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<Research> CICC Raises CGN POWER (01816.HK) TP to HKD4.19; 1Q Results In Line
Recommend 8 Positive 12 Negative 4 |
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CICC issued a report stating that CGN POWER (01816.HK)'s first-quarter results were in line with the brokers expectations. Revenue amounted to RMB16.3 billion, down 13.3% YoY; net profit was RMB2.74 billion, down 9.3% YoY, meeting the brokers forecasts. The report noted that a rebound trend in electricity tariffs in South China has begun to emerge. Guangdongs composite tariff for May was RMB483 per megawatt-hour, up 28% YoY and 30% MoM. At the end of March, spot electricity prices in the southern region also rose. The broker believes that earlier-than-usual summer weather in South China boosting demand, coupled with rising coal-fired power fuel costs amid geopolitical conflicts, may have a positive impact on market electricity prices and earnings for nuclear power during the summer peak season. CICC maintained its earnings forecasts for CGN POWER for this year and next. It kept an Outperform rating. Considering that mechanism tariff policies enhance earnings visibility for nuclear power, the broker raised its TP for CGN (003816.SZ) A-shares and CGN POWER (01816.HK) H-shares by 5% to RMB5.32 and HKD4.19, respectively. (ha/j) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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