CLP Holdings
CLP Holdings Limited, an investment holding company, generates, transmits, and distributes electricity in Hong Kong, Mainland China, India, Southeast Asia, Taiwan, and Australia. The last earnings update was 74 days ago. More info.
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2 Share Price and Events
7 Day Returns
1 Year Returns
2 Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| CLP Holdings (2) | 2.1% | 2% | -5.4% | 9.5% | 26.2% | 41.5% |
| HK Electric Utilities | -0.9% | -0.5% | -3.4% | 4.1% | -4.5% | 16.3% |
| HK Market | -3.5% | -9.6% | -4.2% | -16.8% | 24.6% | 7.2% |
1 Year Return vs Industry and Market
- 2 outperformed the Electric Utilities industry which returned 4.1% over the past year.
- 2 outperformed the Market in Hong Kong which returned -16.8% over the past year.
2 Value
Is CLP Holdings undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
CLP Holdings
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for CLP Holdings.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 11 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.3% |
| Perpetual Growth Rate | 10-Year HK Government Bond Rate | 2% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year HK Govt Bond Rate | 2% |
| Equity Risk Premium | S&P Global | 6.7% |
| Electric Utilities Unlevered Beta | Simply Wall St/ S&P Global | 0.23 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.235 (1 + (1- 25%) (24.93%)) |
0.517 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.8 * 6.65%) |
7.32% |
Discounted Cash Flow Calculation for SEHK:2 using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for CLP Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (HKD, Millions) | Source |
Present Value Discounted (@ 7.32%) |
|
|---|---|---|---|
| 2019 | 8,168.33 | Analyst x6 | 7,610.98 |
| 2020 | 9,353.50 | Analyst x6 | 8,120.61 |
| 2021 | 10,229.00 | Analyst x1 | 8,274.75 |
| 2022 | 9,811.40 | Est @ -4.08% | 7,395.37 |
| 2023 | 9,589.97 | Est @ -2.26% | 6,735.24 |
| 2024 | 9,496.09 | Est @ -0.98% | 6,214.24 |
| 2025 | 9,488.08 | Est @ -0.08% | 5,785.34 |
| 2026 | 9,539.49 | Est @ 0.54% | 5,419.79 |
| 2027 | 9,633.00 | Est @ 0.98% | 5,099.48 |
| 2028 | 9,756.98 | Est @ 1.29% | 4,812.68 |
| Present value of next 10 years cash flows | HK$65,468.48 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= HK$9,756.98 × (1 + 2%) ÷ (7.32% – 2%) |
HK$187,075.41 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= HK$187,075.41 ÷ (1 + 7.32%)10 |
HK$92,275.98 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= HK$65,468.48 + HK$92,275.98 |
HK$157,744.46 |
| Equity Value per Share (HKD) |
= Total value / Shares Outstanding
= HK$157,744.46 / 2,526.45 |
HK$62.44 |
| Calculation | Result | |
|---|---|---|
| Value per share (HKD) | From above. | HK$62.44 |
| Current discount | Discount to share price of
HK$90.45
= -1 x (HK$90.45 - HK$62.44) / HK$62.44 |
-44.9% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of CLP Holdings is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for CLP Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
CLP Holdings's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in HKD | HK$5.36 |
| SEHK:2 Share Price ** | SEHK (2019-05-21) in HKD | HK$90.45 |
| Hong Kong Electric Utilities Industry PE Ratio | Median Figure of 6 Publicly-Listed Electric Utilities Companies | 15.01x |
| Hong Kong Market PE Ratio | Median Figure of 1,477 Publicly-Listed Companies | 11.08x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of CLP Holdings.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SEHK:2 Share Price ÷ EPS (both in HKD) = 90.45 ÷ 5.36 |
16.86x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CLP Holdings is overvalued based on earnings compared to the HK Electric Utilities industry average.
- CLP Holdings is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does
CLP Holdings's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 16.86x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts |
-1.1%per year |
| Asia Electric Utilities Industry PEG Ratio | Median Figure of 10 Publicly-Listed Electric Utilities Companies | 0.83x |
| Hong Kong Market PEG Ratio | Median Figure of 463 Publicly-Listed Companies | 0.79x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 16.86x ÷ -1.1% |
-14.78x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CLP Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
CLP Holdings's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in HKD | HK$45.46 |
| SEHK:2 Share Price * | SEHK (2019-05-21) in HKD | HK$90.45 |
| Hong Kong Electric Utilities Industry PB Ratio | Median Figure of 7 Publicly-Listed Electric Utilities Companies | 1.38x |
| Hong Kong Market PB Ratio | Median Figure of 2,156 Publicly-Listed Companies | 0.97x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SEHK:2 Share Price ÷ Book Value per Share (both in HKD) = 90.45 ÷ 45.46 |
1.99x |
* Primary Listing of CLP Holdings.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CLP Holdings is overvalued based on assets compared to the HK Electric Utilities industry average.
Value checks
We assess CLP Holdings's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check) CLP Holdings has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
2 Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- CLP Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
- CLP Holdings's earnings growth is expected to exceed the Hong Kong market average.
- CLP Holdings's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SEHK:2 Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts | -1.1% |
| SEHK:2 Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts | 2.5% |
| Hong Kong Electric Utilities Industry Earnings Growth Rate | Market Cap Weighted Average | 1% |
| Asia Electric Utilities Industry Revenue Growth Rate | Market Cap Weighted Average | 3.7% |
| Hong Kong Market Earnings Growth Rate | Market Cap Weighted Average | -5.7% |
| Hong Kong Market Revenue Growth Rate | Market Cap Weighted Average | 10.7% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 11 Analyst Estimates (S&P Global) | See Below |
| Date (Data in HKD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 99,428 | 24,172 | 13,110 | 3 |
| 2020-12-31 | 95,346 | 21,880 | 13,043 | 10 |
| 2019-12-31 | 92,264 | 21,968 | 12,596 | 10 |
| Date (Data in HKD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 91,425 | 23,951 | 13,550 |
| 2018-09-30 | 93,313 | 25,635 | 14,663 |
| 2018-06-30 | 95,200 | 27,319 | 15,776 |
| 2018-03-31 | 93,637 | 25,868 | 15,013 |
| 2017-12-31 | 92,073 | 24,417 | 14,249 |
| 2017-09-30 | 88,087 | 22,779 | 13,372 |
| 2017-06-30 | 84,100 | 21,140 | 12,495 |
| 2017-03-31 | 81,767 | 22,408 | 12,603 |
| 2016-12-31 | 79,434 | 23,676 | 12,711 |
| 2016-09-30 | 79,410 | 14,385 | |
| 2016-06-30 | 79,386 | 21,372 | 16,058 |
| 2016-03-31 | 80,043 | 20,270 | 15,857 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 11 Analyst Estimates (S&P Global) | See Below |
All data from CLP Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in HKD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 5.22 | 5.60 | 4.97 | 4.00 |
| 2020-12-31 | 5.16 | 5.68 | 4.82 | 10.00 |
| 2019-12-31 | 4.98 | 5.38 | 4.64 | 10.00 |
| Date (Data in HKD Millions) | EPS * |
|---|---|
| 2018-12-31 | 5.36 |
| 2018-09-30 | 5.80 |
| 2018-06-30 | 6.24 |
| 2018-03-31 | 5.94 |
| 2017-12-31 | 5.64 |
| 2017-09-30 | 5.29 |
| 2017-06-30 | 4.95 |
| 2017-03-31 | 4.99 |
| 2016-12-31 | 5.03 |
| 2016-09-30 | 5.69 |
| 2016-06-30 | 6.36 |
| 2016-03-31 | 6.28 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess CLP Holdings's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
CLP Holdings has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
2 Past Performance
How has CLP Holdings performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- CLP Holdings's year on year earnings growth rate has been positive over the past 5 years.
- CLP Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- CLP Holdings's 1-year earnings growth is negative, it can't be compared to the HK Electric Utilities industry average.
Earnings and Revenue History
All data from CLP Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in HKD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 91,425.00 | 13,550.00 | 4,449.00 | |
| 2018-09-30 | 93,312.50 | 14,663.00 | 4,402.00 | |
| 2018-06-30 | 95,200.00 | 15,776.00 | 4,355.00 | |
| 2018-03-31 | 93,636.50 | 15,012.50 | 4,275.00 | |
| 2017-12-31 | 92,073.00 | 14,249.00 | 4,195.00 | |
| 2017-09-30 | 88,086.50 | 13,372.00 | 4,110.50 | |
| 2017-06-30 | 84,100.00 | 12,495.00 | 4,026.00 | |
| 2017-03-31 | 81,767.00 | 12,603.00 | 3,959.00 | |
| 2016-12-31 | 79,434.00 | 12,711.00 | 3,892.00 | |
| 2016-09-30 | 79,410.00 | 14,384.50 | 3,802.00 | |
| 2016-06-30 | 79,386.00 | 16,058.00 | 3,712.00 | |
| 2016-03-31 | 80,043.00 | 15,857.00 | 3,680.50 | |
| 2015-12-31 | 80,700.00 | 15,656.00 | 3,649.00 | |
| 2015-09-30 | 82,921.00 | 12,939.50 | 3,769.00 | |
| 2015-06-30 | 85,142.00 | 10,223.00 | 3,889.00 | |
| 2015-03-31 | 88,700.50 | 10,722.00 | 3,934.50 | |
| 2014-12-31 | 92,259.00 | 11,221.00 | 3,980.00 | |
| 2014-09-30 | 96,092.50 | 10,117.50 | 3,743.50 | |
| 2014-06-30 | 99,926.00 | 9,014.00 | 3,507.00 | |
| 2014-03-31 | 102,228.00 | 7,537.00 | 3,262.00 | |
| 2013-12-31 | 104,530.00 | 6,060.00 | 3,017.00 | |
| 2013-09-30 | 107,470.50 | 7,391.50 | 2,984.00 | |
| 2013-06-30 | 110,411.00 | 8,723.00 | 2,951.00 | |
| 2013-03-31 | 107,636.00 | 8,517.50 | 2,943.00 | |
| 2012-12-31 | 104,861.00 | 8,312.00 | 2,935.00 | |
| 2012-09-30 | 100,986.50 | 7,578.00 | 2,843.50 | |
| 2012-06-30 | 97,112.00 | 6,844.00 | 2,752.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- CLP Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- CLP Holdings used its assets more efficiently than the HK Electric Utilities industry average last year based on Return on Assets.
- CLP Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess CLP Holdings's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
CLP Holdings has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
2 Health
How is CLP Holdings's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up CLP Holdings's finances.
The net worth of a company is the difference between its assets and liabilities.
- CLP Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- CLP Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from CLP Holdings Company Filings, last reported 4 months ago.
| Date (Data in HKD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 124,932.00 | 56,627.00 | 14,670.00 |
| 2018-09-30 | 124,932.00 | 56,627.00 | 14,670.00 |
| 2018-06-30 | 122,401.00 | 57,549.00 | 11,231.00 |
| 2018-03-31 | 122,401.00 | 57,549.00 | 11,231.00 |
| 2017-12-31 | 121,507.00 | 58,589.00 | 13,560.00 |
| 2017-09-30 | 121,507.00 | 58,589.00 | 13,560.00 |
| 2017-06-30 | 114,442.00 | 55,243.00 | 6,833.00 |
| 2017-03-31 | 114,442.00 | 55,243.00 | 6,833.00 |
| 2016-12-31 | 105,773.00 | 51,646.00 | 8,372.00 |
| 2016-09-30 | 105,773.00 | 51,646.00 | 8,372.00 |
| 2016-06-30 | 103,209.00 | 57,327.00 | 6,970.00 |
| 2016-03-31 | 103,209.00 | 57,327.00 | 6,970.00 |
| 2015-12-31 | 100,932.00 | 57,733.00 | 7,082.00 |
| 2015-09-30 | 100,932.00 | 57,733.00 | 7,082.00 |
| 2015-06-30 | 96,002.00 | 72,463.00 | 6,936.00 |
| 2015-03-31 | 96,002.00 | 72,463.00 | 6,936.00 |
| 2014-12-31 | 95,959.00 | 67,435.00 | 7,690.00 |
| 2014-09-30 | 95,959.00 | 67,435.00 | 7,690.00 |
| 2014-06-30 | 98,807.00 | 77,765.00 | 13,136.00 |
| 2014-03-31 | 98,807.00 | 77,765.00 | 13,136.00 |
| 2013-12-31 | 87,481.00 | 86,520.00 | 8,968.00 |
| 2013-09-30 | 87,481.00 | 86,520.00 | 8,968.00 |
| 2013-06-30 | 86,846.00 | 89,295.00 | 10,235.00 |
| 2013-03-31 | 86,846.00 | 89,295.00 | 10,235.00 |
| 2012-12-31 | 91,201.00 | 95,500.00 | 16,649.00 |
| 2012-09-30 | 91,201.00 | 95,500.00 | 16,649.00 |
| 2012-06-30 | 80,021.00 | 94,711.00 | 11,499.00 |
- CLP Holdings's level of debt (45.3%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (98.6% vs 45.3% today).
- Debt is well covered by operating cash flow (42.3%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 11.4x coverage).
Financial health checks
We assess CLP Holdings's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) CLP Holdings has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
2 Dividends
What is CLP Holdings's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
HK$2,000 of
CLP Holdings
shares you are expected to receive
HK$67
in your first year as a dividend.
Dividend Amount
- CLP Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.09%).
- CLP Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (5.75%).
Upcoming dividend payment
Purchase CLP Holdings before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 11 Analyst Estimates (S&P Global) | See Below |
| Hong Kong Electric Utilities Industry Average Dividend Yield | Market Cap Weighted Average of 6 Stocks | 4.1% |
| Hong Kong Market Average Dividend Yield | Market Cap Weighted Average of 968 Stocks | 3.6% |
| Hong Kong Minimum Threshold Dividend Yield | 10th Percentile | 1.2% |
| Hong Kong Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Hong Kong Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in HK$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 3.31 | 4.00 |
| 2020-12-31 | 3.19 | 11.00 |
| 2019-12-31 | 3.08 | 12.00 |
| Date (Data in HK$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-08 | 3.020 | 3.365 |
| 2019-02-25 | 3.020 | 3.257 |
| 2018-02-26 | 2.910 | 3.365 |
| 2017-03-10 | 2.800 | 3.466 |
| 2017-02-27 | 2.800 | 3.539 |
| 2016-03-14 | 2.700 | 3.561 |
| 2016-02-29 | 2.700 | 3.918 |
| 2015-03-13 | 2.620 | 3.969 |
| 2015-02-26 | 2.620 | 3.897 |
| 2014-03-12 | 2.570 | 3.987 |
| 2014-02-26 | 2.570 | 4.256 |
| 2013-03-11 | 2.570 | 4.055 |
| 2013-02-25 | 2.570 | 3.818 |
| 2012-08-14 | 2.540 | 3.866 |
| 2012-02-27 | 3.840 | 5.835 |
| 2011-10-17 | 2.080 | 3.117 |
| 2011-02-24 | 2.480 | 3.711 |
| 2011-01-24 | 2.480 | 3.921 |
| 2010-03-10 | 2.480 | 4.198 |
| 2010-02-25 | 2.480 | 4.603 |
| 2009-08-18 | 2.080 | 3.967 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
CLP Holdings's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.8x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
Income/ dividend checks
We assess CLP Holdings's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can CLP Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) CLP Holdings has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
2 Management
CEO
| COMPENSATION | HK$21,400,000 |
| AGE | 56 |
| TENURE AS CEO | 5.7 years |
CEO Bio
Mr. Richard Kendall Lancaster, BE, has been the Chief Executive Officer at CLP Holdings Ltd., since September 30, 2013. Mr. Lancaster served as the Managing Director of CLP Power Hong Kong Limited, a Hong Kong Division of CLP Holdings Ltd. since January 4, 2010. He served as Group Director at CLP Holdings Ltd. from January 04, 2010 to September 30, 2013. He served as a Commercial Director of CLP Power Hong Kong Limited since 2002. Mr. Lancaster was responsible for CLP Power Hong Kong Ltd's commercial affairs including fuel developments and environmental management and had overall responsibility for the operations of the Hong Kong business. He has over 25 years’ experience in the power industry and in other industrial operations in Australia, U.K. and Hong Kong. He has been the Chairman Business Environment Council, Council member at World Business Council for Sustainable Development (a member of the Climate and Energy Cluster Board), Fellow of Hong Kong Management Association, Founding member of the Advisory Council of The Australian Chamber of Commerce Hong Kong & Macau, Board member of UNSW Hong Kong. He joined CLP Power Hong Kong Ltd. Company in 1992 and held a range of posts mostly in the Generation business before moving to lead up the Corporate Commercial Group in 2002. An engineer by background, Mr. Lancaster began his career at Electricity Commission of New South Wales in Australia and gained a wide experience in various industrial operations in both Australia and the United Kingdom. He serves as Director of Hong Kong Pumped Storage Development Company, Limited and EnergyAustralia Holdings Limited. He serves as Director of CLP Power Hong Kong Limited. He has been a Director of CLP Power Hong Kong Financing Ltd. since January 8, 2010. He has been an Executive Director of CLP Holdings Ltd. since June 3, 2013. Mr. Lancaster holds Bachelor Degree in Electrical Engineering from the University of New South Wales.
CEO Compensation
- Richard Kendall's compensation has been consistent with company performance over the past year, both up more than 20%.
- Richard Kendall's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure
Average tenure and age of the CLP Holdings management team in years:
- The average tenure for the CLP Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Derek Parkin
Chief Operating Officer
HK$11M
58
3.7 yrs
David John Simmonds
Chief Administrative Officer
HK$14M
48
5.7 yrs
Quince Chong
Chief Corporate Development Officer
HK$14M
54
6.7 yrs
Roy Anthony Massey
Chief Human Resources Officer
HK$11M
63
Rajiv Ranjan Mishra
Managing Director of India
HK$11M
52
13.8 yrs
Siu Hung Chan
Managing Director of China
HK$12M
59
Richard Kendall Lancaster
CEO & Executive Director
HK$21M
56
5.7 yrs
Geert Herman Peeters
CFO & Executive Director
HK$14M
54
5.1 yrs
Angus Guthrie
Director of Investor Relations
Kenneth Oberg
Managing Director of CLP Power International
70
Board of Directors Tenure
Average tenure and age of the CLP Holdings board of directors in years:
- The average tenure for the CLP Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors
Michael David Kadoorie
Non-Executive Chairman
HK$765K
77
21.6 yrs
Richard Kendall Lancaster
CEO & Executive Director
HK$21M
56
5.9 yrs
William Elkin Mocatta
Vice Chairman
HK$1M
66
20.3 yrs
Geert Herman Peeters
CFO & Executive Director
HK$14M
54
3.3 yrs
Vernon Francis Moore
Independent Non-Executive Director
HK$1M
71
21.6 yrs
Betty So
Group Director & Vice Chairman of CLP Power Hong Kong Limited
HK$12M
60
9.3 yrs
Nick Allen
Independent Non-Executive Director
HK$1M
63
10 yrs
Vincent Cheng
Independent Non-Executive Director
HK$951K
70
7.8 yrs
John Andrew Harry Leigh
Non-Executive Director
HK$538K
64
21.6 yrs
Andrew Clifford Winawer Brandler
Non-Executive Director
HK$933K
62
19 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (HK$) | Value (HK$) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess CLP Holdings's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) CLP Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
2 News
Simply Wall St News
Can We See Significant Institutional Ownership On The CLP Holdings Limited (HKG:2) Share Register?
General Public Ownership The general public, who are mostly retail investors, collectively hold 59% of CLP Holdings shares. … Private Company Ownership We can see that Private Companies own 25%, of the shares on issue. … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.
Simply Wall St - – Full articleCan CLP Holdings Limited (HKG:2) Maintain Its Strong Returns?
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … One way to conceptualize this, is that for each HK$1 of shareholders' equity it has, the company made HK$0.12 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleDoes CLP Holdings Limited's (HKG:2) Past Performance Indicate A Weaker Future?
When CLP Holdings Limited's (HKG:2) announced its latest earnings (31 December 2018), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were CLP Holdings's average earnings over the past couple of years, and its industry performance. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 11%, indicating the rate at which 2 is growing has slowed down
Simply Wall St - – Full articleWhat Do Investors Need To Know About CLP Holdings Limited's (HKG:2) Earnings Trend?
In December 2018, CLP Holdings Limited (HKG:2) released its latest earnings announcement, whicha … revealed
Simply Wall St - – Full articleDespite Its High P/E Ratio, Is CLP Holdings Limited (HKG:2) Still Undervalued?
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … We'll look at CLP Holdings Limited's (HKG:2) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleIs CLP Holdings Limited (HKG:2) A Smart Choice For Dividend Investors?
Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … Historically, CLP Holdings Limited (HKG:2) has paid dividends to shareholders, and these days it yields 3.3%. … Let's take a look at CLP Holdings in more detail.
Simply Wall St - – Full articleIs CLP Holdings Limited's (HKG:2) Balance Sheet Strong Enough To Weather A Storm?
One reason being its ‘too big to fail’ aura which gives it the appearance of a strong and stable investment. … Today we will look at CLP Holdings’s financial liquidity and debt levels, which are strong indicators for whether the company can weather economic downturns or fund strategic acquisitions for future growth. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis
Simply Wall St - – Full articleRead This Before Considering CLP Holdings Limited (HKG:2) For Its Upcoming HK$1.19 Dividend
Investors who want to cash in on CLP Holdings Limited's (HKG:2) upcoming dividend of HK$1.19 per share have only 4 days left to buy the shares before its ex-dividend date, 08 March 2019, in time for dividends payable on the 21 March 2019. … 5 checks you should use to assess a dividend stock? … If you are a dividend investor, you should always assess these five key metrics:?
Simply Wall St - – Full articleIs CLP Holdings Limited (HKG:2) Overpaying Its CEO?
Richard Lancaster became the CEO of CLP Holdings Limited (HKG:2) in 2013. … This analysis aims first to contrast CEO compensation with other large companies. … How Does Richard Lancaster's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleDo Insiders Own Lots Of Shares In CLP Holdings Limited (HKG:2)?
So it's nice to see some insider ownership, because it may suggest that management is owner-oriented. … Our analysis of the ownership of the company, below, shows that. … See our latest analysis for CLP Holdings
Simply Wall St - – Full article2 Company Info
Description
CLP Holdings Limited, an investment holding company, generates, transmits, and distributes electricity in Hong Kong, Mainland China, India, Southeast Asia, Taiwan, and Australia. The company generates electricity through coal, gas, nuclear, wind, hydro, solar, and oil sources. As of December 31, 2018, it had equity generating capacity of 19,108 megawatts (MW) and purchasing capacity of 4,597 MW. The company is also involved in the provision of pumped storage and engineering services; research and development, and property investment activities; and retail of electricity and gas. CLP Holdings Limited was founded in 1901 and is based in Hung Hom, Hong Kong.
Details
| Name: | CLP Holdings Limited |
| 2 | |
| Exchange: | SEHK |
| Founded: | 1901 |
| HK$227,127,906,243 | |
| 2,526,450,570 | |
| Website: | http://www.clpgroup.com |
| Address: |
CLP Holdings Limited 8 Laguna Verde Avenue, Hung Hom, Kowloon, Hong Kong |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SEHK | 2 | Ordinary Shares | The Stock Exchange of Hong Kong Ltd. | HK | HKD | 06. Jan 1998 | |
| OTCPK | CLPH.F | Ordinary Shares | Pink Sheets LLC | US | USD | 06. Jan 1998 | |
| DB | CLP | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 06. Jan 1998 | |
| SHSC | 2 | Ordinary Shares | Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect | HK | HKD | 06. Jan 1998 | |
| SZSC | 2 | Ordinary Shares | The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect | HK | HKD | 06. Jan 1998 | |
| OTCPK | CLPH.Y | SPONSORED ADR | Pink Sheets LLC | US | USD | 31. Jan 1985 | |
| DB | CLP1 | SPONSORED ADR | Deutsche Boerse AG | DE | EUR | 31. Jan 1985 |
Number of employees
Current staff
Industry
| Electric Utilities | |
| Utilities |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/21 12:38 |
| End of day share price update: | 2019/05/21 00:00 |
| Last estimates confirmation: | 2019/05/17 |
| Last earnings filing: | 2019/03/08 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
