CLP’s Soft First Half in Line; Shares are Overvalued on Long-Term Challenging Outlook.
Narrow moat-rated CLP Holdings' soft first-half 2017 result was within our expectations, but the long-term challenges on its thermal generation assets in both China and Australia, along with the 2% cut in the Scheme of Control, or SoC, in Hong Kong regulated return to 8% from 2019, reinforce our conservative stance on the company’s valuation. CLP’s first-half operating profit remained largely flat at CNY 6 billion, with growing renewable income in China and improving retail power business in Aus...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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