[ET Net News Agency, 23 February 2018] CLP Holdings (00002) will report its 2017
results on 26 February. CLSA expects its full-year net profit of HK$13.3bn, YoY growth of
4%.
The research house also forecast Hong Kong (accounting for around two-thirds of total
profit) earnings growth of 3% driven by increase in net fixed assets. Australia earnings
should recover strongly as a result of high and stable wholesale market prices, but this
is already in consensus expectations. CLSA forecast 13% full-year earnings growth in
Australia.
After an 8% share-price correction from its peak in August 2017, CLP is trading at 2018
PE of 14.3x (historical long-term average of 15x). However, its 2019 PE is still 15.5x
(2019 earnings decline due to reduction in HK return).
CLSA maintained its "sell" rating on the stock. (KL)
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00002 CLP HOLDINGS
Nominal 
62.150 +0.650 (+1.057%) Others
23/02/2018 15:33
[I-bank focus]CLP (00002) 2017 net seen up 4% to HK$13.3bn
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