CHINA RES POWER(HK:00836) Zhi Tong Cai Jing·2026-01-21 06:23Core Viewpoint - Morgan Stanley has revised its earnings per share forecasts for China Resources Power (00836) for 2026 and 2027, lowering them to HKD 2.98 and HKD 3.08 respectively, due to lower electricity prices in those years [1] Group 1: Earnings Forecast - The earnings per share for 2026 has been reduced from HKD 3.49 to HKD 2.98 [1] - The earnings per share for 2027 has been reduced from HKD 3.58 to HKD 3.08 [1] Group 2: Target Price and Valuation - The target price has been slightly increased from HKD 23.7 to HKD 23.8, based on a price-to-earnings ratio of 8 times, reflecting an extended valuation to 2026 [1] Group 3: Investment Rating and Company Strengths - Morgan Stanley maintains an "Overweight" rating for the company, citing better utilization hours for its coal and wind power projects compared to peers, indicating higher asset quality [1] - Despite potential greater pressure on electricity prices in 2025 compared to peers, the company's dividend yield remains more secure, making it attractive to investors [1]