Limited Impact from EnergyAustralia Impairment; CLP FVE Unchanged at HKD 82
With the ongoing changes in regulatory policies in Australia, CLP will take an estimated goodwill impairment charge of HKD 6 billion to HKD 7 billion for its EnergyAustralia operation. The impairment charge is noncash and a slight revision to our forecasts sees no impact on our fair value of HKD 82. The impairment charge was attributable to the implementation of Default Market Offer, which essentially reapplies regulation on retail electricity prices in New South Wales, Queensland, and South 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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