CLP’s 3Q Statement In Line; Shares Remain Overvalued on Long-term Challenging Outlook.
Narrow-moat CLP Holdings' third-quarter operational performance held no major surprises, but the long-term challenges on its thermal generation assets in both China and Australia, along with the 2% cut in the Hong Kong Scheme of Control, or SoC, regulated return to 8% effective in 2019, reinforces our conservative stance on the company’s valuation. We maintain both our 2017 earnings forecast of HKD 12.8 billion and our fair value estimate of HKD 64 per share. Despite the recent share price weakn...CLP Holdings is an investment holding company. Through its subsidiaries, Co. operates five geographical regions, Hong Kong, Mainland China, India, Southeast Asia and Taiwan, and Australia. In Hong Kong, Co. generates, distributes and provides electricity supply. In china, Co. produces power with a focus on clean and low-carbon energy, including nuclear and renewables. In India, Co. has a diversified generation portfolio comprising coal, gas and renewable energy. In Southeast Asia and Taiwan, Co. has interests in Taiwan's Ho-Ping Power Station and Lopburi solar project in Thailand. In Australia, Co.'s asset portfolio includes coal, gas and wind generation and gas storage facilities.
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