CGN Power 1816

Re: CGN Power 1816

Postby winston » Fri Oct 30, 2015 10:26 am

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China General Nuclear Corporation (1816 HK)

9M15: Net Profit Up 19.4% yoy

China General Nuclear (CGN) reported 9M15 results under PRC accounting standard with net profit up by 19.4% yoy, thanks to a strong 19.6% yoy generation volume growth in the period.

Maintain BUY but trim DCF-based target to HK$4.50 due to delayed commencement of Hongyanhe unit 4 and potential impact from coal-fired tariff cut.

Source: UOBKH

https://research.uobkayhian.com/content ... 0f6a8ec78b
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Re: CGN Power 1816

Postby winston » Fri Nov 20, 2015 6:42 am

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China General Nuclear (CGN) Power is the largest nuclear player and will benefit from China’s aggressive nuclear expansion.

Rapid capacity expansion will provide net profit CAGR of 19% in 2015-17.

High barriers to entry and the company’s strong competitive advantages ensure high utilisation, stable margins and strong earnings visibility.

CGN Power reported 9M15 results under PRC accounting standards with net profit up by 19.4% yoy, thanks to a strong 19.6% yoy generation volume growth in the period.

Although Hongyanhe Unit 4 has been delayed and thermal power tariff cut may exert risk for nuclear power plants, we maintain BUY rating on CGN Power as we still expect sustainable earnings growth for the company.

Source: UOBKH
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Re: CGN Power 1816

Postby winston » Wed Dec 02, 2015 2:18 pm

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Nov 30, 2015

<Research Report>CGN POWER's Outperformance May Not Be Sustained; Kept Equalweight - M Stanley

Morgan Stanley, in its report, stated that the delay in commercial operations of CGN POWER (01816.HK)'s Taishan Units has been expected by the market as the management have mentioned that in the interim results.

The delay was mainly attributable to the electricity oversupply while the share price has not reflected this factor.

Therefore, the stock's outperformance may not be sustained and the rating was kept at Equalweight.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Wed Dec 09, 2015 3:23 pm

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Dec 4, 2015

<Research Report>BofA Merrill Lynch Keeps CGN POWER (01816.HK) at Buy; Target Cut to $4.5

CGN POWER (01816.HK) 51%-owned Taishan plant project is expected to be delayed for a year.

Bank of America Merrill Lynch expects Taishan unit 1 operation to be delayed from July 2017 to January 2018 and the operation time for Taishan unit 2 will maintain in July 2018.

This reduces the group's 2017 net income by 12.2%.

The research house trimmed the target price of CGN POWER to $4.5 from $6 and maintained the rating at Buy. The

The stock is trading at 2016-2017 P/E as 13.9-11.8x, with attractive return potential.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Tue Dec 15, 2015 8:14 am

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BofA Merrill Lynch Maintains CGN POWER(01816.HK) at Buy with Target Cut to $4.1

Bank of America Merrill Lynch, in its research report, expected China's coal-fired power plant utilization may decline 20.4% in 2015-2020 due to over-supply.

Therefore, the broker lowered CGN POWER (01616.HK) 0.000 (0.000%) 's average plant utilization hours by a cumulative 18.6% in 2015-19.

The target price of CGN POWER was lowered from $4.5 to $4.1 and its rating was maintained at Buy.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Tue Dec 15, 2015 8:19 am

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Citi Maintains CGN POWER(01816.HK) at Buy with Target Cut to $3.45

As CGN POWER (01816.HK) 0.000 (0.000%) Short selling $39.64M; Ratio 15.998% delayed commissioning of Hongyanhe nuclear plant unit 4 & Taishan nuclear plant and the company lowered the utilization of its nuclear plants with increased overhauls in 2016, the broker lowered the company's earnings forecast in 2016-2017 by 1%-7%.

Its target price was trimmed from $4 to $3.5.

Furthermore, the broker forecast that the company may announce a share placement in the first half of 2016, to finance the Fangchenggang acquisition.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Fri Dec 18, 2015 11:05 am

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China General Nuclear Corporation (1816 HK)
Takeways From Analyst Conference Call


CGN held a conference call recently. Key takeaways are as follows:

a) injection of the Fangchenggang project is expected in mid-16,
b) development of Yangjiang units 3 & 4 is ahead of schedule, and
c) utilisation at the Hongyanhe plant is likely to recover.

Looking ahead, we expect CGN to benefit from a strong project pipeline and stable tariff scheme.

Maintain BUY. Target price: HK$4.70.

Source: UOBKH

https://research.uobkayhian.com/content ... 35cc8bfb57
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Re: CGN Power 1816

Postby winston » Tue Mar 01, 2016 6:16 pm

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JP Morgan: CGN POWER Rated Underweight; Target Cut to $2

JP Morgan, in its report, said that CGN POWER (01816.HK) +0.030 (+1.339%) Short selling $13.68M; Ratio 26.919% has underperformed the market over the past six months on the back of concerns on rollout delay in Taishan project and utilization downside in Hongyanhe.

However, the research house believed that the market has neglected the potential downside risks and revised down the target price to $2 from $2.4, with a rating of Underweight.

The broker said that the market has overlooked such potential downside risks, including the utilization in FJ due to excessive coal-fired/ nuclear capacity expansion; the increase of new coal-fired or nuclear power capacity expansion to 8% in 2015.

JP Morgan recommended HUADIAN FUXIN (00816.HK) +0.050 (+3.571%) Short selling $3.55M; Ratio 10.973% , with a rating of Overweight.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Tue Jul 19, 2016 8:57 am

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CGN POWER 1H16 On-grid Power Generation Up 31.89%

CGN POWER (01816.HK) announced that for the first six months of 2016, the total on-grid power generation of the group's nuclear power generating units in commercial operation amounted to approximately 47,885.98 GWh, up 31.89% as compared to the same period in 2015.

Source: AAStocks Financial News
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Re: CGN Power 1816

Postby winston » Tue Sep 27, 2016 7:48 am

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CGN in nuclear deal

by Esther Yu

State-backed CGN Power (1816) has acquired nuclear stations from its parent for 9.9 billion yuan.

In a notice issued to the Hong Kong exchange, CNG Power said it is a purchasing 61 percent equity interest in Fangchenggang Nuclear in Guangxi, the whole of Lufeng Nuclear in Guangdong and CGN Engineering.

Fangchenggang Nuclear plans to develop six gigawatt-level pressurized water reactor power-generating units. A unit is already in operation and a second is expected to start running this year.

Lufeng Nuclear engaged in the operation and development of the nuclear power station with a registered capital of 840 million yuan.

CGN Engineering is a power project construction management company.

One of the two electricity providers in Hong Kong, CLP (0002), has partnered with CGN in the development of the Daya Bay nuclear project. CGN closed down 2.5 percent yesterday.

Source: The Standard
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