CLP HOLDINGS: 2026 Interim Report
Huatai Securities Sticks to Their Buy Rating for CLP Holdings (CLPHF)
UBS Sticks to Their Hold Rating for CLP Holdings (CLPHF)
Citi: CLP Holdings rated 'Neutral' with a target price of HK$78
Citi reported that CLP Holdings (00002) posted first-half earnings slightly above expectations, with interim profit rising 6.6% year-over-year to HK$5.997 billion, surpassing the market consensus of HK$5.62 billion. Underlying operating profit, excluding fair value changes, increased 9.7% year-over-year to HK$5.733 billion. The improvement in earnings was primarily driven by higher contributions from all major overseas markets and continued growth in its regulated Hong Kong business. The stock maintains a 'Neutral' rating with a target price of HK$78. During the period, Hong Kong operating profit rose 6% year-over-year to HK$4.736 billion. Australia benefited from strong performance in EnergyAustralia's customer business, driving a year-over-year increase in earnings.
CLP Holdings (00002): Fuel costs may trend upward in the near term.
Regarding the development of the Northern Metropolis, Jiang Dongqiang stated that the power grid backbone for the Northern Metropolis has already been prepared, and in the future, electricity supply will be provided in a timely manner in alignment with the government's development pace.
CLP Holdings (00002.HK) aims to increase the share of zero-carbon energy and is exploring investment opportunities in Taiwan, Vietnam, and Laos.
CLP Holdings (0002.HK) Chief Executive Officer Tony Jiang stated that in response to significant volatility in international fuel prices triggered by geopolitical instability in the Middle East, CLP has implemented a lagged monthly fuel cost adjustment mechanism. From January to August this year, electricity tariffs in Hong Kong have been cumulatively adjusted by approximately 4%, a significantly smaller increase compared to the fluctuation in global oil prices. To alleviate cost-of-living pressures on residents, the Group has introduced a three-month relief measure: eligible residential customers will receive fuel cost rebates from August to October, with individual households receiving cumulative discounts exceeding HK$100. Jiang emphasized that, in the long term, CLP aims to incorporate more zero-carbon energy sources, including nuclear power or renewable energy, as zero-carbon energy is fundamentally