CICC Raises CGN POWER TP to HKD4.19; 1Q Results In Line
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CICC has raised the target price for CGN POWERto HKD4.19 following the company's first-quarter results, which met expectations with a revenue of RMB16.3 billion and a net profit of RMB2.74 billion. The report highlights a rebound in electricity tariffs in South China, with May's composite tariff rising 28% YoY. CICC maintains its earnings forecasts and an Outperform rating, citing factors like increased demand due to early summer weather and rising coal costs as potential positives for nuclear power earnings this summer.
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