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Morningstar

CGN Power Co Ltd Shs -H- Unitary 144A/Reg S 01816

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Stock XHKG Rating as of
HKD 2.64 −0.09 (3.30%)
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As of Delayed Price Closed
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Company Report

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CGN Power Earnings: No Major Surprise; In-Line Power Generation Growth

Chokwai Lee

We keep CGN Power’s fair value estimate at HKD 2.26 per share after its in-line first-quarter 2024 results. Our earnings forecasts are unchanged. The firm’s share price performance has outperformed other utility peers, given that its power tariff is more stable than that of renewable players. Nonetheless, we think this is already priced in, and investors should wait for a better entry point.

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Price vs Fair Value

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01816 is trading at a 15% premium.
Price
HKD 2.61
Fair Value
HKD 2.94
Uncertainty
Medium
1-Star Price
HKD 7.41
5-Star Price
HKD 2.97
Economic Moat
Ctjg
Capital Allocation
Jjmdkgv

Bulls Say, Bears Say

Bulls

China’s commitment to reduce carbon emissions will continue to favor development of nuclear power.

Bears

The lack of public trust in nuclear power due to concerns over radiation may slow the development of nuclear power.

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Trading Information

Previous Close Price
HKD 2.73
Day Range
HKD 2.63–2.74
52-Week Range
HKD 1.81–2.77
Bid/Ask
HKD 2.64 / HKD 2.65
Market Cap
HKD 133.32 Bil
Volume/Avg
98.1 Mil / 70.7 Mil

Key Statistics

Price/Earnings (Normalized)
11.37
Price/Sales
1.46
Dividend Yield (Trailing)
3.54%
Dividend Yield (Forward)
3.74%
Total Yield
3.71%

Company Profile

CGN Power is a major nuclear power producer in China. It operates 27 nuclear power generating units (total installed capacity of 30.6 gigawatts), with 14 units in Guangdong and the rest in Guangxi, Fujian, and Liaoning provinces as of end-2023. CGN is adding capacity of 8.4 gigawatts into its operations over the next five years. State-owned China General Nuclear Power, controls about 58.9% of CGN Power.
Sector
Utilities
Industry
Utilities - Independent Power Producers
Stock Style Box
Large Value
Total Number of Employees
19,038
Website
http://www.cgnp.com.cn

Competitors

Valuation

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Metric
01816
01798
00836
Price/Earnings (Normalized)
 11.373.748.14
Price/Book Value
 1.070.611.12
Price/Sales
 1.460.840.92
Price/Cash Flow
 3.541.273.52
Price/Earnings
01816
01798
00836

Financial Strength

Metric
01816
01798
00836
Quick Ratio
 0.431.590.51
Current Ratio
 0.941.740.59
Interest Coverage
 4.743.564.69
Quick Ratio
01816
01798
00836

Profitability

Metric
01816
01798
00836
Return on Assets (Normalized)
 2.57%3.68%4.37%
Return on Equity (Normalized)
 9.64%21.48%16.01%
Return on Invested Capital (Normalized)
 4.04%5.85%6.39%
Return on Assets
01816
01798
00836
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