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BUZZ-HK-listed China Resources Power hits near six-year peak

reuters.com · 09/02/2021 04:03
BUZZ-HK-listed China Resources Power hits near six-year peak

** Shares of power plants operator China Resources Power Holdings Co Ltd CRPJY (CRP) jump 8.7% to HK$19.84, their highest since October 2015

** Stock on track for the biggest daily percentage gain since Aug 23

** Brokerage Daiwa reiterates "buy" rating on the stock and lifts target price to HK$23 from HK$18.8, given the company's ambitious renewable energy expansion plan and target

** We believe CRP will reap the most benefits from the carbon emissions allowance (CEA) and China Certified Emissions Reductions (CCER) given the high efficiency of its thermal plants and strong renewable project pipeline - Daiwa

** Citi says China Resources Power is its top pick among China coal-fired independent power producers for its high profit mix from renewable power plants

** The Hong Kong Hang Seng Composite Index tracking energy stocks .HSCIE gains 0.1% and the Hang Seng Composite Index .HSCI climbs 0.2%

** The Hang Seng China Enterprises Index .HSCE rises 0.6 and the benchmark index .HSI up 0.1%

** Stock up 121.6% this year, as of last close

(Reporting by Donny Kwok)