Falling Coal Price Will Be a Key Growth Driver for Datang in 2019
Datang’s third-quarter performance missed our expectation, with net profit falling 52% year-over-year to CNY 398 million under PRC GAAP. Despite a strong 8% nationwide power consumption growth, Datang’s third-quarter power sales volume remained largely flat from a year ago. While this is disappointing, we think this probably suggests rising tariff pressure amid the expansion of power trading activities, and the company’s priority to maintain unit profitability at the expense of volume. Fuel cost...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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