[ET Net News Agency, 23 February 2021] Morgan Stanley trimmed its target price for CLP
Holdings (00002) to HK$85 from HK$95 and maintained its "overweight" rating.
Stripping out one-offs, CLP's 2020 operating earnings were HK$11,577 (up 4%), the
research house said. The increase reflected (1) +5% from HK SOC (Scheme of Control); (2)
+8% from Australia due to fair value adjustment, and (3) +15% from Taiwan due to strong
output and low coal price.
In 2021, Morgan sees (1) stronger HK SOC earnings growth, as CLP will likely accelerate
SOC capex to >HK$10bn from only HK$8.7bn in 2020; (2) Australia EBIT may fall 44% due to
the decline in wholesale electricity price and ongoing retail and gas margin squeeze;
(3) a potential decline in earnings from China due to rising coal prices; (4) small
potential upside from India due to recovery of renewable resources and acquisition of the
transmission assets, although the earnings impact was only HK$5m in 2020. (KL)
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00002 CLP HOLDINGS
Nominal 
60.000 -0.450 (-0.744%) Research Report
23/02/2021 17:21
{I-bank focus}Morgan trims CLP Holdings (00002) to HK$85
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
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