UTILITY/ALTERNATIVE_ENERGY:TWO_PLACEMENTS_IN_THE_UTILITY_SECTOR_IN_THE_LAST_24_HOURS-2012-12-14.pdf
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1、Deutsche Bank Markets Research Asia China Utilities Periodical Utility/Alternative Energy Date 14 December 2012 Two placements in the utility sector in the last 24 hours _ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, inv
2、estors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 072/04/2
3、012. Michael Tong, CFA Research Analyst (+852) 2203 6167 Eric Cheng, CFA Research Analyst (+852) 2203 6202 eric- Kai-Ting Wong, CFA Research Analyst (+852) 2203 6235 kai- Companies Featured Beijing Enterprises (0392.HK),HKD51.40 Buy 2011A 2012E 2013E P/E (x) 19.7518.9914.71 EV/EBITDA (x) 10.612.110
4、.3 Price/book (x) 1.41.51.4 China Resources Power (0836.HK),HKD18.18 Buy 2011A 2012E 2013E P/E (x) 18.3613.419.88 EV/EBITDA (x) 8.98.86.9 Price/book (x) 1.31.51.3 Longyuan Power (0916.HK),HKD5.53 Buy 2011A 2012E 2013E P/E (x) 16.510.89.1 EV/EBITDA (x) 10.98.27.7 Price/book (x) 1.51.21.1 Dongfang Ele
5、ctric (1072.HK),HKD14.90 Buy 2011A 2012E 2013E P/E (x) 14.88.98.3 EV/EBITDA (x) 8.02.91.9 Price/book (x) 2.81.51.3 Huaneng Power Intl (0902.HK),HKD6.90 Buy 2011A 2012E 2013E P/E (x) 39.5912.237.74 EV/EBITDA (x) 9.78.06.1 Price/book (x) 0.91.41.2 BEWG (0371.HK),HKD1.99 Buy 2011A 2012E 2013E P/E (x) 2
6、4.7915.8312.43 EV/EBITDA (x) 20.914.313.5 Price/book (x) 1.81.61.4 Datang Renewable (1798.HK),HKD0.88 Buy 2011A 2012E 2013E P/E (x) 12.745.674.69 EV/EBITDA (x) 10.28.38.0 Price/book (x) 0.90.50.5 Recently published reports Recently published reports CLP Holdings Alert - Share placement to address ca
7、pex needs; CAPCO stake still takes time CLP did a share placement on 12 December after market close at HK$63.25/shr (c.6% discount to the closing price and close to the middle of the offer price range of HK$62.9-63.9/shr). A total amount c.HK$7.6bn was raised after the placing of 120.3m new shares w
8、hich represent 5% of the existing share capital of CLP. The last time CLP did a share placement was in 1997. Longyuan Power Alert - 5% FY13E EPS dilution from share placement According to a term sheet reported by Bloomberg, Longyuan plans to issue 6% or 465mn new shares at HK$5-5.20/sh and raise US$
9、300-312m. This is Longyuans first share placement since the IPO in 2009. The issue price represents a discount of 6-10% to its closing share price. The net proceeds will be mainly used as follows: 50% for onshore wind power projects, 20% for offshore wind projects, 15% for overseas wind projects and
10、 5% for solar projects. Based on our estimates, the placement will result in 5% dilution to our FY13E EPS (after factoring in interest cost saving without lifting annual capacity addition assumption 1.5GW). Also, its gearing ratio (net debt/total equity) at end 2012 will be lowered by 15ppt to 132%
11、from 147% previously. Company news Company news Longyuan to issue 572m new shares and raise HK$2.9bn The company announced today that it will issue 572m new shares, representing 8% of its existing capital and raising HK$2.9bn. The issue price will be HK$5.08/share, which is an 8% discount to the clo
12、sing share price of HK$5.53/share. The placement size is higher than that reported by Bloomberg Finance LP yesterday of 465m new shares LDK to receive contract breach penalty of c.Rmb250m from Canadian Solar LDK announced that the China International Economic and Trade Arbitration Commission (CIETAC
13、) issued a statement saying that the wafer supply agreements signed in October 2007 and June 2008 between LDK and Canadian Solar are valid and that Canadian Solar should pay a total of Rmb248.9m to LDK as the breach penalty. CLPs EnergyAustralia says IPO remains an option According to a statement ma
14、de by CLP Holdings Australian unit, a decision on an IPO for EnergyAustralia, previously known as TRUenergy, will depend on factors such as “financial, business and local industry conditions”. Sector news Sector news China commissions its first IGCC power plant in Tianjin Chinas first Integrated Gas
15、ification Combined Cycle (IGCC) power plant was commissioned in Tianjin on 12 December after five years of construction. It is also the sixth IGCC power plant in the world. China Five IPPs loss-making proportion still at 47% See comps and share price analysis table on page 3. 14 December 2012 Utilit
16、ies Utility/Alternative Energy Page 2 Deutsche Bank AG/Hong Kong Company news LDK to receive contract breach penalty of c.Rmb250m from Canadian Solar (Solarbe) LDK announced that the China International Economic and Trade Arbitration Commission (CIETAC) issued a statement saying that the wafer suppl
17、y agreements signed in October 2007 and June 2008 between LDK and Canadian Solar are valid and that Canadian Solar should pay a total of Rmb248.9m to LDK as the breach penalty. CLPs EnergyAustralia says IPO remains an option (Bloomberg Finance LP) According to a statement made by CLP Holdings Austra
18、lian unit, a decision on an IPO for EnergyAustralia, previously known as TRUenergy, will depend on factors such as “financial, business and local industry conditions”. Longyuan to issue 572m new shares and raise HK$2.9bn (company announcement) The company announced today that it will issue 572m new
19、shares, representing 8% of its existing capital and raising HK$2.9bn. The issue price is at HK$5.08/share, which is an 8% discount to the closing share price of HK$5.53/share. The placement size is higher than that reported by Bloomberg Finance LP yesterday of 465m new shares Sector news China commi
20、ssions its first IGCC power plant in Tianjin (CPNN) Chinas first Integrated Gasification Combined Cycle (IGCC) power plant was commissioned in Tianjin on 12 December after five years of construction. It is also the sixth IGCC power plant in the world. Compared with conventional coal-fired power plan
21、ts, the IGCC power plant consumes c.70,000 tons of coal less and the desulfurization efficiency could reach 99.8%. There is almost no secondary pollution for IGCC power plants and the emission level is close to that of natural gas power plants. China Five IPPs loss-making proportion still at 47% (Po
22、wer In-En) According to Chen Zongfa, director of the corporation policy and law department of the China Huadian Group, although the coal and electricity contradiction alleviated due to the release of coal production capacity, the increased import of international coal, decline of demand and a drop i
23、n coal price, the China Five IPPs still has a loss-making proportion of 47% on the coal-fired power plant as of end-September. The director stated that the coal price reform has both advantages and disadvantages. At least it is beneficial for the fair competition of power generation companies and th
24、e establishment of a standard examination mechanism. However, it is negative for Northeast China and the Shandong district, where there has previously been more key contract coal. He added that the government should compensate for the coal-fired power plants to decrease accumulated loss and liabilit
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