CICC raises target price of China Resources Power Holdings Co Ltd (00836.HK) to HK$21.5, maintains "buy" rating.

According to the Wise Finance and Economics APP, J.P. Morgan released a research report stating that, considering that the fuel costs of China Resources Power (00836.HK) have decreased more than expected, they have raised the group's profit forecast for the 2025 financial year by 4%. As for the 2026 financial year, even though coal prices are low, they have lowered their profit forecast by 9% due to a greater decrease in electricity prices. The bank has raised the target valuation multiples for its new energy business sector, with the target price-to-book ratio increasing from the original 0.7 times to 0.8 times, and the corresponding target price increasing from 20.5 Hong Kong dollars to 21.5 Hong Kong dollars, maintaining a "buy" rating.