[ET Net News Agency, 23 August 2019] HSBC Global Research raised its target price for
China Resources Power (CRP)(00836) to HK$12.4 from HK$12.3 and maintained its "hold"
rating.
The research house said CRP updated guidance for the full year during the analyst
briefing after delivering a decent 36% net profit growth in 1H. Apart from a total of
2.7GW new thermal capacity, CRP now targets to bring all the viable reserve wind projects
(5GW) on-line in the next two years, including 1.9GW for 2019 and 3.0GW for 2020, before
the grid parity policy for renewables become effective in 2021.
HSBC raised its earnings estimates by 2-7% for 2019-21. (KL)