[ET Net News Agency, 27 August 2018] HSBC Global Research lowered its target price for
China Power International (CPI)(02380) to HK$1.9 from HK$2, and maintained its "hold"
rating.
The research house said CPI's 1H net profit of RMB606m accounts for only 43% of HSBC's
full-year estimate and is thus slightly lower than its expectation, due to weaker water
inflows. Meanwhile, a recovery in water inflows in Hunan has yet to be seen, due to which
total hydro output continued to drop, at a 16% decline in July in the province.
Management admits the visibility of coal price trend for 2H is low at the moment. HSBC
revised down its EPS forecasts by 5-8% for 2018-20. It said that weak water intake and
high coal prices to continue to work against its fundamentals but current valuation of
0.5x 2018 PB suggests limited downside. (KL)
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02380 CHINA POWER
Nominal 
3.180 0.000 (0.000%) Others
27/08/2018 17:42
[I-bank focus]HSBC lowers China Power (02380) to HK$1.9
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