China Longyuan Power

China Longyuan (916 HK): On Your Mark, Get Set, Go!

Equity Bottom-Up
247 Views, 12 May 2022 08:10
EXECUTIVE SUMMARY
  • China Longyuan Power (916 HK) will see accelerating earnings momentum in the rest of the year - after a weak start due to high base for YoY comparison.
  • We believe the combination of increase in utilisation hours, growth in installed capacity, improvement in power tariff and better cash flow and cost performance are the major drivers.
  • Share price has been weak in this year, and has returned the stock to less demanding level of 13.3x FY22 PER which we think cannot adequately reflects earnings prospects.
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Osbert Tang, CFA
China Analyst - Onshore Credit, Equity Long-Short
Hong Kong & ChinaIndustrials & UtilitiesEquity Bottom-UpThematic (Sector/Industry)

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, indus... 

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