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CLP (00002) 2017 net seen up 4% to HK$13.3bn
CLP Holdings (00002) will report its 2017
results on 26 February. CLSA expects its full-year net profit of HK$13.3bn, YoY growth of
4%.
  The research house also forecast Hong Kong (accounting for around two-thirds of total
profit) earnings growth of 3% driven by increase in net fixed assets. Australia earnings 
should recover strongly as a result of high and stable wholesale market prices, but this 
is already in consensus expectations. CLSA forecast 13% full-year earnings growth in 
Australia.
  After an 8% share-price correction from its peak in August 2017, CLP is trading at 2018
PE of 14.3x (historical long-term average of 15x). However, its 2019 PE is still 15.5x 
(2019 earnings decline due to reduction in HK return).
  CLSA maintained its "sell" rating on the stock.

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