No Surprise in CLP's 3Q Result; FVE Unchanged
There was little in CLP Holdings' third-quarter update to change our view on the utility and its narrow economic moat rating and our fair value of HKD 84 is unchanged. Despite a decline of close to 10% in its share price from a peak of HKD 97 last month, we continue to see CLP as largely fairly valued. There is no change in the company’s strong fundamentals as the share price decline was capital markets-related, in our view. The decline was in line with the Hang Seng Utilities index as U.S. inte...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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