[ET Net News Agency, 15 October 2019] Morgan Stanley raised its target price for CGN
Power (01816) to HK$2.52 from HK$1.8 and upgraded its rating to "overweight" from
"underweight".
The research house expects CGN Power to generate earnings growth of 5.8% in 2019 and
9.4% in 2020. Morgan cited a rebound in utilization hours and commissioning of Yangjiang
#6, Taishan #1, and Taishan #2. It expects China to accelerate the approval of more
nuclear units in 2020 as Hualong One design is commissioned.
With its A-share issuance completed in August 2019, CGN Power's gearing is expected to
decline from 289% in 2018 to 196% in 2019. Morgan expects CGN Power to generate dividend
per share (DPS) growth of 7% in 2019, 4% in 2020, and 6% in 2021 (following 41% overall
DPS increase in 2016-2018), thanks to strong OCF and limited capex.
It added that CGN Power's OCF (operating cash flow) of Rmb28bn and FCF (free cash flow)
of Rmb12bn in 2019 ranked top among all Chinese power utilities. (KL)
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01816 CGN POWER
Nominal 
2.640 +0.030 (+1.149%) Others
15/10/2019 12:03
{I-bank focus}Morgan raises CGN Power (01816) to HK$2.52
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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