[ET Net News Agency, 18 July 2018] Morgan Stanley raised its target price for China
Resources Power (CRP)(00836) to HK$17.62 from HK$15.49, and upgraded its rating to
"overweight" from "equal-weight".
The research house estimated that CRP will record a 35.5% (or 19.8% on a recurring
basis) rebound in 1H net profit to HK$2,511m, driven by all its three segments to record
strong growth yoy.
It said that CRP had nine coal power plants in losses in 2017, versus none now. It has
gained from a 1.1% rebound in coal power utilization in 1H for subsidiaries, and the dark
spread increased due to the July 2017 tariff hike and the DPS tariff discount narrowed.
(KL)