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Daiwa Raises CLP HOLDINGS (00002.HK) Target to $82; Kept Hold

Daiwa, in its report, said HKELECTRIC-SS (02638.HK)  +0.020 (+0.277%)    Short selling $3.70M; Ratio 23.336%   , as a pure power company in Hong Kong, has dividend reduced since the SoC return cut from 9.99% to 8% in 2019. Nevertheless, the case of CLP HOLDINGS (00002.HK)  +1.350 (+1.723%)    Short selling $13.36M; Ratio 7.148%   is different as its overseas contributions from Australia and China increase gradually. As such, CLP HOLDINGS has higher defensiveness in its dividend yield.

Daiwa maintained CLP HOLDINGS at Hold with target price raised to $82 from $80. 2017-19E EPS was revised up 4-8% to reflect the profit recovery of Australian wholesale business. 

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