TC

24/01/2020 15:01

{I-bank focus}China Power's (02380) 8.3% yield attractive

[ET Net News Agency, 24 January 2020] China Power International (02380)(CPI) reported
an increase in consolidated net generation by 17.8% in 2019, including growth of 9.6% from
coal-fired plants, driven by capacity expansion and growth of 38.5% from renewable energy,
driven by a rise in utilization.
Citi Research estimated CPI's FY2019 net profit to increase by 45% to Rmb1,587m,
implying +24% to Rmb610m in 2H 2019. It reiterated its "buy" rating on CPI primarily for
its attractive valuation, 0.5x 2019 PB with an 8.3% yield, with a target price of HK$2.18.
(KL)

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