Datang’s Weak 3Q In line, but More Challenging Outlook in 4Q.
We maintain our fair value estimate of HKD 2.54 per share for no-moat-rated Datang, following the company’s in line third-quarter results. There was a net loss of CNY 3.2 billion in the first nine months caused by a one-off impairment on the sale of its coal chemical business, while the power segment saw a 10% year-over-year decline in profit before tax, to CNY 8.8 billion for the cumulative nine months. We see risks from surging coal prices and lower average tariffs amid increasing share of dir...Datang International Power Generation is engaged in the development and operation of power plants, the sale of electricity and thermal power, and the repair and testing power equipment; the provision of power related technical services; sale of coal; and the production and sale of chemical products. Through its subsidiaries, Co. is also engaged in the hydropower generation; wind power generation; power generation and heat supply; provision of coal chemistry related consulting service; import of power related fuel and equipment; and coal mining and sales.
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