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 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

HK/China Equity Long-Short

Osbert Tang, CFA

China Power International Development / Equity Bottom-Up

China Power International Development (2380 HK)

<ul>
<li>Power output for <a href="https://www.smartkarma.com/entities/china-power-international" target="_blank" data-smartkarma-citation="entities:15548:1" rel="noopener">China Power International (2380 HK)</a> is healthy in Jul-Aug, following the solid trend in 1H23. The drop in hydropower has moderated and wind and solar stayed decent.</li>
<li>Capacity growth will reach 43% in FY23. With just 7.8% YoY in 1H23, most of the new capacity will be added in 4Q23, accelerating both output and profitability.</li>
<li>The parent SPIC's massive clean energy assets are candidates for potential injection. CPI's high EPS CAGR of 28.8% means that it well deserves premium valuation multiples. </li>
</ul>


Power output for China Power International (2380 HK) is healthy in Jul-Aug, following the solid trend in 1H23. The drop in hydropower has moderated and wind and solar stayed decent.
Capacity growth will reach 43% in FY23. With just 7.8% YoY in 1H23, most of the new capacity will be added in 4Q23, accelerating both output and profitability.
The parent SPIC's massive clean energy assets are candidates for potential injection. CPI's high EPS CAGR of 28.8% means that it well deserves premium valuation multiples. 


China Power International (2380 HK): Continuing the Turnaround Trend

China Longyuan Power Group / Equity Bottom-Up

<ul>
<li>
<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> is now attractively priced at 5.9x and 5.2x PERs for FY23 and FY24, respectively. The 2Q23 result clearly showed that business is gathering momentum.</li>
<li>Margins have demonstrated good improvement despite weaker tariffs and coal sale business. With a very low base in last year, its 2H23 earnings growth will be impressive.</li>
<li>There is positive progress on new project sign-up which has secured its pipeline. Asset injection from parent will stay as a major theme in the next two years.</li>
</ul>



China Longyuan Power (916 HK) is now attractively priced at 5.9x and 5.2x PERs for FY23 and FY24, respectively. The 2Q23 result clearly showed that business is gathering momentum.
Margins have demonstrated good improvement despite weaker tariffs and coal sale business. With a very low base in last year, its 2H23 earnings growth will be impressive.
There is positive progress on new project sign-up which has secured its pipeline. Asset injection from parent will stay as a major theme in the next two years.


China Longyuan (916 HK): Value Has Definitely Emerged

<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>The Rmb10.8bn acquisition of clean energy assets from parent by <a href="https://www.smartkarma.com/entities/china-power-international" target="_blank" data-smartkarma-citation="entities:15548:1" rel="noopener">China Power International (2380 HK)</a> is positive in raising its clean energy proportion to over 70% of total capacity.</li>
<li>The drop in share price reflects concerns about elevation of gearing and the need for potential equity funding. However, even all equity financing scenario will only dilute EPS by 1%.</li>
<li>We think its earnings quality will improve, balance sheet will be enhanced and profitability will be raised. Its 1H23 positive profit alert also showed a recovery in operational performance. </li>
</ul>


The Rmb10.8bn acquisition of clean energy assets from parent by China Power International (2380 HK) is positive in raising its clean energy proportion to over 70% of total capacity.
The drop in share price reflects concerns about elevation of gearing and the need for potential equity funding. However, even all equity financing scenario will only dilute EPS by 1%.
We think its earnings quality will improve, balance sheet will be enhanced and profitability will be raised. Its 1H23 positive profit alert also showed a recovery in operational performance. 


China Power International (2380 HK): A Major Move to Raise Clean Energy Exposure

Hong Kong

China Resources Power Holdings Co. Ltd. is an investment holding company that invests in, develops, operates, and manages power plants and coal mine projects across mainland China. It generates power from thermal sources (coal and gas) and renewable energy (wind, solar, and hydro), and also engages in coal mining and energy distribution. The company was founded in 2001 and is headquartered in Wan Chai, Hong Kong.

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China Resources Power (836 HK)

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

China Power International (2380 HK): Continuing the Turnaround Trend

CPI's capacity growth is expected to reach 43% in FY23, with most of them to be added in 4Q23, boosting output and profitability. Its high EPS CAGR...

Osbert Tang, CFA

China Longyuan (916 HK): Value Has Definitely Emerged

Longyuan is attractively priced and showing strong business momentum, with improved margins and impressive growth. New project sign-ups and asset...

Osbert Tang, CFA

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

China Power International (2380 HK): A Major Move to Raise Clean Energy Exposure

CPI's Rmb10.8bn acquisition from its parent will make clean energy reach 70% of total capacity. The move will enhance earnings by 10% and an all...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

China Power International (2380 HK): Continuing the Turnaround Trend

CPI's capacity growth is expected to reach 43% in FY23, with most of them to be added in 4Q23, boosting output and profitability. Its high EPS CAGR...

Osbert Tang, CFA

China Longyuan (916 HK): Value Has Definitely Emerged

​Longyuan is attractively priced and showing strong business momentum, with improved margins and impressive growth. New project sign-ups and asset...

Osbert Tang, CFA

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

China Power International (2380 HK): A Major Move to Raise Clean Energy Exposure

CPI's Rmb10.8bn acquisition from its parent will make clean energy reach 70% of total capacity. The move will enhance earnings by 10% and an all...

Osbert Tang, CFA

Longyuan is attractively priced and showing strong business momentum, with improved margins and impressive growth. New project sign-ups and asset...