Coal-fired IPPs See Both Opportunities and Challenges from Reforms; Shares are Slightly Undervalued.
Our recent visits with major coal and power companies revealed both opportunities and challenges for Chinese coal-fired independent power producers, or IPPs, amid the sector's reform. We expect coal-fired power plants to benefit from stable margins and healthy cash flows in long-run, with reforms likely to allow the IPPs to better match fuel costs with power pricing. However, the sector's long-standing and deep-seated structural problems, along with the complexities and difficulties in balancing...
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