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<Research>Citi Expects CHINA RES POWER (00836.HK) NP/ Div. to Be Already at Peak w/ TP $19, Rating Neutral
Recommend 5 Positive 10 Negative 11 |
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CHINA RES POWER (00836.HK)'s 2025 net profit grew by 0.9% YoY to $14.519 billion, 5% higher than market consensus, Citi Research issued a research report saying. Core profit increased by 9.9% YoY to $15.243 billion. Final DPS rose by 11.4% YoY to $0.691, but its full-year DPS declined by 5.3% to $1.127, equivalent to a full-year dividend yield of 6%, with the payout ratio remaining unchanged at 40%. Although the Company's net profit slightly beat forecast last year, the broker believed that both net profit and dividends peaked last year and will fall YoY this year due to pressure on profit margins from the reduced market-based electricity prices and coal price upside risk in the coal-fired power business. Therefore, Citi Research rated CHINA RES POWER at Neutral, with a target price of $19. AASTOCKS Financial News Website: www.aastocks.com |
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