Morningstar

China Suntien Green Energy Corp Ltd Class H 00956

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Stock XHKG Rating as of
HK$3.53 +0.12 (3.52%)
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As of Delayed Price Closed

Company Report

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China Suntien Green Energy Earnings: Shares Undervalued With Attractive Yield; Mixed Segment Results

Chokwai Lee

China Suntien Green Energy's 1% year-on-year decline in first-half net profit was broadly in line with our expectations. After fine-tuning our forecasts and considering time value of money, we raised our fair value estimate to HKD 3.90 per share from HKD 3.82. Trading at 2024 P/E of below 6 times, we think the shares are attractive, supported by a decent five-year net profit compound annual growth rate of 12.1% and over 7% dividend yield.

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Price vs Fair Value

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00956 is trading at a 889% premium.
Price
HK$3.53
Fair Value
HK$7.50
Uncertainty
High
1-Star Price
HK$4.52
5-Star Price
HK$5.77
Economic Moat
Qpz
Capital Allocation
Hptskvqy

Bulls Say, Bears Say

Bulls

China’s policies to encourage the use of clean energy, such as natural gas, solar and wind will continue to benefit Suntien.

Bears

Increasing contribution from grid-parity projects will lower Suntien’s future returns.

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Trading Information

Previous Close Price
HK$3.41
Day Range
HK$3.37–3.55
52-Week Range
HK$2.47–4.13
Bid/Ask
HK$3.53 / HK$3.54
Market Cap
HK$14.85 Bil
Volume/Avg
17.9 Mil / 7.7 Mil

Key Statistics

Price/Earnings (Normalized)
6.39
Price/Sales
0.62
Dividend Yield (Trailing)
6.66%
Dividend Yield (Forward)
6.66%
Total Yield
6.66%

Company Profile

China Suntien Green Energy is engaged in the wind power, photovoltaic, and natural gas businesses. The natural gas segment is involved in the sales of natural gas and gas appliances, and the provision of construction and connection services of natural gas pipelines. The wind and solar energy segment sells electricity to external grid companies by operating wind farms and solar energy plants. In 2023, the firm’s natural gas transmission volume was 5,114 million cubic meters, while sales volume of electricity was 13.93 billion kilowatt-hours. As of end-2023, the firm had consolidated renewable energy (wind and solar) installed capacity of 6.42 gigawatts.
Sector
Utilities
Industry
Utilities - Diversified
Stock Style Box
Mid Value
Total Number of Employees
2,745
Website
https://www.suntien.com

Competitors

Valuation

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Metric
00956
01798
02688
Price/Earnings (Normalized)
 6.396.479.67
Price/Book Value
 0.650.731.48
Price/Sales
 0.621.090.54
Price/Cash Flow
 —3.637.82
Price/Earnings
00956
01798
02688

Financial Strength

Metric
00956
01798
02688
Quick Ratio
 0.610.920.65
Current Ratio
 0.680.950.72
Interest Coverage
 3.812.9111.20
Quick Ratio
00956
01798
02688

Profitability

Metric
00956
01798
02688
Return on Assets (Normalized)
 3.54%2.83%6.73%
Return on Equity (Normalized)
 13.44%16.04%16.64%
Return on Invested Capital (Normalized)
 5.62%4.56%10.46%
Return on Assets
00956
01798
02688

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