[ET Net News Agency, 9 July 2018] After commencing construction in 2009, CGN Power's
(01816) Taishan nuclear project unit 1 finally received its fuel-loading permit in April
2018 and was connected to grid on 29 June 2018.
Daiwa Research said the plant looks to start commercial operations in 4Q. However, the
research house remains cautious on concerns of cost overruns and tariff uncertainty which
may have a negative impact on project returns of Gen III nuclear units.
It expects rising market-based power sales to lead to a lower blended tariff in 2018-20.
However, a potential A-share issuance (pending approval from the CSRC) should help relieve
its tight balance sheet.
Daiwa maintained its "underperform" call on CGN, with an unchanged target price of
HK$1.9. (KL)
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01816 CGN POWER
Nominal 
2.610 +0.010 (+0.385%) Others
09/07/2018 10:44
[I-bank focus]Daiwa cautious CGN Power's Taishan project
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