Zhi Tong Cai Jing·2025-08-22 09:25Core Viewpoint - Daiwa's report indicates that China Resources Power (00836) has underperformed expectations in its interim results, with net profit declining by 16% year-on-year and interim dividends decreasing by 22% to HKD 0.356, resulting in a payout ratio of 23% [1] Group 1: Company Performance - China Resources Power's net profit has decreased by 16% compared to the previous year [1] - The interim dividend has fallen by 22% to HKD 0.356, with a payout ratio of 23% [1] Group 2: Market Comparison - The company's current dividend yield is at 4.8%, significantly trailing behind its peer Huaneng International (600011), which has a dividend yield exceeding 6% this year [1] - Daiwa continues to favor Huaneng Guodian among peers, maintaining an "outperform" rating for it, while keeping a "hold" rating for China Resources Power [1] Group 3: Price Target and Earnings Forecast - The target price for China Resources Power has been reduced from HKD 19.5 to HKD 17.5 [1] - Earnings estimates for 2025 to 2027 have been lowered by 8% to 9% [1]