The declining trend in ROCE is concerning. Despite reinvestment for long-term growth, stagnant sales over the last year question the effectiveness of these investments. The stock's performance may reflect investor anticipation of this trend.
Despite positive 9.8% compound EPS growth in three years, the 19% average annual increase in share price indicates market optimism. Investors are urged to consider total shareholder returns and warning signs linked with China Resources Power Holdings.
We recommend taking profits on China Power utilities post >5% outperformance YTD (IPPs: flat, HSCEI: -5%). We believe tailwinds from lower coal prices are likely priced-in with strong rebound in 1H23 earnings. Yet, margin may be at risk on potential tariff cut next year, as the IPPs may reset the power contracts with lower tariff from 1Q24 amid a sluggish economy and subdued coal prices. Also, utilization hou...
Key ideas: 1. Since the beginning of the year, more than 400 MW of wind power has been connected to the grid, and about 300 MW of wind power installed capacity has been completed. 2. We estimate that CR Power's fuel costs will decline by an average of 6% annually in 2023, and the thermal power segment will turn a loss to a profit of about HK $1 billion for the full year. 3. Valu...
Hong Kong equities' performance was further hampered by headwinds emerged between the end of Chinese New Year and late March, including strengthening expectations for monetary tightening in overseas countries and concerns over the liquidity risks of European and US banking systems, CITIC Securities illustrated in a report. The broker believed 2Q23 will be the best quarter for Hong Kong sto...
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專欄China Power Utilities:Take profits on YTD outperformance and uncertainties on tariff cut
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專欄Bocom International - China Resources Power (836 HK)| Recent weakness in thermal coal will accelerate earnings recovery
1. Since the beginning of the year, more than 400 MW of wind power has been connected to the grid, and about 300 MW of wind power installed capacity has been completed.
2. We estimate that CR Power's fuel costs will decline by an average of 6% annually in 2023, and the thermal power segment will turn a loss to a profit of about HK $1 billion for the full year.
3. Valu...
專欄港股收評:恒生科技指數漲1.25%止步6連跌,新能源強勢回歸,電力股全線大漲
今日,連續下跌的港股迎來反彈行情, $恒生科技指數(800700.HK)$ 午後一度漲至2.6%,最終收漲1.25%止步6連跌, $恒生指數(800000.HK)$ 、 $國企指數(800100.HK)$ 分別上漲0.71%和0.8%。南下資金全日淨流入28.42億港元,大市成交額爲978億港元。
盤面上,大型科技股全線反彈引領大市回升, $快手-W(01024.HK)$ 漲5.5%, $騰訊控股(00700.HK)$ 漲2.9%, $京東集團-SW(09618.HK)$ 漲2.56%, $美團-W(03690.HK)$ ,$小米集團-W(01810.HK)$ 皆上漲, $網易-S(09999.HK)$ 逆勢下跌近2%%;
機構認爲電力供需緊張形勢加劇,電力股全天領銜上漲,華能國際電力漲約8%;連續下跌的鋰電池...
專欄港股收評:恆生科技指數跌0.22%,恆指失守2萬點,黃金、航空、旅遊大跌
今日,港股午後現V型走勢,$恒生科技指數(800700.HK)$ 一度大跌1.7%,尾盤拉昇近乎翻紅,最終下跌0.22%,h$恒生指數(800000.HK)$ 、$國企指數(800100.HK)$ 分別跌0.58%和0.46%,恆指跌115點失守2萬點關口。南下資金全日淨流入17.46億港元,大市成交額不足千億港元。
盤面上,大型科技股多數下跌,$騰訊控股(00700.HK)$ 、$阿里巴巴-SW(09988.HK)$ 、$小米集團-W(01810.HK)$ 均跌超1%,$快手-W(01024.HK)$ 漲3%,$網易-S(09999.HK)$ 漲1.2%;國際金價4月以來首次失守1980美元,黃金股全線回撤,房地產仍沒有明顯的復甦上升態勢,內房股與物管股攜手走低,家電股、鋼鐵股等產業鏈股齊挫,拜登欲限製美企對華投資,半導體股全天表現...
CITIC Securities Expects 2Q to Be Best Quarter for H-shrs; Eyes on 4 Key Storylines in Apr Incl. SOE Reform
The broker believed 2Q23 will be the best quarter for Hong Kong sto...
專欄港股收評:恆科指跌1.21%,科技股走弱,內險股逆勢上揚
港股全天表現低迷,$恒生科技指數(800700.HK)$ 跌1.21%,$恒生指數(800000.HK)$ 、$國企指數(800100.HK)$ 分別跌0.63%和0.75%。南下資金全日淨流入37.39億港元,大市成交額爲1097億港元。
盤面上,大型科技股集體走弱拖累大市下跌,$小米集團-W(01810.HK)$ 跌近2%,$騰訊控股(00700.HK)$ 、$快手-W(01024.HK)$ 跌超1%,$百度集團-SW(09888.HK)$ 、$阿里巴巴-SW(09988.HK)$ 、$京東集團-SW(09618.HK)$ 均有跌幅;體育用品股跌幅靠前,$安踏體育(02020.HK)$ 折價配股大跌超7%表現最差,昨日強勢的半導體股、電力股下跌明顯,上海...
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