net profit came in at CNY 541 million under PRC GAAP. The company’s 6.8% sequential rise in first-quarter tariffs to CNY 383/MWh was impressive compared with Huaneng’s 2% decline. We think this suggests Datang is turning to a rationalized pricing policy with lower discounts offered on direct power sales, which may be reflected in its sequential 5% decline in power output. However, t...
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