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02380 CHINA POWER
RTNominal unchange3.180 0.000 (0.000%)
Research Report

27/08/2019 11:20

{I-bank focus}HSBC cuts China Power (02380) to HK$2.4; "buy

[ET Net News Agency, 26 August 2019] HSBC Global Research cut its target price for
China Power International (CPI)(02380) to HK$2.4 from HK$2.6 and maintained its "buy"
rating.
The research house said CPI's recurring earnings rose 77% to RMB1,071m in 1H on the back
of strong hydro performance but were still slightly below HSBC's expectation due to higher
minority interests. HSBC noted that the company's PBT and profit for the year jumped 115%
and 99%, respectively, in the period. Despite missing expectations, these are still a
strong set of results.
HSBC cut its earnings estimates by 5-9% for 2019-21 to factor in higher minority
interests. (KL)

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