Morningstar

CLP Holdings Ltd 00002

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Stock XHKG Rating as of
HK$70.20 +0.15 (0.21%)
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As of Delayed Price Closed

Company Report

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CLP's Profit on Firmer Footing, but It Continues to Look for Partners in Renewables Push

Lorraine Tan

CLP is in the process of transitioning its integrated power portfolio to be focused on renewable generation and related services. Over the next several years, we expect CLP to continue to sell or retire its coal-fired power plants and add renewable power plants and energy storage units to its portfolio. As of the end of 2023, CLP has an effective installed capacity of around 17 gigawatts. We anticipate that adding renewable plants may lag the exit from the coal-fired plants, so CLP’s generating capacity may shrink before building up.

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Price vs Fair Value

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00002 is trading at a 574% premium.
Price
HK$70.20
Fair Value
HK$12.00
Uncertainty
Low
1-Star Price
HK$52.00
5-Star Price
HK$19.80
Economic Moat
Xbpnbm
Capital Allocation
Dksnfyxv

Bulls Say, Bears Say

Bulls

Hong Kong's plan to be carbon neutral by 2050 could lift CLP's investment plan and support stronger growth in its Hong Kong income.

Bears

CLP’s ex-Hong Kong assets incomes and cash flows are weighed down by high fuel costs for a longer period than expected.

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Trading Information

Previous Close Price
HK$70.05
Day Range
HK$68.80–70.20
52-Week Range
HK$55.40–73.20
Bid/Ask
HK$70.15 / HK$70.20
Market Cap
HK$177.36 Bil
Volume/Avg
10.5 Mil / 3.2 Mil

Key Statistics

Price/Earnings (Normalized)
16.90
Price/Sales
2.02
Dividend Yield (Trailing)
4.42%
Dividend Yield (Forward)
4.42%
Total Yield
4.42%

Company Profile

CLP Holdings is the larger of the two electric utility companies in Hong Kong, serving 80% of the city population. It generates, transmits and distributes electricity to about 2.6 million customers in Kowloon and the New Territories through its wholly owned network. The business is regulated by the Hong Kong government with a permitted return on net fixed asset of 8.00%. Besides Hong Kong, the company has expanded its reach overseas, with generation and retail assets in Australia and generation assets in China, India, Taiwan, and Southeast Asia. Its Hong Kong activities made up 63% of recurring net profit in 2023.
Sector
Utilities
Industry
Utilities - Regulated Electric
Stock Style Box
Large Core
Total Number of Employees
8,159
Website
https://www.clpgroup.com

Competitors

Valuation

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Metric
00002
01038
00006
Price/Earnings (Normalized)
 16.9016.9716.24
Price/Book Value
 1.711.131.26
Price/Sales
 2.0225.97100.46
Price/Cash Flow
 7.0949.0490.60
Price/Earnings
00002
01038
00006

Financial Strength

Metric
00002
01038
00006
Quick Ratio
 0.500.490.47
Current Ratio
 0.700.560.49
Interest Coverage
 7.169.0942.70
Quick Ratio
00002
01038
00006

Profitability

Metric
00002
01038
00006
Return on Assets (Normalized)
 4.79%5.18%7.18%
Return on Equity (Normalized)
 10.74%6.96%7.74%
Return on Invested Capital (Normalized)
 7.09%5.70%7.43%
Return on Assets
00002
01038
00006

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