[ET Net News Agency, 23 February 2021] Credit Suisse lowered its target price for CLP
Holdings (00002) to HK$88 from HK$95 and maintained its "outperform" rating.
The research house said CLP's FY2020 operating earnings of HK$11.6bn was driven by small
growth in regulated HK power business despite flattish overseas profits. Total dividends
grew slightly by 0.6% (68% payout ratio), in line with expectation.
Credit Suisse trimmed its FY2021-22 EPS forecasts by 8% on lower Australian earnings.
Despite the recent hike in US 10-year bond yield, Credit Suisse said CLP's dividend yield
premium stays attractive at 290 bp. (KL)