HSBC Global Research lifted its target price for CGN Power (01816) to HK$1.6 from HK$1.55 and upgraded its rating to "hold" from "reduce" as most of the risk concerns have been priced-in.
The research house said CGN Power's 9-month net profit decline of 1% and recurring profit growth of 1% met HSBC's expectations. Management expects more nuclear project approvals during the upcoming 14th Five Year Plan (FYP) and believes nuclear power will play a key role in China's recent target to become carbon neutral by 2060.
Management believes higher market-based electricity trading is the trend going forward and is currently under negotiation with the Guangdong provincial government regarding its plan to participate in market trading for 2021-23.
全新節目《說說心理話》青少年不可以戀愛!?真實個案講述驚心動魄經歷► 即睇