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

01816: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$9.11	Cbjt	Qgrdfsqhk

CGN Power Earnings: Power Generation Growth Within Expectation, Shares Overvalued

Chokwai Lee

Aug 22, 2024

We increase CGN Power’s fair value estimate by 3% to HKD 2.32 due to time value of money. First-half results were largely in line, and our earnings forecasts are unchanged. The firm’s share price was up more than 70% year to date and outperformed other utility peers given its resilient earnings and robust expansion pipeline. We think the current share price has priced in the positives and shares are overvalued currently.

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