華潤電力に関するコメント

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.

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...