[ET Net News Agency, 18 February 2021] Daiwa Research lifted its target price for China
Resources Power (CRP) (00836) to HK$9.7 from HK$8 and upgraded its rating to "outperform"
from "hold".
The research house said the latest CCTD QHD 5,500 coal blended price saw its second WoW
decline of 3% to CNY703/t as of 5 February 2021, after rising by 29% since late October
2020. Daiwa expects a recovery in the dark spread based on declining coal prices as coal
demand is unlikely to be driven up in the near term.
In addition, Daiwa noted that PBRs for wind-IPPs have rerated by 65-70% recently,
potentially forming a long-term investment case for CRP should it spin off its renewables
assets, which Daiwa expects to contribute >50% of earnings under a 25% proportion of
capacity in 2021. (KL)
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00836 CHINA RES POWER
Nominal 
19.860 +0.180 (+0.915%) Others
18/02/2021 10:06
{I-bank focus}Daiwa lifts China Resources Power to HK$9.7
| Remark: | Real time quote last updated: 25/04/2024 09:52 |
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