1、February 27, 2010 China: UtilitiesGao Hua Securities Investment Research 1 February 27, 2010 China: Utilities Introducing 2012 EPS estimates Changes and Implications We are introducing our 2012 EPS estimates for the following companies. No changes were made to our 2009E-2011E EPS. Our estimates of 2
2、009E-2012E EPS are shown below: 2009E-2012E EPS estimates and yoy changes (%) CLP, HK, HKCG, and CRP report in HK$, all others in Rmb 26-Feb-2010Company name Ticker Rating Closing price 2009E 2010E 2011E 2012E 2009E 2010E 2011E 2012EChina Resources Power 0836.HK Buy* 15.42HK$ 1.06 0.96 1.49 1.93 157
3、% (10%) 55% 30%Huaneng (H) 0902.HK Buy 4.67HK$ 0.40 0.22 0.44 0.49 (223%) (46%) 105% 11%Huadian (H) 1071.HK Neutral 2.13HK$ 0.19 0.10 0.21 0.23 (144%) (48%) 115% 10%China Power International 2380.HK Neutral 1.89HK$ 0.11 0.08 0.16 0.20 (156%) (27%) 112% 21%Datang (H) 0991.HK Neutral 3.53HK$ 0.12 0.08
4、 0.19 0.24 89% (38%) 148% 26%Yangtze Power 600900.SS Buy 12.99Rmb 0.47 0.70 0.72 0.75 12% 49% 3% 4%GD Power (“Guodian“) 600795.SS Buy 7.21Rmb 0.29 0.38 0.47 0.53 777% 30% 26% 13%Huaneng (A) 600011.SS Neutral 7.38Rmb 0.40 0.22 0.44 0.49 (223%) (46%) 105% 11%Shenergy 600642.SS Neutral 10.68Rmb 0.52 0.
5、50 0.54 0.55 153% (4%) 8% 3%Guangdong Electric 000539.SZ Neutral 7.59Rmb 0.44 0.31 0.41 0.42 3,900% (30%) 35% 2%Huadian (A) 600027.SS Sell 5.18Rmb 0.19 0.10 0.21 0.23 (144%) (48%) 115% 10%Datang (A) 601991.SS Sell 8.48Rmb 0.12 0.08 0.19 0.24 89% (38%) 148% 26%Guangdong Investment 0270.HK Buy 3.94HK$
6、 0.33 0.37 0.40 0.43 9% 10% 9% 9%Tianjin Capital (H) 1065.HK Neutral 2.90HK$ 0.17 0.18 0.19 0.20 7% 7% 1% 10%Tianjin Capital (A) 600874.SS Sell 8.36Rmb 0.17 0.18 0.19 0.20 7% 7% 1% 10%Chengtou Holding 600649.SS Sell 12.15Rmb 0.40 0.42 0.45 0.43 (28%) 5% 6% (3%)Beijing Capital 600008.SS Neutral 8.11R
7、mb 0.14 0.15 0.18 0.19 22% 5% 19% 5%Hong Kong however, the distribution of Buys and Sells in any particular coverage February 27, 2010 China: UtilitiesGao Hua Securities Investment Research 3 group may vary as determined by the regional Investment Review Committee. Regional Conviction Buy and Sell l
8、ists represent investment recommendations focused on either the size of the potential return or the likelihood of the realization of the return. Return potential represents the price differential between the current share price and the price target expected during the time horizon associated with th
9、e price target. Price targets are required for all covered stocks. The return potential, price target and associated time horizon are stated in each report adding or reiterating an Investment List membership. Coverage groups and views: A list of all stocks in each coverage group is available by prim
10、ary analyst, stock and coverage group at http:/ The analyst assigns one of the following coverage views which represents the analysts investment outlook on the coverage group relative to the groups historical fundamentals and/or valuation. Attractive (A). The investment outlook over the following 12
11、 months is favorable relative to the coverage groups historical fundamentals and/or valuation. Neutral (N). The investment outlook over the following 12 months is neutral relative to the coverage groups historical fundamentals and/or valuation. Cautious (C). The investment outlook over the following
12、 12 months is unfavorable relative to the coverage groups historical fundamentals and/or valuation. Not Rated (NR). The investment rating and target price have been removed pursuant to Gao Hua Securities policy when Goldman Sachs Gao Hua is acting in an advisory capacity in a merger or strategic tra
13、nsaction involving this company and in certain other circumstances. Rating Suspended (RS). We have suspended the investment rating and price target for this stock, because there is not a sufficient fundamental basis for determining an investment rating or target. The previous investment rating and p
14、rice target, if any, are no longer in effect for this stock and should not be relied upon. Coverage Suspended (CS). We have suspended coverage of this company. Not Covered (NC). We do not cover this company. Not Available or Not Applicable (NA). The information is not available for display or is not
15、 applicable. Not Meaningful (NM). The information is not meaningful and is therefore excluded. General disclosures This research is disseminated in China by Gao Hua Securities. This research is for our clients only. This research is based on current public information that we consider reliable, but
16、we do not represent it is accurate or complete, and it should not be relied on as such. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published
17、at irregular intervals as appropriate in the analysts judgment. Goldman Sachs Gao Hua, an affiliate of Gao Hua Securities, conducts an investment banking business. Gao Hua Securities, Goldman Sachs Gao Hua and their affiliates have investment banking and other business relationships with a substanti
18、al percentage of the companies referred to in this document. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in thi
19、s research. Our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research. Gao Hua Securities and its affiliates, officers, directors, and employees, excluding equity and credit analysts, will f
20、rom time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitati
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