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

01816: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$9.19	Lkk	Ydrdkgsyf

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

Chokwai Lee

Apr 25, 2024

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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