China Resources Power Holdings Co Ltd

00836: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$64.30	Tgzy	Dfzbgzyk

Reinitiating Coverage of China Resources Power With HKD 20.50 FVE; Shares Undervalued

Chokwai Lee

Dec 5, 2022

We are reinitiating coverage of China Resources Power, or CR Power, with no-moat and stable moat trend ratings and a fair value estimate of HKD 20.50 per share. We think the shares are undervalued, with 2023 price/earnings of around 7.7 times and price/book ratio of 0.6 times, based on the Dec. 2 closing price. We believe positive development in subsidy settlement and the recovery in the thermal power segment’s profitability could help lift CR Power’s near-term share price performance.

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