Strong Power Demand and Tariff Hike Drive Datang’s Decent First Half, Shares Slightly Undervalued
In line with the industrywide profitability recovery, no-moat Datang’s decent first-half net profit of CNY 1.2 billion was no surprise, with 11% organic growth in power sales volume and 2.5% increase in average tariff the key drivers. Following the acquisition of 14 GW in generation assets from its parent, Datang’s total installed capacity rose 29.5% to 62 GW. However, these assets still made a net loss of CNY 335 million in the first half, compared with over 40% net profit growth of Datang’s ex...
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