CHINA RESOURCES POWER (HK), a company active in the Conventional Electricity industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date November 26, 2021, the closing pr...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Reason For Caution Various market dynamics have deteriorated recently which leads us to a more neutral outlook for the weeks ahead. For now we do not expect to see a significant correction, however we have reason to believe that this current consolidation period could go on longer than initially expected. Below we explain updates to our outlook. · Deteriorating Market Dynamics: US Dollar & EM Equities. The 92 level has been our key line in the sand on the US dollar (DXY); we have sugge...
A director at China Resources Power Holdings Co sold 30,167 shares at 9.139HKD and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...
KEY HIGHLIGHTS CHINA Economics The Big Picture Further monetary stimulus in 2H19; renminbi faces downside pressure. Sector Property Weekly: Cooling the property market. HONG KONG Sector Macau Gaming Expectations for VIP remain low. TRADERS’ CORNER China Res Power (836 HK): Trading Buy Range China Literature (772 HK): Trading Sell Range
Despite in-line operating results, no-moat China Resources Power’s cut in its dividend payout to HKD 0.328 per share was disappointing, as it breached the company’s commitment to maintain a stable absolute dividend payout of HKD 0.875 per share throughout 2016-18 and hurt investor confidence. This led to a 15% share price decline following the result announcement. Net profit fell 15% year over year to HKD 3.95 billion, largely driven by noncash impairments, while recurring profit of HKD 6.95...
Despite in-line operating results, no-moat China Resources Power’s cut in its dividend payout to HKD 0.328 per share was disappointing, as it breached the company’s commitment to maintain a stable absolute dividend payout of HKD 0.875 per share throughout 2016-18 and hurt investor confidence. This led to a 15% share price decline following the result announcement. Net profit fell 15% year over year to HKD 3.95 billion, largely driven by noncash impairments, while recurring profit of HKD 6.95...
Despite in-line operating results, no-moat China Resources Power’s cut in its dividend payout to HKD 0.328 per share was disappointing, as it breached the company’s commitment to maintain a stable absolute dividend payout of HKD 0.875 per share throughout 2016-18 and hurt investor confidence. This led to a 15% share price decline following the result announcement. Net profit fell 15% year over year to HKD 3.95 billion, largely driven by noncash impairments, while recurring profit of HKD 6.95...
Despite a nationwide slowdown in power consumption growth, China Resources Power's operating performance in November lagged industry peers, with power sales volume falling 8.4% year over year versus 3.6% nationwide growth. This was largely driven by an 8.8% decline in the firm’s coal-fired power output, reflecting rising pressure coming from the cross-provincial power supply amid stricter environmental controls in coastal regions. This is in line with our expectations, and we expect west-to-ea...
Despite a nationwide slowdown in power consumption growth, China Resources Power's operating performance in November lagged industry peers, with power sales volume falling 8.4% year over year versus 3.6% nationwide growth. This was largely driven by an 8.8% decline in the firm’s coal-fired power output, reflecting rising pressure coming from the cross-provincial power supply amid stricter environmental controls in coastal regions. This is in line with our expectations, and we expect west-to-ea...
China Resources Power’s, or CRP’s, decent first-half result was within our expectation, with net profit rising 60% to CNY 3 billion and tracking 47% of our full-year forecast. CRP benefits from a diversified business portfolio, with strong earnings growth from renewable generation units and coal mining segment offsetting the earnings decline at its coal-fired power plants. Operating profit from renewable units rose 47% year over year, surpassing the coal-fired segment to become the largest e...
China Resources Power’s, or CRP’s, decent first-half result was within our expectation, with net profit rising 60% to CNY 3 billion and tracking 47% of our full-year forecast. CRP benefits from a diversified business portfolio, with strong earnings growth from renewable generation units and coal mining segment offsetting the earnings decline at its coal-fired power plants. Operating profit from renewable units rose 47% year over year, surpassing the coal-fired segment to become the largest e...
China Resources Power’s, or CRP’s, decent first-half result was within our expectation, with net profit rising 60% to CNY 3 billion and tracking 47% of our full-year forecast. CRP benefits from a diversified business portfolio, with strong earnings growth from renewable generation units and coal mining segment offsetting the earnings decline at its coal-fired power plants. Operating profit from renewable units rose 47% year over year, surpassing the coal-fired segment to become the largest e...
China Resources Power’s, or CRP’s, decent first-half result was within our expectation, with net profit rising 60% to CNY 3 billion and tracking 47% of our full-year forecast. CRP benefits from a diversified business portfolio, with strong earnings growth from renewable generation units and coal mining segment offsetting the earnings decline at its coal-fired power plants. Operating profit from renewable units rose 47% year over year, surpassing the coal-fired segment to become the largest e...
Our recent visits with major coal and power companies revealed both opportunities and challenges for Chinese coal-fired independent power producers, or IPPs, amid the sector's reform. We expect coal-fired power plants to benefit from stable margins and healthy cash flows in long-run, with reforms likely to allow the IPPs to better match fuel costs with power pricing. However, the sector's long-standing and deep-seated structural problems, along with the complexities and difficulties in balancing...
Contrary to industrywide weak second-half performances, no-moat-rated China Resources Power’s, or CRP’s, recurring profit of HKD 5.5 billion in 2017 implies a strong 69% sequential improvement in the second half, in line with our expectations. This reflects the company’s strength from its diversified business portfolio, with strong earnings growth from its coal mining segment and renewable generation units helping to cushion the sharp profit decline at its coal-fired power plants, as well ...
Despite strong power demand, the 2017 profit warnings from China’s major independent power producers, or IPPs, suggest a nationwide net loss in the fourth quarter. Profit guidance from both Huaneng and Datang missed our expectations, despite in-line fourth-quarter operating statistics: over 20% year-over-year power generation volume growth and a 3%-6% rise in average tariff for coal-fired generation units, as well as a 2.6% fall in the benchmark Bohai-Rim Steam Coal Price Index, or BSPI. We th...
China’s launch of carbon trading in the power sector due to rising emission costs will accelerate the sector’s supply side reform, helping to phase out low-efficient coal-fired generation capacity, . We think market leaders, including Huaneng, Datang and China Resources Power, with high-efficiencies and low emissions will stand to benefit from the improving supply demand balance over a longer term. By the first half of 2017, more than 80% of Huaneng, Datang and China Resources Powers’ gen...
No-moat China Resources Power’s, or CRP’s, first-half result was a little disappointing, with higher-than-expected coal cost leading to a sharp 65% decline in net profit to HKD 1.9 billion. The company saw its unit coal cost jump by 64% year over year versus the 52% hike for the benchmark Bohai-Rim Steam-coal Price Index, or BSPI, and the 55% rise for its close peer Huaneng. This suggests that CRP has little bargaining power over coal miners, and despite its ownership of coal mines, there is...
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