CGN Power 1816

Re: CGN Power 1816

Postby winston » Thu Aug 20, 2015 2:11 pm

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Brokers' Latest Ratings & Target Prices on CGN POWER (01816.HK) (Table)

CGN POWER (01816.HK) announced yesterday that its net profit for the first half of the fiscal year ended 30 June gained 36.1% to RMB3.478 billion.

The latest investment ratings and target prices from 5 brokers on the stock are listed as follows:

Broker / Investment Rating / Target Price (HK$)
BofA Merrill Lynch / Buy / 6.21->6
Citigroup / Buy / 6
Kim Eng / Buy / 4
UBS / Buy / 3.62
Deutsche Bank / Sell / 2.9

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Thu Aug 20, 2015 7:32 pm

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Brokers' Latest Ratings & Target Prices on CGN POWER (01816.HK) (Updated)

CGN POWER (01816.HK) -0.460 (-12.707%) Short selling $331.33M; Ratio 27.120% announced yesterday that its net profit for the first half of the fiscal year ended 30 June gained 36.1% to RMB3.478 billion.

The latest investment ratings and target prices from 11 brokers on the stock are listed as follows:

Broker / Investment Rating / Target Price (HK$)
BofA Merrill Lynch / Buy / 6.21->6
Citigroup / Buy / 6
CICC/ Buy/ 5.57
DBS Vickers/ Buy/ 5.06
China Galaxy International/ Buy/ 4.34
Shenwan Hongyuan Research/ Outperform/ 4.3
Kim Eng / Buy / 4
UBS / Buy / 3.62
Macquarie/ Outperform/ 3.6
BOC International/ Buy/ 3.53
Deutsche Bank / Sell / 2.9

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Fri Aug 21, 2015 4:04 pm

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<Research Report>Citi: CGN POWER (01816.HK) Share Price Correction Overdone

Citigroup in a report reiterated its Buy rating on CGN POWER (01816.HK), saying that the company's 12% share price drop has been overdone.

This is because it's 1H15 recurrent net profit (+8% yoy) was only 6% below forecast, adding that the 2H15 nuclear plant utilization could record the growth on a half-yearly basis, allowing the group to achieve full-year profit (ex-forex gain) target of 10%.

The research house cut CGN Power's target price from $6 to $4.6 while the stock's 16.2x FY16 estimated PER looks inexpensive.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Fri Aug 21, 2015 8:20 pm

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August 19, 2015

CGN Power: Where Is The Growth?

By Shuli Ren

Nuclear power generator CGN Power (1816.HongKong) fell 5.5% this morning after announcing disappointing first-half earnings.

Revenue in the first-half came in at 9.59 trillion yuan, a 1.6% decrease from a year ago.

Net profit rose by 36.1% year-on-year to 3.5 trillion yuan. But that is mainly because of a 1.3 trillion yuan gain from the stronger yuan.

Deutsche Bank estimates that CGN Power’s net profit rose by only 1% year-on-year if we exclude other one-offs like fair value changes on derivatives and interest income from its IPO proceeds.

CGN Power was at one point an investors and analysts’ darling. It went public last December, raising $3.2 billion, making it the largest IPO in Hong Kong in 2014.

There was a decent 19% first-day pop from the IPO price of HK$2.78 and CGN Power rose as high as HK$4.70 in June. But this stock has erased all gains since.

This is because a competitor China National Nuclear Power‘s (601985.China) went public in Shanghai in June, and then we had China’s stock market rout.

Unpersuaded by CGN’s soft power all along, Deutsche Bank’s Michael Tong and Yingying Dong were right. This morning, they re-iterated their Sell rating, saying that trading at 21.7 times 2015 earnings, CGN Power was still too expensive for a company that has not shown any growth.

Shanghai-listed China National Nuclear Power fell 3.6% this morning.

Source: Barron's Asia
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Re: CGN Power 1816

Postby winston » Fri Aug 28, 2015 11:39 am

<Research Report>UBS: CGN POWER(01816.HK) Shares Oversold; Kept Buy

UBS, in its report, stated that the shares of CGN POWER(01816.HK) have been oversold with defensive return.

Its ROE for nuclear power plants reached 20%.

It is foreseen that the company's capacity growth can reach 21% pa over the next three years.

UBS maintained CGN POWER at Buy and cut its target price from $4.7 to $4.6.

The broker also trimmed its 2015/16/17 EPS forecast by 5%/3.5%/1.52% to factor in low profitability of nuclear power station in Liaoning Hongyanhe.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Fri Aug 28, 2015 11:40 am

GIC Adds Stakes in CGN POWER (01816.HK) to 5.01%

GIC Private Limited (GIC) acquired 2.119 million shares of CGN POWER (01816.HK) on 25 August at an average price of $2.972 which involved 6.298 million, according to shareholding disclosures of the HKEx.

GIC's shareholding rose from 4.99% to 5.01%.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Tue Sep 08, 2015 1:12 pm

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31 Aug, 2015

<Research Report>JP Morgan Downgrades CGN POWER(01816.HK) to Underweight with Target Cut to $2.7

CGN POWER(01816.HK) has corrected sharply from its peak by more than 40% amidst the recent market downturn and interim results disappointment.

However, the stock is still trading at 18x/ 16x 2015/2016 PE, being the highest amid listed China power utilities.

JP Morgan trimmed 2015/16/17 EPS by 5%/5%/10% and cut the target price to $2.7 from $3.3.

However, the rating was downgraded from Neutral to Underweight.

The broker is more bullish about HUADIAN FUXIN (00816.HK) on undemanding valuation.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Tue Sep 22, 2015 7:11 am

CGN Power (1816) gained 1.7 percent on news it is targeting the injection of the entire nuclear power asset from its parent.

And the fact a China-Britain nuclear power project is on track for England helped sentiment in the sector.

Source: Dr Check, The Standard
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Re: CGN Power 1816

Postby winston » Fri Oct 09, 2015 8:54 am

CGN POWER (01816.HK) 9M15 On-Grid Power Generation Up 19.6%

CGN POWER (01816.HK) 0.000 (0.000%) Short selling $4.85M; Ratio 1.587% announced that for the first nine months of the year, the total on-grid power generation of the nuclear power generating units in commercial operation operated and managed by the group amounted to approximately 63,378.77GWh, representing an increase of 19.57% from the year-ago period.

The on-grid power generation in the third quarter represented an increase of 32.26% over that for the second quarter

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Tue Oct 13, 2015 8:25 am

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<Research Report>G Sachs Maintains CGN POWER(01816.HK) at Sell with Target Lifted to $3.1

Goldman Sachs said in a report that the the assumed yoy growth of 1% and 4% in Mainland China's power generation in 2015 and 2016 implied that CGN POWER(01816.HK)'s nuclear power plants could experience power grid off-take curtailment risks in isolated areas such as Hongyanhe units in Liaoning.

The research house was concerned about the company's project delay and cost overruns of the Taishan plants.

It thus fine-tuned its earnings forecasts and rolled forward valuation basis to 2016.

The research house said CGN Power's share price faced a huge downside risk.

It maintained the stock at Sell, with the target price raised from $2.9 to $3.1.

Source: AAStocks Financial News
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