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HSBC lifts CLP Holdings (00002) to HK$85
HSBC Global Research lifted its target price for
CLP Holdings Ltd (00002) to HK$85 from HK$84, and reiterated its "hold" rating.
  The research house said CLP's 2017 recurring earnings growth of 8%, excluding one-off
items, was a slight beat against expectation.
  The construction of the new 550MW gas fired unit is progressing, with operation expected
by 2020, while the building of a floating LNG terminal is in its final stages of approval.
CLP is also waiting government approvals for its overall capex plan for 2019-23, which 
would put a higher focus in cleaner fuel mix.
  HSBC continues to believe CLP's growth in asset base could offset some earnings downside
when the new Scheme of Control (SoC) agreement resets the base return to 8% (from 9.99%) 
starting in October 2018.

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