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<Research>JPM Downgrades CHINA RES POWER to Neutral, Lowers TP to HKD17
JPMorgan has issued a report expressing a more cautious view on China's thermal power utilities. It has downgraded CHINA RES POWER (00836.HK)'s rating from Overweight to Ne...
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<Research>JPM Downgrades CHINA RES POWER to Neutral, Lowers TP to HKD17
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JPMorgan has issued a report expressing a more cautious view on China's thermal power utilities. It has downgraded CHINA RES POWER (00836.HK)  +0.230 (+1.245%)    Short selling $70.59M; Ratio 130.385%   's rating from Overweight to Neutral and cut its target price from HKD21.5 to HKD17. The rating for HUANENG POWER (00902.HK)  +0.010 (+0.168%)    Short selling $39.33M; Ratio 94.723%   remains Underweight, with a target price further down from HKD4.85 to HKD4.5.

In JPMorgan's opinion, the removal of the electricity price floor may lead to further declines in the on-grid electricity price for thermal power starting from the expected year 2027, compressing the profit margins of the companies it covers.

Although the Chinese government has mentioned improving the capacity tariff mechanism, there remains significant uncertainty regarding the strength, timing of implementation, and whether it will be sufficient to offset the decline in the basic electricity price.

As a result, the earnings outlook for thermal power plants has become unfavorable, and market earnings forecasts and dividend predictions are facing downside risks.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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