CHINA RES POWER(HK:00836) Ge Long Hui·2026-01-21 02:41Core Viewpoint - Morgan Stanley has revised its earnings per share forecasts for China Resources Power for 2026 and 2027, lowering them to 2.98 and 3.08 HKD respectively, due to lower electricity prices in those years [1] Group 1: Earnings Forecast - The earnings per share for 2026 has been adjusted from 3.49 HKD to 2.98 HKD [1] - The earnings per share for 2027 has been adjusted from 3.58 HKD to 3.08 HKD [1] Group 2: Target Price and Valuation - The target price has been slightly increased from 23.7 HKD to 23.8 HKD, based on a price-to-earnings ratio of 8 times [1] - The valuation extension to 2026 reflects the company's asset quality, with better utilization hours for coal and wind power projects compared to peers [1] Group 3: Investment Appeal - Despite facing potential greater pressure on electricity price reductions in 2025 compared to peers, the company's dividend yield remains more secure, making it attractive to investors [1]