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....
The independent financial analyst theScreener just lowered the general evaluation of DATANG INTL.PWR.GNRTN. (CN), active in the Conventional Electricity industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date February 19, 2021, the closing ...
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...
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...
In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, w...
In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, w...
In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, w...
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...
Datang International Power Generation's decision to divest itself of its coal-chemical business is an important step toward restoring shareholder value. The divestment of nonperforming and capital-intensive coal-chemical assets allows the firm to improve its financial health and focus on its core competency in power generation. We expect Datang to grow and gain value as a leading independent power producer and believe its favorably located generation assets, with their higher efficiency standard...
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...
Datang’s third-quarter performance missed our expectation, with net profit falling 52% year-over-year to CNY 398 million under PRC GAAP. Despite a strong 8% nationwide power consumption growth, Datang’s third-quarter power sales volume remained largely flat from a year ago. While this is disappointing, we think this probably suggests rising tariff pressure amid the expansion of power trading activities, and the company’s priority to maintain unit profitability at the expense of volume. Fue...
Datang’s third-quarter performance missed our expectation, with net profit falling 52% year-over-year to CNY 398 million under PRC GAAP. Despite a strong 8% nationwide power consumption growth, Datang’s third-quarter power sales volume remained largely flat from a year ago. While this is disappointing, we think this probably suggests rising tariff pressure amid the expansion of power trading activities, and the company’s priority to maintain unit profitability at the expense of volume. Fue...
Datang’s third-quarter performance missed our expectation, with net profit falling 52% year-over-year to CNY 398 million under PRC GAAP. Despite a strong 8% nationwide power consumption growth, Datang’s third-quarter power sales volume remained largely flat from a year ago. While this is disappointing, we think this probably suggests rising tariff pressure amid the expansion of power trading activities, and the company’s priority to maintain unit profitability at the expense of volume. Fue...
Datang’s third-quarter performance missed our expectation, with net profit falling 52% year-over-year to CNY 398 million under PRC GAAP. Despite a strong 8% nationwide power consumption growth, Datang’s third-quarter power sales volume remained largely flat from a year ago. While this is disappointing, we think this probably suggests rising tariff pressure amid the expansion of power trading activities, and the company’s priority to maintain unit profitability at the expense of volume. Fue...
In line with the industrywide profitability recovery, no-moat Datang’s decent first-half net profit of CNY 1.2 billion was no surprise, with 11% organic growth in power sales volume and 2.5% increase in average tariff the key drivers. Following the acquisition of 14 GW in generation assets from its parent, Datang’s total installed capacity rose 29.5% to 62 GW. However, these assets still made a net loss of CNY 335 million in the first half, compared with over 40% net profit growth of Datangâ...
In line with the industrywide profitability recovery, no-moat Datang’s decent first-half net profit of CNY 1.2 billion was no surprise, with 11% organic growth in power sales volume and 2.5% increase in average tariff the key drivers. Following the acquisition of 14 GW in generation assets from its parent, Datang’s total installed capacity rose 29.5% to 62 GW. However, these assets still made a net loss of CNY 335 million in the first half, compared with over 40% net profit growth of Datangâ...
In line with the industrywide profitability recovery, no-moat Datang’s decent first-half net profit of CNY 1.2 billion was no surprise, with 11% organic growth in power sales volume and 2.5% increase in average tariff the key drivers. Following the acquisition of 14 GW in generation assets from its parent, Datang’s total installed capacity rose 29.5% to 62 GW. However, these assets still made a net loss of CNY 335 million in the first half, compared with over 40% net profit growth of Datangâ...
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.