External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>CR Power reported 3.6% YoY growth in total power generation in 1Q-3Q23.</li><li>In particular, solar and wind power showed substantial growth of 92.6% YoY and 12.4% YoY, respectively.</li><li>In Sep 2023, CR Power’s total power generation increased by 2.6% YoY, driven by favourable conditions for wind and solar power and increased installed capacity. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power reported 3.6% YoY growth in total power generation in 1Q-3Q23.In particular, solar and wind power showed substantial growth of 92.6% YoY and 12.4% YoY, respectively.In Sep 2023, CR Power’s total power generation increased by 2.6% YoY, driven by favourable conditions for wind and solar power and increased installed capacity. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power (836 HK) – Sep Operating Data Recap

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd-49b9d808-e8c9-4049-a85a-5380de9f21ad" target="_blank" data-smartkarma-citation="entities:35558:1" rel="noopener"></a>YTD, <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> has seen its share price weak, but we believe focus should not be on the poor FY22 result and the moderate 1Q23 generation growth.</li>
<li>Based on 5.5-6.5GW planned capacity expansion in FY23, this will mean a solid growth of 17.7-20.9% YoY. Coupled with efficiency improvement, we expect a sharp rebound in FY23 profit.</li>
<li>With impairment on Ukraine mostly made and reversal of exchange and trading losses, there will be a big swing in bottom line. We welcome the improvement in cash flow too.</li>
</ul>



YTD, China Longyuan Power (916 HK) has seen its share price weak, but we believe focus should not be on the poor FY22 result and the moderate 1Q23 generation growth.
Based on 5.5-6.5GW planned capacity expansion in FY23, this will mean a solid growth of 17.7-20.9% YoY. Coupled with efficiency improvement, we expect a sharp rebound in FY23 profit.
With impairment on Ukraine mostly made and reversal of exchange and trading losses, there will be a big swing in bottom line. We welcome the improvement in cash flow too.


China Longyuan (916 HK): We Stay on the Bull Camp

<ul><li>CR Power unveiled its operating data for Aug and Jan-Aug 2023.</li><li>During Jan-Aug, CR Power recorded 3.8% YoY growth on total power generation with robust growth for solar/wind power generation.</li><li>In Aug, CR Power’s total power generation dropped by 12.3% YoY due to decline in thermal/wind power generation as hydro power generation improved together with unfavorable wind condition; while hydro/solar power generation rose significantly by 34.9%/194.7% YoY thanks to higher rainfall and favorable solar condition.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power unveiled its operating data for Aug and Jan-Aug 2023.During Jan-Aug, CR Power recorded 3.8% YoY growth on total power generation with robust growth for solar/wind power generation.In Aug, CR Power’s total power generation dropped by 12.3% YoY due to decline in thermal/wind power generation as hydro power generation improved together with unfavorable wind condition; while hydro/solar power generation rose significantly by 34.9%/194.7% YoY thanks to higher rainfall and favorable solar condition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power (836 HK) – August Operating Data Recap

<ul><li>CR Power announced 1H23 results with core profit beating market expectation.</li><li>The Company targets to add 40,000MW renewable energy installed capacity and the proportion of installed capacity of renewable energy will exceed 50% by the end of the 14th Five-year Plan period.</li><li>CR Power added significant renewables capacity reserve to support continuous expansions. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power announced 1H23 results with core profit beating market expectation.The Company targets to add 40,000MW renewable energy installed capacity and the proportion of installed capacity of renewable energy will exceed 50% by the end of the 14th Five-year Plan period.CR Power added significant renewables capacity reserve to support continuous expansions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power (836 HK) – 1H23 Thermal Power Earnings Turnaround

<ul><li>In 2023, CR Power aims to achieve newly-added attributable installed capacity of 7,000MW in wind and solar power.</li><li>We estimate CRP will achieve 3850 MW newly-added attributable installed capacity of solar power and 3150 MW of wind power, as lower upstream costs increase installation willingness.</li><li>Additionally, CRP’s announcement on the spin-off of its new energy business to A shares will unlock the CR Power’s valuation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 2023, CR Power aims to achieve newly-added attributable installed capacity of 7,000MW in wind and solar power.We estimate CRP will achieve 3850 MW newly-added attributable installed capacity of solar power and 3150 MW of wind power, as lower upstream costs increase installation willingness.Additionally, CRP’s announcement on the spin-off of its new energy business to A shares will unlock the CR Power’s valuation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power (836 HK) – Unlock Potential Value

Hong Kong

China Resources Power Holdings Company Limited is a power generation company. The Company invests, develops, owns, and operates coal-fired power plants in China.

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China Resources Power (836 HK)

CR Power (836 HK) – Sep Operating Data Recap

CR Power reported 3.6% YoY growth in total power generation in 1Q-3Q23. In particular, solar and wind power showed substantial growth of 92.6% YoY...

CMB International

China Longyuan (916 HK): We Stay on the Bull Camp

Capacity expansion of 17.7-20.9% YoY, coupled with efficiency improvement will mean sharp rebound in FY23 profit. Reduction in impairment and...

Osbert Tang, CFA

CR Power (836 HK) – August Operating Data Recap

During Jan-Aug, CR Power recorded 3.8% YoY growth on total power generation with robust growth for solar/wind power generation.

CMB International

CR Power (836 HK) – 1H23 Thermal Power Earnings Turnaround

The Company targets to add 40,000MW renewable energy installed capacity and the proportion of installed capacity of renewable energy will exceed...

CMB International

CR Power (836 HK) – Unlock Potential Value

Additionally, CRP’s announcement on the spin-off of its new energy business to A shares will unlock the CR Power’s valuation.

CMB International

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