reports
- Jennifer Song
Morningstar | SIPG's First-Quarter Results In Line; Maintain CNY 6.50 ...
We maintain our fair value estimate of CNY 6.50 per share for wide-moat Shanghai International Port, or SIPG, following the company’s in-line first-quarter results. We made few change to our 2019 net profit forecast of CNY 9.5 billion, and we expect the company’s net profit to grow at a 4% CAGR in our 10-year explicit forecast period. Our wide moat and stable moat trend remain intact. We think the shares, currently trading at 2.3 times price/book, are slightly overvalued. SIPG’s container...
- Jennifer Song
SIPG's First-Quarter Results In Line; Maintain CNY 6.50 FVE
We maintain our fair value estimate of CNY 6.50 per share for wide-moat Shanghai International Port, or SIPG, following the company’s in-line first-quarter results. We made few change to our 2019 net profit forecast of CNY 9.5 billion, and we expect the company’s net profit to grow at a 4% CAGR in our 10-year explicit forecast period. Our wide moat and stable moat trend remain intact. We think the shares, currently trading at 2.3 times price/book, are slightly overvalued. SIPG’s container ...
- Jennifer Song
Morningstar | JE’s 1Q in Line; Shares Fairly Valued.
We maintain our fair value estimate of HKD 11.20 per share for narrow-moat Jiangsu Expressway, or JE, following the company’s in line first-quarter results. With little property income booked in first-quarter 2019, JE’s revenue dropped 16% year over year, while net profit rose 2% to CNY 1 billion. This was helped by a decent toll segment performance, which was largely driven by a low base a year ago due to the extreme cold weather conditions. We think a slowing economy in China, as well as i...
- Jennifer Song
Morningstar | JE’s 1Q in Line; Shares Fairly Valued.
We maintain our fair value estimate of HKD 11.20 per share for narrow-moat Jiangsu Expressway, or JE, following the company’s in line first-quarter results. With little property income booked in first-quarter 2019, JE’s revenue dropped 16% year over year, while net profit rose 2% to CNY 1 billion. This was helped by a decent toll segment performance, which was largely driven by a low base a year ago due to the extreme cold weather conditions. We think a slowing economy in China, as well as i...
- Jennifer Song
JE’s 1Q in Line; Shares Fairly Valued.
We maintain our fair value estimate of HKD 11.20 per share for narrow-moat Jiangsu Expressway, or JE, following the company’s in line first-quarter results. With little property income booked in first-quarter 2019, JE’s revenue dropped 16% year over year, while net profit rose 2% to CNY 1 billion. This was helped by a decent toll segment performance, which was largely driven by a low base a year ago due to the extreme cold weather conditions. We think a slowing economy in China, as well as i...
- Jennifer Song
JE’s 1Q in Line; Shares Fairly Valued.
We maintain our fair value estimate of HKD 11.20 per share for narrow-moat Jiangsu Expressway, or JE, following the company’s in line first-quarter results. With little property income booked in first-quarter 2019, JE’s revenue dropped 16% year over year, while net profit rose 2% to CNY 1 billion. This was helped by a decent toll segment performance, which was largely driven by a low base a year ago due to the extreme cold weather conditions. We think a slowing economy in China, as well as i...
- Jennifer Song
Morningstar | Datang’s 1Q Slightly Missed; Our FVE Remains Intact on...
After excluding one-off items from its first-quarter net profit of CNY 429.8 million, no-moat Datang’s performance was disappointing, with recurring net profit falling 28% year over year to CNY 380 million under PRC GAAP. Despite a 14% fall in the QHD 5,500 kcal benchmark coal price, Datang’s first-quarter performance implies a 3% rise in its unit cost. Besides a drop in operating leverage from the 5% fall in power sales volume that raises per unit cost, we think Datang has been relatively i...
- Jennifer Song
Morningstar | Datang’s 1Q Slightly Missed; Our FVE Remains Intact on...
After excluding one-off items from its first-quarter net profit of CNY 429.8 million, no-moat Datang’s performance was disappointing, with recurring net profit falling 28% year over year to CNY 380 million under PRC GAAP. Despite a 14% fall in the QHD 5,500 kcal benchmark coal price, Datang’s first-quarter performance implies a 3% rise in its unit cost. Besides a drop in operating leverage from the 5% fall in power sales volume that raises per unit cost, we think Datang has been relatively i...
- Jennifer Song
Datang’s 1Q Slightly Missed; Our FVE Remains Intact on Bearish Coal ...
After excluding one-off items from its first-quarter net profit of CNY 429.8 million, no-moat Datang’s performance was disappointing, with recurring net profit falling 28% year over year to CNY 380 million under PRC GAAP. Despite a 14% fall in the QHD 5,500 kcal benchmark coal price, Datang’s first-quarter performance implies a 3% rise in its unit cost. Besides a drop in operating leverage from the 5% fall in power sales volume that raises per unit cost, we think Datang has been relatively i...
- Jennifer Song
Datang’s 1Q Slightly Missed; Our FVE Remains Intact on Bearish Coal ...
After excluding one-off items from its first-quarter net profit of CNY 429.8 million, no-moat Datang’s performance was disappointing, with recurring net profit falling 28% year over year to CNY 380 million under PRC GAAP. Despite a 14% fall in the QHD 5,500 kcal benchmark coal price, Datang’s first-quarter performance implies a 3% rise in its unit cost. Besides a drop in operating leverage from the 5% fall in power sales volume that raises per unit cost, we think Datang has been relatively i...
- Jennifer Song
Morningstar | Yanzhou’s 1Q Result in Line; Capacity Expansion Remain...
No-moat Yanzhou Coal’s first-quarter result, with net profit rising 4% year over year to CNY 2.3 billion under PRC GAAP, was largely in line with our expectations. We maintain both our 2019 net profit forecast of CNY 9.7 billion, as well as our fair value estimate of HKD 8.00 per share, as key production assumptions and our long-term bearish coal price outlook are unchanged. Following a 36% share price rise from the beginning of the 2019, we think the shares are fairly valued, with the uptick ...
- Jennifer Song
Morningstar | Yanzhou’s 1Q Result in Line; Capacity Expansion Remain...
No-moat Yanzhou Coal’s first-quarter result, with net profit rising 4% year over year to CNY 2.3 billion under PRC GAAP, was largely in line with our expectations. We maintain both our 2019 net profit forecast of CNY 9.7 billion, as well as our fair value estimate of HKD 8.00 per share, as key production assumptions and our long-term bearish coal price outlook are unchanged. Following a 36% share price rise from the beginning of the 2019, we think the shares are fairly valued, with the uptick ...
- Jennifer Song
Yanzhou’s 1Q Result in Line; Capacity Expansion Remains Key Growth D...
No-moat Yanzhou Coal’s first-quarter result, with net profit rising 4% year over year to CNY 2.3 billion under PRC GAAP, was largely in line with our expectations. We maintain both our 2019 net profit forecast of CNY 9.7 billion, as well as our fair value estimate of HKD 8.00 per share, as key production assumptions and our long-term bearish coal price outlook are unchanged. Following a 36% share price rise from the beginning of the 2019, we think the shares are fairly valued, with the uptick ...
- Jennifer Song
Yanzhou’s 1Q Result in Line; Capacity Expansion Remains Key Growth D...
No-moat Yanzhou Coal’s first-quarter result, with net profit rising 4% year over year to CNY 2.3 billion under PRC GAAP, was largely in line with our expectations. We maintain both our 2019 net profit forecast of CNY 9.7 billion, as well as our fair value estimate of HKD 8.00 per share, as key production assumptions and our long-term bearish coal price outlook are unchanged. Following a 36% share price rise from the beginning of the 2019, we think the shares are fairly valued, with the uptick ...
- Jennifer Song
Morningstar | Huaneng’s Strong 1Q in Line; Falling Coal Price Will C...
No-moat Huaneng’s strong first-quarter result, with net profit rising 114% to CNY 2.65 billion under PRC GAAP, was largely driven by falling coal prices, while its power output and average tariff remained largely flat from a year ago. This was well-expected, and an 8% fall in Huaneng’s unit coal cost drove its gross margin expansion of 4.8% in first-quarter 2019, to 18.3%, the best since third-quarter 2016. In addition, higher heating income, as well as the one-off noncash gains from the con...
- Jennifer Song
Morningstar | Huaneng’s Strong 1Q in Line; Falling Coal Price Will C...
No-moat Huaneng’s strong first-quarter result, with net profit rising 114% to CNY 2.65 billion under PRC GAAP, was largely driven by falling coal prices, while its power output and average tariff remained largely flat from a year ago. This was well-expected, and an 8% fall in Huaneng’s unit coal cost drove its gross margin expansion of 4.8% in first-quarter 2019, to 18.3%, the best since third-quarter 2016. In addition, higher heating income, as well as the one-off noncash gains from the con...
- Jennifer Song
Morningstar | Huaneng’s Strong 1Q in Line; Falling Coal Price Will C...
No-moat Huaneng’s strong first-quarter result, with net profit rising 114% to CNY 2.65 billion under PRC GAAP, was largely driven by falling coal prices, while its power output and average tariff remained largely flat from a year ago. This was well-expected, and an 8% fall in Huaneng’s unit coal cost drove its gross margin expansion of 4.8% in first-quarter 2019, to 18.3%, the best since third-quarter 2016. In addition, higher heating income, as well as the one-off noncash gains from the con...
- Jennifer Song
Morningstar | Huaneng’s Strong 1Q in Line; Falling Coal Price Will C...
No-moat Huaneng’s strong first-quarter result, with net profit rising 114% to CNY 2.65 billion under PRC GAAP, was largely driven by falling coal prices, while its power output and average tariff remained largely flat from a year ago. This was well-expected, and an 8% fall in Huaneng’s unit coal cost drove its gross margin expansion of 4.8% in first-quarter 2019, to 18.3%, the best since third-quarter 2016. In addition, higher heating income, as well as the one-off noncash gains from the con...
- Jennifer Song
Morningstar | Huaneng’s Strong 1Q in Line; Falling Coal Price Will C...
No-moat Huaneng’s strong first-quarter result, with net profit rising 114% to CNY 2.65 billion under PRC GAAP, was largely driven by falling coal prices, while its power output and average tariff remained largely flat from a year ago. This was well-expected, and an 8% fall in Huaneng’s unit coal cost drove its gross margin expansion of 4.8% in first-quarter 2019, to 18.3%, the best since third-quarter 2016. In addition, higher heating income, as well as the one-off noncash gains from the con...
- Jennifer Song
Morningstar | Huaneng’s Strong 1Q in Line; Falling Coal Price Will C...
No-moat Huaneng’s strong first-quarter result, with net profit rising 114% to CNY 2.65 billion under PRC GAAP, was largely driven by falling coal prices, while its power output and average tariff remained largely flat from a year ago. This was well-expected, and an 8% fall in Huaneng’s unit coal cost drove its gross margin expansion of 4.8% in first-quarter 2019, to 18.3%, the best since third-quarter 2016. In addition, higher heating income, as well as the one-off noncash gains from the con...
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