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China Datang Corp Renewable Power Co Ltd Class H 01798

Morningstar Rating
HKD 2.01 0.00 (0.00%)
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Company Report

Chinese Power Utilities: Strong Performance on Improving Sentiment; Select Opportunities Remain

The year-to-date share price performance of China utilities under our coverage have generally staged a strong recovery since May, given improving sentiment in the Hong Kong equity market and their cheap valuations. In addition, the market is expecting more positive policy measures from the upcoming third plenary session in July. We have seen the National Energy Administration calling for increased investment in the national grid recently to avoid curtailment risk on the back of the significant rise in renewable energy capacity. While we are positive about this in the longer term, we caution that the concerns about slow subsidy settlements and falling tariffs will remain in the near term.

Price vs Fair Value

01798 is trading at a 854% premium.
Price
HKD 2.01
Fair Value
HKD 1.20
Uncertainty
High
1-Star Price
HKD 6.88
5-Star Price
HKD 3.55
Economic Moat
Sxyyl
Capital Allocation
Gkrn

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 2.01
Day Range
HKD 1.972.03
52-Week Range
HKD 1.482.80
Bid/Ask
HKD 2.00 / HKD 2.01
Market Cap
HKD 14.62 Bil
Volume/Avg
11.1 Mil / 21.2 Mil

Key Statistics

Price/Earnings (Normalized)
5.68
Price/Sales
1.03
Dividend Yield (Trailing)
2.69%
Dividend Yield (Forward)
3.83%
Total Yield
2.69%

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

Competitors

Valuation

Metric
01798
01816
00836
Price/Earnings (Normalized)
5.6813.728.38
Price/Book Value
0.751.251.30
Price/Sales
1.031.771.07
Price/Cash Flow
1.574.07
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
See how this stock stacks up to its competitors with Morningstar Investor

Utilities - Renewable Industry Comparables

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