Table of contents
Executive summary.................................................. 3
Investment thesis..................................................... 5
Power sector outlook ............................................... 7
Industry valuation and financial conditions .............. 22
Forecast on long-term installed capacity by 2020 ..... 25
Electricity tariff reforms ......................................... 28
Huaneng Power (0902 HK)............................. 52
Investment thesis...............................................................53
Valuation...........................................................................55
Earnings outlook.................................................................60
Investment considerations ...................................................69
Datang International Power (991 HK) ............ 83
Investment thesis ........................................................................ 84
Valuation ..................................................................................... 86
Earnings outlook.......................................................................... 93
Investment considerations .........................................................100