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China Resources Power Holdings Co Ltd 00836

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Stock XHKG Rating as of
HKD 19.16 −0.34 (1.74%)
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As of Delayed Price Open
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Company Report

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China Resources Power’s Gearing Continues to Increase; Shares Remain Attractive

Chokwai Lee

China Resources Power, or CR Power, is one of China's leading independent power producers, with high efficiency power generation assets and an established operation track record. As of end-2023, the firm had a total attributable operational generation capacity of about 59.8 gigawatts, or GW. Thermal power plants accounted for 62.2% of its total capacity, with the remainder from wind, photovoltaic and hydro power. Given the significant proportion of thermal power plants, CR Power's profitability is subject to underlying coal price swings, thus increasing earnings volatility.

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Price vs Fair Value

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00836 is trading at a 16% discount.
Price
HKD 19.38
Fair Value
HKD 41.00
Uncertainty
High
1-Star Price
HKD 67.61
5-Star Price
HKD 31.40
Economic Moat
Zcbgc
Capital Allocation
Gspbgvwlp

Bulls Say, Bears Say

Bulls

China’s base-price-plus-floating mechanism for coal-fired power generation and increasing proportion of medium- and long-term thermal coal supply contracts would lead to a more stable earnings outlook for coal-fired power producers.

Bears

China's decarbonization goals would continue to raise renewable energy capacity and gradually decrease demand for coal-fired power generation, negatively affecting China Resources Power’s thermal power segment.

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Trading Information

Previous Close Price
HKD 19.50
Day Range
HKD 19.12–19.50
52-Week Range
HKD 14.00–20.35
Bid/Ask
HKD 19.14 / HKD 19.18
Market Cap
HKD 92.17 Bil
Volume/Avg
1.2 Mil / 14.5 Mil

Key Statistics

Price/Earnings (Normalized)
7.14
Price/Sales
0.91
Dividend Yield (Trailing)
3.61%
Dividend Yield (Forward)
6.02%
Total Yield
3.61%

Company Profile

China Resources Power, or CR Power, is one of China’s largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 59.8 gigawatts as of end-2023. Renewable energy accounts for about 37.8% of its capacity. China Resources Holdings, a key state-owned conglomerate, owns approximately 62.9% of CR Power’s shares outstanding.
Sector
Utilities
Industry
Utilities - Independent Power Producers
Stock Style Box
Large Value
Total Number of Employees
22,203
Website
https://www.cr-power.com

Competitors

Valuation

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Metric
00836
01798
01816
Price/Earnings (Normalized)
 7.144.7211.32
Price/Book Value
 1.100.621.06
Price/Sales
 0.910.861.45
Price/Cash Flow
 3.471.303.53
Price/Earnings
00836
01798
01816

Financial Strength

Metric
00836
01798
01816
Quick Ratio
 0.511.170.43
Current Ratio
 0.591.180.94
Interest Coverage
 4.693.094.74
Quick Ratio
00836
01798
01816

Profitability

Metric
00836
01798
01816
Return on Assets (Normalized)
 4.37%3.32%2.57%
Return on Equity (Normalized)
 16.01%19.38%9.64%
Return on Invested Capital (Normalized)
 6.39%5.21%4.04%
Return on Assets
00836
01798
01816
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Utilities - Independent Power Producers Industry Comparables

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HUNGF
Huaneng Power International Inc Class H—Qxvyv$17.2 Bil
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HGKGY
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HGKGF
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China Resources Power Holdings Co Ltd ADRQtwqdkzqKltp$12.0 Bil
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Centrica PLCTmpdkzmgYst$8.6 Bil
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