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Power demand and supply forecasts ............................................ 15
Assumptions/earnings/target price change ................................. 16
Key assumption changes across the sector............................................................................16
Datang Power (0991 HK, Sell, target price HK$3.1) ................................................................16
Huaneng power (0902 HK, Hold, target price HK$5.2)............................................................17
CR Power (0836 HK, Buy, target price HK$22.2) ....................................................................18
China Power (2380 HK, Hold, TP HK$2.3)...............................................................................19
Huadian Power (1071, HK, Sell, TP HK$2.0)............................................................................20
Appendix A: China IPPs in charts ................................................... 22
Monthly power sector update........................................................ 24
Power consumption................................................................................................................24
New capacity addition.............................................................................................................25
Utilization rate .........................................................................................................................26
Coal price and inventory..........................................................................................................27
Coal sea freight .......................................................................................................................28
China Resources Power .................................................................. 32
Huaneng Power Intl......................................................................... 34
China Power Int'l ............................................................................. 36
Datang Int'l Power........................................................................... 38
Huadian Power ................................................................................ 40