<Research>Daiwa: Lower Tariffs Weigh on Profit of CHINA RES POWER (00836.HK); Rating Downgraded to Hold

2025/06/18 03:56 GMT

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Daiwa released a research report saying that CHINA RES POWER (00836.HK) 0.000 (0.000%) Short selling $28.71M; Ratio 16.695% rallied 9% since mid-March, and believing that the valuation accretion from its spin-off of China Resources New Energy's IPO and the expected widening of dark spreads have largely been priced in.

In 2H25, the broker expected lower electricity prices to continue to weigh on CHINA RES POWER's profit. Therefore, Daiwa downgraded CHINA RES POWER from Outperform to Hold.

Daiwa also lowered its 2025-2026 EPS forecasts for CHINA RES POWER by 9-13%, trimmed its target PB ratios for coal-fired/ renewable power to 0.8x/ 0.6x from 0.88x/ 0.65x each to reflect the possible valuation decrease in the renewable energy business based on its SOTP, with target price kept unchanged at $19.5.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-09 16:25.)

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