Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$2.89, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 11x in the Renewable Energy industry in Hong Kong. Total returns to shareholders of 100% over the past three years. New Risk • May 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: CN¥0.14 (vs CN¥0.10 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.14 (up from CN¥0.10 in 1Q 2025). Revenue: CN¥30.3b (flat on 1Q 2025). Net income: CN¥2.89b (up 29% from 1Q 2025). Profit margin: 9.6% (up from 7.4% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Mar 30
Datang International Power Generation Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026 Datang International Power Generation Co., Ltd. announced that they will report Q1, 2026 results on Apr 29, 2026 Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: CN¥0.32 (vs CN¥0.24 in FY 2024) Full year 2025 results: EPS: CN¥0.32 (up from CN¥0.24 in FY 2024). Revenue: CN¥121.3b (down 1.8% from FY 2024). Net income: CN¥7.39b (up 64% from FY 2024). Profit margin: 6.1% (up from 3.6% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
Datang International Power Generation Co., Ltd. Announces Final Ordinary Dividend for the Financial Year End 31 December 2025, Payable on August 28, 2026 Datang International Power Generation Co., Ltd. announced final ordinary dividend of RMB 0.093 per share for the financial year end 31 December 2025. Payment date 28 August 2026. Announcement • Jan 30
Datang International Power Generation Co., Ltd. Provides Group Preliminary Earnings Guidance for the Period from 1 January 2025 to 31 December 2025 Datang International Power Generation Co., Ltd. provided group preliminary earnings guidance for the period from 1 January 2025 to 31 December 2025. Estimated results: According to the preliminary estimates, net profit attributable to the equity holders of the Company as recorded in the consolidated financial statements of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2025 is expected to be approximately RMB 6.8 billion to RMB 7.8 billion, representing an increase of approximately RMB 2.294 billion to RMB 3.294 billion, or approximately 51% to 73%, as compared with the corresponding period of the previous year. Net profit after deducting non-recurring gains and losses attributable to the equity holders of the Company as recorded in the consolidated financial statements of the Group for the year ended 31 December 2025 is expected to be approximately RMB 7.2 billion to RMB 8.2 billion, representing an increase of approximately RMB 2.696 billion to RMB 3.696 billion, or approximately 60% to 82%, as compared with the corresponding period of the previous year. Announcement • Dec 26
Datang International Power Generation Co., Ltd. to Report Fiscal Year 2025 Results on Mar 28, 2026 Datang International Power Generation Co., Ltd. announced that they will report fiscal year 2025 results on Mar 28, 2026 Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: CN¥0.094 (vs CN¥0.056 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.094 (up from CN¥0.056 in 3Q 2024). Revenue: CN¥32.2b (down 1.6% from 3Q 2024). Net income: CN¥2.13b (up 61% from 3Q 2024). Profit margin: 6.6% (up from 4.0% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 24
Upcoming dividend of CN¥0.055 per share Eligible shareholders must have bought the stock before 31 October 2025. Payment date: 31 December 2025. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (4.2%). Announcement • Oct 15
Datang International Power Generation Co., Ltd. Announces Cessation of Li Kai as Director Datang International Power Generation Co., Ltd. announced that at the board meeting held on 14 October 2025 it was approved that Mr. Li Kai would cease to serve as a Director of the Company. Announcement • Sep 30
Datang International Power Generation Co., Ltd. to Report Q3, 2025 Results on Oct 29, 2025 Datang International Power Generation Co., Ltd. announced that they will report Q3, 2025 results on Oct 29, 2025 Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.10 (vs CN¥0.075 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.10 (up from CN¥0.075 in 2Q 2024). Revenue: CN¥27.0b (down 2.1% from 2Q 2024). Net income: CN¥2.34b (up 32% from 2Q 2024). Profit margin: 8.7% (up from 6.4% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Jun 30
Datang International Power Generation Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Datang International Power Generation Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Upcoming Dividend • Jun 25
Upcoming dividend of CN¥0.062 per share Eligible shareholders must have bought the stock before 02 July 2025. Payment date: 22 August 2025. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (4.8%). Declared Dividend • Jun 04
Dividend of CN¥0.062 announced Shareholders will receive a dividend of CN¥0.062. Ex-date: 2nd July 2025 Payment date: 22nd August 2025 Dividend yield will be 3.2%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is covered by earnings (21% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 30
Datang International Power Generation Co., Ltd., Annual General Meeting, Jun 27, 2025 Datang International Power Generation Co., Ltd., Annual General Meeting, Jun 27, 2025, at 09:30 China Standard Time. Reported Earnings • May 01
First quarter 2025 earnings released: EPS: CN¥0.10 (vs CN¥0.051 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.10 (up from CN¥0.051 in 1Q 2024). Revenue: CN¥30.2b (down 1.7% from 1Q 2024). Net income: CN¥2.24b (up 68% from 1Q 2024). Profit margin: 7.4% (up from 4.3% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Mar 28
Datang International Power Generation Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Datang International Power Generation Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Mar 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: CN¥0.24 (vs CN¥0.074 in FY 2023) Full year 2024 results: EPS: CN¥0.24 (up from CN¥0.074 in FY 2023). Revenue: CN¥123.5b (flat on FY 2023). Net income: CN¥4.54b (up 232% from FY 2023). Profit margin: 3.7% (up from 1.1% in FY 2023). Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 26
Datang International Power Generation Co., Ltd. Announces Final Dividend for the Year Ended December 31, 2024, Payable on August 30, 2025 Datang International Power Generation Co., Ltd. announced Final Dividend of RMB 0.0621 per share for the Year Ended December 31, 2024. Payment date: August 30, 2025. Announcement • Jan 25
Datang International Power Generation Co., Ltd. Provides Earnings Guidance for the Year Ended 31 December 2024 Datang International Power Generation Co., Ltd. provided earnings guidance for the year ended 31 December 2024. According to the preliminary estimate, net profit attributable to the equity holders of the Company as recorded in the consolidated financial statements of the Company and its subsidiaries for the year ended 31 December 2024 is expected to be approximately RMB 4.2 billion to RMB 4.8 billion, representing an increase of approximately RMB 2.835 billion to RMB 3.435 billion, or approximately 208% to 252%, as compared to the corresponding period of the previous year. The Company actively seized market opportunities, continued to deepen the improvement of quality and efficiency, focused on coordinating the "two markets" of fuel and electricity, controlled and reduced fuel costs, and seized the opportunity to generate profitable electricity, resulting in a significant year-on-year increase of the profitability of thermal power; affected by the volume of water inflow of hydropower stations, hydropower power generation increased year-on-year, which further increased annual profits; significant achievements were made in the green and low-carbon transformation and new breakthroughs were continuously achieved in the basing and intensive development of new energy, resulting in continuous expansion in clean energy installed capacity and steady growth in efficiency. Announcement • Dec 27
Datang International Power Generation Co., Ltd. to Report Fiscal Year 2024 Results on Mar 22, 2025 Datang International Power Generation Co., Ltd. announced that they will report fiscal year 2024 results on Mar 22, 2025 Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.056 (vs CN¥0.071 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.056. Revenue: CN¥32.7b (flat on 3Q 2023). Net income: CN¥1.32b (flat on 3Q 2023). Profit margin: 4.0% (down from 4.1% in 3Q 2023). Announcement • Sep 30
Datang International Power Generation Co., Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Datang International Power Generation Co., Ltd. announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: CN¥0.075 (vs CN¥0.075 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.075 (in line with 2Q 2023). Revenue: CN¥27.6b (down 8.6% from 2Q 2023). Net income: CN¥1.78b (up 29% from 2Q 2023). Profit margin: 6.4% (up from 4.6% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Aug 23
Datang International Power Generation Co., Ltd. Approves Election of Li Kai as Executive Director Datang International Power Generation Co., Ltd. announced at the AGM held on August 22, 2024, approved election of Mr. Li Kai serves as an executive Director of the eleventh session of the Board of the Company. Mr. Li Kai, aged 57, holds a master's degree and is a professorate senior engineer. He served as the deputy general manager and a member of the Party Committee of Jiangsu Xutang Power Generation Co., Ltd.; the director of the safety production department and the director of the engineering management department of Jiangsu Branch of CDC; the head of Datang Nanjing Xiaguan Power Plant; the head of Datang Nanjing Power Plant; the deputy general manager and a member of the Party Group of Jiangsu Branch of CDC; the deputy director of the human resources department of CDC; the general manager and the deputy secretary of the Party Committee of Guangxi Branch of CDC; the general manager and the deputy secretary of the Party Group of Longtan Hydro Power Development Co., Ltd.; the director of Guangxi Planning and Development Center of CDC; the general manager and the deputy secretary of the Party Committee of Guiguan Electric Power; the chairman, the secretary of the Party Committee and the general manager of Guiguan Electric Power; the director of the corporate governance department (comprehensively deepening reforms office) of CDC; and the secretary of the Party Committee and the chairman of Datang Renewable Power. He currently serves as the secretary of the Party Committee of the Company. Announcement • Aug 22
Datang International Power Generation Co., Ltd. Elects Yan Xizheng as the Chairman of the Supervisory Committee Datang International Power Generation Co., Ltd. at the fifteenth meeting of the eleventh session of the supervisory committee held on August 22, 2024. It was approved to elect Mr. Yan Xizheng as the chairman of the eleventh session of the Supervisory Committee of the Company. His term of office shall commence from the date of approval by the Supervisory Committee and expire on the date of expiry of the term of office of the eleventh session of the Supervisory Committee (June 28, 2025). Announcement • Jul 29
Datang International Power Generation Co., Ltd. Announces Resignation of Ying Xuejun as Non-Executive Director and Member of the Audit Committee of the Board The board of directors of Datang International Power Generation Co., Ltd. has received a written resignation from Mr. Ying Xuejun, the director of the Company, on 29 July 2024. Due to work rearrangement, Mr. Ying Xuejun applied to resign from his positions as the non-executive director of the Company and the member of the Audit Committee of the Board. Mr. Ying Xuejun has confirmed that he has no disagreement with the Board, and there are no other matters related to his resignation which need to be brought to the attention of The Stock Exchange of Hong Kong Limited or the shareholders of the Company. Announcement • Jun 28
Datang International Power Generation Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Datang International Power Generation Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Declared Dividend • May 31
Dividend of CN¥0.0075 announced Shareholders will receive a dividend of CN¥0.0075. Ex-date: 3rd July 2024 Payment date: 23rd August 2024 Dividend yield will be 0.5%, which is lower than the industry average of 4.2%. Payout Ratios Payout ratio: 5%. Cash payout ratio: 9%. Reported Earnings • Apr 27
First quarter 2024 earnings released First quarter 2024 results: Revenue: CN¥30.7b (up 9.6% from 1Q 2023). Net income: CN¥1.33b (up CN¥1.19b from 1Q 2023). Profit margin: 4.3% (up from 0.5% in 1Q 2023). The increase in margin was driven by higher revenue. Announcement • Apr 27
Datang International Power Generation Co., Ltd. Announces Joint Company Secretary Changes Datang International Power Generation Co., Ltd. approved that Mr. Yim Lok Kwan ("Mr. Yim") would be appointed as a joint company secretary of Datang International in accordance with the relevant requirements of the Hong Kong Listing Rules, to provide assistance to Mr. Sun Yanwen ("Mr. Sun"), the chief accountant, the secretary to the Board and joint company secretary of the Company, to discharge his duties as a company secretary. The term of office of Mr. Yim shall commence on the day following the date of consideration and approval at the Board meeting until 14 September 2025. It was approved that Ms. Mak Po Man Cherie ("Ms. Mak") would cease to be a joint company secretary of the Company, with effect from the date of considerationand approval at the Board meeting. Ms. Mak confirmed that she has no disagreement with the Board of the Company and there is no matter that needs to be brought to the attention of the shareholders of the Company. The Board of the Company would like to express its gratitude to Ms. Mak for her contribution during her tenure of service as a joint company secretary of the Company. Announcement • Mar 29
Datang International Power Generation Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Datang International Power Generation Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Reported Earnings • Mar 23
Full year 2023 earnings released: CN¥0.015 loss per share (vs CN¥0.022 loss in FY 2022) Full year 2023 results: CN¥0.015 loss per share (improved from CN¥0.022 loss in FY 2022). Revenue: CN¥122.4b (up 4.8% from FY 2022). Net income: CN¥1.37b (up CN¥1.78b from FY 2022). Profit margin: 1.1% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Mar 23
Datang International Power Generation Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, payable on 30 August 2024 Datang International Power Generation Co., Ltd. proposed the final dividend of RMB 0.0075 per share for the year ended 31 December 2023. Payment date is 30 August 2024. Announcement • Feb 01
Datang International Power Generation Co., Ltd. Provides Group Preliminary Earnings Guidance for the Period from 1 January 2023 to 31 December 2023 Datang International Power Generation Co., Ltd. provided group preliminary earnings guidance for the period from 1 January 2023 to 31 December 2023. Estimated results: according to the preliminary estimate, it is expected that the net profit attributable to the shareholders of the Company as recorded in the consolidated financial statements of the Company and its subsidiaries (collectively referred to as the "Group") for the year ended 31 December 2023 will be approximately RMB 1.0 billion to RMB 1.5 billion, turning loss into profit as compared to the corresponding period of the previous year. It is expected that the net profit after deducting non-recurring gains and losses attributable to the shareholders of the Company as recorded in the consolidated financial statements of the Group for the year ended 31 December 2023 will be approximately RMB 0.5 billion to RMB 1.0 billion. Announcement • Dec 30
Datang International Power Generation Co., Ltd. to Report Fiscal Year 2023 Results on Mar 23, 2024 Datang International Power Generation Co., Ltd. announced that they will report fiscal year 2023 results on Mar 23, 2024 New Risk • Dec 22
New major risk - Revenue and earnings growth Earnings have declined by 39% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings have declined by 39% per year over the past 5 years. Announcement • Oct 27
Datang International Power Generation Co., Ltd. Announces Cessation of Li Jingfeng as Director Datang International Power Generation Co approved that Mr. Li Jingfeng would cease to serve as a Director of the Company, with effect from the date on which the appointment of the newly-appointed Director is considered and approved at the general meeting. Mr. Li Jingfeng has confirmed that he has no disagreement with the Board of the Company and there is no matter that needs to be brought to the attention of the shareholders of the Company, the Shanghai Stock Exchange and the Hong Kong Stock Exchange. The Board of the Company would like to express its gratitude to Mr. Li Jingfeng for his contribution to the development of the Company during his tenure as the Director of the Company. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.063 (vs CN¥0.034 loss in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.063 (up from CN¥0.034 loss in 3Q 2022). Revenue: CN¥32.4b (up 2.4% from 3Q 2022). Net income: CN¥1.32b (up CN¥1.95b from 3Q 2022). Profit margin: 4.1% (up from net loss in 3Q 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Renewable Energy industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Oct 13
Datang International Power Generation Co., Ltd. Provides Consolidated Earnings Guidance for the Nine Months Ended September 30, 2023 Datang International Power Generation Co., Ltd. provided consolidated earnings guidance for the nine months ended September 30, 2023. For the nine months ended 30 September 2023 is expected to be approximately RMB 2.79 billion to RMB 2.89 billion, representing an increase of approximately RMB 2.02 billion to RMB 2.12 billion, or approximately 265% to 278%, as compared to the corresponding period of the previous year. Net profit after deducting non-recurring gains and losses attributable to the equity holders of the Company as reported in the consolidated financial statements of the Group for the nine months ended 30 September 2023 is expected to be approximately RMB 2.14 billion to RMB 2.24 billion, representing an increase of approximately RMB 1.85 billion to RMB 1.95 billion, or approximately 633% to 668%, as compared to the corresponding period of the previous year. Announcement • Sep 30
Datang International Power Generation Co., Ltd. to Report Q3, 2023 Results on Oct 27, 2023 Datang International Power Generation Co., Ltd. announced that they will report Q3, 2023 results on Oct 27, 2023 Announcement • Sep 27
Datang International Power Generation Co., Ltd. Announces Cessation of Xiao Zheng as Director Datang International Power Generation Co., Ltd. approved that Mr. Xiao Zheng would cease to serve as a Director of the Company, with effect from the date on which the appointment of the newly-appointed Director is considered and approved at the general meeting. Announcement • Jun 29
Datang International Power Generation Co., Ltd. Approves Final Dividend for Year 2022, Payable on or Before 25 August 2023 Datang International Power Generation Co., Ltd. at the AGM held on June 28, 2023, approved distribution of the 2022 final dividend of RMB 0.029 per Share (tax inclusive), totaling approximately RMB 536.69 million was passed by at the AGM. The 2022 Final Dividend will be distributed to the H Shareholders whose names appear on the register of H Shareholders of the Company on 10 July 2023 (Monday). Details of the distribution of dividends to the A Shareholders and related matters will be announced in due course. The 2022 Final Dividend to be distributed will be denominated and announced in RMB, of which A Shareholders will be paid in RMB and H Shareholders will be paid in HK dollars. The exchange rate of HK dollars will be the average central parity rate of RMB against HK dollars published by The People's Bank of China for the five working days before the date of declaration of the 2022 Final Dividend, being HKD 1.00 against RMB 0.91688. As such, the dividend per H Share of the Company is HKD 0.03163 (tax inclusive). The 2022 Final Dividend will be distributed on or before 25 August 2023. Announcement • Jun 28
Datang International Power Generation Co., Ltd. to Report First Half, 2023 Results on Aug 30, 2023 Datang International Power Generation Co., Ltd. announced that they will report first half, 2023 results on Aug 30, 2023 Upcoming Dividend • Jun 23
Upcoming dividend of CN¥0.029 per share Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 25 August 2023. The company last paid an ordinary dividend in October 2012. The average dividend yield among industry peers is 4.2%. Reported Earnings • Mar 30
Full year 2022 earnings released: CN¥0.022 loss per share (vs CN¥0.57 loss in FY 2021) Full year 2022 results: CN¥0.022 loss per share (improved from CN¥0.57 loss in FY 2021). Revenue: CN¥116.8b (up 13% from FY 2021). Net loss: CN¥410.2m (loss narrowed 96% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Jan 31
Datang International Power Generation Co., Ltd. Provides Consolidated Earnings Guidance for the Full Year Ended December 31, 2022 Datang International Power Generation Co., Ltd. provided consolidated earnings guidance for the full year ended December 31, 2022. For the period, according to the preliminary estimate made by the Company, net profit attributable to the equity holders of the Company as reported in the consolidated financial statements of the Company and its subsidiaries (collectively referred to as the Group) for the year ended 31 December 2022 is expected to record a loss, and net loss attributable to the equity holders of the Company as reported in the consolidated financial statements of the Group for the year ended 31 December 2022 will be approximately RMB 0.40 billion to RMB 0.55 billion. Net loss after deducting non-recurring gains and losses attributable to the equity holders of the Company as reported in the consolidated financial statements of the Group for the year ended 31 December 2022 will be approximately RMB 1.47 billion to RMB 1.62 billion. Reported Earnings • Oct 27
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: CN¥31.7b (up 28% from 3Q 2021). Net loss: CN¥635.6m (loss narrowed 61% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 01
Second quarter 2022 earnings released: EPS: CN¥0.10 (vs CN¥0.045 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.10 (up from CN¥0.045 in 2Q 2021). Revenue: CN¥25.8b (up 2.0% from 2Q 2021). Net income: CN¥1.85b (up 123% from 2Q 2021). Profit margin: 7.2% (up from 3.3% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CN¥0.022 loss per share (down from CN¥0.05 profit in 1Q 2021). Revenue: CN¥29.8b (up 18% from 1Q 2021). Net loss: CN¥409.2m (down 144% from profit in 1Q 2021). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to stay flat compared to a 6.4% growth forecast for the industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: CN¥0.58 loss per share (down from CN¥0.16 profit in FY 2020). Revenue: CN¥103.4b (up 8.2% from FY 2020). Net loss: CN¥9.26b (down 405% from profit in FY 2020). Revenue missed analyst estimates by 100%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 5.1%, compared to a 7.4% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 19% share price decline to HK$1.10, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Renewable Energy industry in Hong Kong. Total loss to shareholders of 36% over the past three years.