[ET Net News Agency, 31 March 2020] Credit Suisse lowered its target price for China
Resources Power Holdings (CRP)(00836) to HK$15 from HK$18 and maintained its "outperform"
rating.
The research house said CRP's FY2019 net profit of HK$6.6bn (+67%) was lower than the
consensus estimate, mainly due to higher impairment loss. The payout ratio is stable at
40% (in line with company guidance), implying a 6.7% dividend yield, which is attractive.
CRP's FY2020 capex was guided at HK$24bn, slightly higher than last year (HK$23bn),
mainly due to rush wind installations (3.5GW targeted in FY2020). Credit Suisse slightly
trimmed its FY2020 and FY2021 EPS forecasts by 5% on higher operation cost assumptions.
(KL)