[ET Net News Agency, 3 April 2020] Daiwa Research lifted its target price for China
Resources Power (CRP)(00836) to HK$9.4 from HK$9 but downgraded its rating to "outperform"
from "buy" as it sees a sub-7% dividend yield becoming less appealing.
The research house said CRP's management reiterated its plan to further accelerate new
wind-farm installation in 2020-21 to enjoy a higher subsidised tariff before the deadline,
while curtailing coal-fired power projects.
After the capex peak cycle in 2021, CRP plans to explore other power-related retail
opportunities, such as integrated energy with the introduction of new members to the board
(including President Tang and Chairman Wang) and intends to commit to a 40% DPS payout of
the reported earnings. (KL)