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China Datang Corp Renewable Power Co Ltd Class H 01798

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Stock XHKG Rating as of
HKD 1.81 0.00 (0.00%)
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As of Delayed Price Closed
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Company Report

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Datang Renewable Earnings: Weak Average Tariff Trend in Line With Peers

Chokwai Lee

We cut our fair value estimate for no-moat Datang Renewable to HKD 1.90 per share from HKD 2 after factoring in a lower average tariff, which reduced our 2024-26 earnings estimates by an average of 2%. Based on a 2024 price/book ratio of 0.3 times and price/earnings of around 4.3 times, DR looks inexpensive. However, its high debt remains a concern, and we think DR is fairly valued. Our top pick in renewable energy is China Longyuan, given its leadership position and strong execution record. With slow subsidy settlements and concerns about declining tariffs, we believe renewable energy stocks' price performance could remain lackluster in the near term.

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Price vs Fair Value

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01798 is trading at a 456% premium.
Price
HKD 1.81
Fair Value
HKD 1.70
Uncertainty
High
1-Star Price
HKD 5.73
5-Star Price
HKD 1.71
Economic Moat
Qzkw
Capital Allocation
Sybd

Bulls Say, Bears Say

Bulls

Growth in electricity consumption and China’s carbon-neutral commitment by 2060 will favor DR’s offtake.

Bears

Government subsidies are at risk of payment delays, which raises the company’s accounts receivable, hurting cash flows.

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Trading Information

Previous Close Price
HKD 1.81
Day Range
HKD 1.78–1.84
52-Week Range
HKD 1.48–3.30
Bid/Ask
HKD 1.81 / HKD 1.82
Market Cap
HKD 13.17 Bil
Volume/Avg
16.2 Mil / 15.2 Mil

Key Statistics

Price/Earnings (Normalized)
5.11
Price/Sales
0.93
Dividend Yield (Trailing)
2.98%
Dividend Yield (Forward)
2.98%
Total Yield
2.98%

Company Profile

Datang Renewable is one of China’s leading wind power operators, with installed wind capacity of 13.0 gigawatts as of the end of 2023, representing 2.9% of the nationwide wind capacity. About 84.2% of the total installed capacity is wind power. The company also operates solar power plants on a smaller scale. China Datang Group is the major shareholder with a controlling stake of more than 60%.
Sector
Utilities
Industry
Utilities - Renewable
Stock Style Box
Mid Value
Total Number of Employees
4,184
Website
http://www.cdt-re.com

Competitors

Valuation

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Metric
01798
01816
00836
Price/Earnings (Normalized)
 5.1112.407.83
Price/Book Value
 0.671.131.21
Price/Sales
 0.931.591.00
Price/Cash Flow
 1.41—3.81
Price/Earnings
01798
01816
00836

Financial Strength

Metric
01798
01816
00836
Quick Ratio
 1.170.420.51
Current Ratio
 1.180.940.59
Interest Coverage
 3.094.734.69
Quick Ratio
01798
01816
00836

Profitability

Metric
01798
01816
00836
Return on Assets (Normalized)
 3.32%4.17%4.37%
Return on Equity (Normalized)
 19.38%15.31%16.01%
Return on Invested Capital (Normalized)
 5.21%5.97%6.39%
Return on Assets
01798
01816
00836
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