Datang International Power Generation (A)

Datang International Power Generation is engaged in the development and operation of power plants, the sale of electricity and thermal power, and the repair and testing power equipment; the provision of power related technical services; sale of coal; and the production and sale of chemical products. Through its subsidiaries, Co. is also engaged in the hydropower generation; wind power generation; power generation and heat supply; provision of coal chemistry related consulting service; import of power related fuel and equipment; and coal mining and sales.
  • Ticker601991
  • ISINCNE000001Q02
  • ExchangeShanghai Stock Exchange
  • SectorElectricity
  • CountryChina

Analysts

Jennifer Song

Morningstar | Datang’s 1Q Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook

After excluding one-off items from its first-quarter net profit of CNY 429.8 million, no-moat Datang’s performance was disappointing, with recurring net profit falling 28% year over year to CNY 380 million under PRC GAAP. Despite a 14% fall in the QHD 5,500 kcal benchmark coal price, Datang’s first-quarter performance implies a 3% rise in its unit cost. Besides a drop in operating leverage from the 5% fall in power sales volume that raises per unit cost, we think Datang has been relatively inefficient in its coal purchase strategy. Nonetheless, we expect Datang’s profitability to improve in th...

Jennifer Song

Datang’s 1Q Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook

After excluding one-off items from its first-quarter net profit of CNY 429.8 million, no-moat Datang’s performance was disappointing, with recurring net profit falling 28% year over year to CNY 380 million under PRC GAAP. Despite a 14% fall in the QHD 5,500 kcal benchmark coal price, Datang’s first-quarter performance implies a 3% rise in its unit cost. Besides a drop in operating leverage from the 5% fall in power sales volume that raises per unit cost, we think Datang has been relatively ineff...

Jennifer Song

Morningstar | Datang’s 2018 Result Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook.

In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, we think this was largely due to a CNY 0.5 billion impairment and other one-off items that are not sustai...

Jennifer Song

Morningstar | Datang’s 2018 Result Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook. See Updated Analyst Note from 31 Mar 2019

In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, we think this was largely due to a CNY 0.5 billion impairment and other one-off items that are not sustai...

Jennifer Song

Datang’s 2018 Result Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook.

In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, we th...

Jennifer Song

Morningstar | Datang’s 1Q Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook

After excluding one-off items from its first-quarter net profit of CNY 429.8 million, no-moat Datang’s performance was disappointing, with recurring net profit falling 28% year over year to CNY 380 million under PRC GAAP. Despite a 14% fall in the QHD 5,500 kcal benchmark coal price, Datang’s first-quarter performance implies a 3% rise in its unit cost. Besides a drop in operating leverage from the 5% fall in power sales volume that raises per unit cost, we think Datang has been relatively inefficient in its coal purchase strategy. Nonetheless, we expect Datang’s profitability to improve in th...

Jennifer Song

Datang’s 1Q Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook

After excluding one-off items from its first-quarter net profit of CNY 429.8 million, no-moat Datang’s performance was disappointing, with recurring net profit falling 28% year over year to CNY 380 million under PRC GAAP. Despite a 14% fall in the QHD 5,500 kcal benchmark coal price, Datang’s first-quarter performance implies a 3% rise in its unit cost. Besides a drop in operating leverage from the 5% fall in power sales volume that raises per unit cost, we think Datang has been relatively ineff...

Jennifer Song

Morningstar | Datang’s 2018 Result Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook.

In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, we think this was largely due to a CNY 0.5 billion impairment and other one-off items that are not sustai...

Jennifer Song

Morningstar | Datang’s 2018 Result Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook. See Updated Analyst Note from 31 Mar 2019

In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, we think this was largely due to a CNY 0.5 billion impairment and other one-off items that are not sustai...

Jennifer Song

Datang’s 2018 Result Slightly Missed; Our FVE Remains Intact on Bearish Coal Price Outlook.

In line with industrywide deteriorating profitability, Datang’s full-year 2018 result missed our expectations, due to higher-than-expected fuel cost. Net profit fall 18% year over year to CNY 1.2 billion, with unit fuel cost rising 4% year over year. We think this, compared with only 1% growth in QHD 5,500kcal spot coal price, indicates that coal-fired IPPs have little flexibility to pass on the higher coal costs. Although Datang’s full-year result implies a net loss in the fourth quarter, we th...

DATANG INTL.PWR.GNRTN. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of DATANG INTL.PWR.GNRTN. (CN), a company active in the Conventional Electricity industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date December 18, 2018, the closing price was CNY 3.11 and its potential was estimated at CNY 3.54.

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