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

01816: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$7.99	Xzk	Ylkkdxvb

CGN Power Earnings: Results Beat Market Expectations; Transferring Coverage With HKD 2.24 FVE

Chokwai Lee

Apr 26, 2023

We are transferring coverage of CGN Power with no-moat and stable moat trend ratings, and a fair value estimate of HKD 2.24. We estimate CGN’s net profit to grow at a five-year CAGR of 7.5% over our explicit forecast period, underpinned by its stable nuclear power operations. We think the shares are attractive currently with the firm trading at around 0.8 times price/book and more than 5% dividend yield for 2023.

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