Contents
Investment Case: Upgrade Industry View from Cautious to Attractive..................................................................... 3
Strong Power Demand Growth and Higher Utilization Hours .................................................................................... 4
Higher Power Equipment Demand Forecasts and Expected Sector Re-rating in 2H2010 ...................................... 6
Earnings Forecasts for 2010-2012.............................................................................................................................. 13
Highlights of Meeting with Industry Association....................................................................................................... 16
Valuation Comparison and Historical Trading Range............................................................................................... 18
Company Analysis ....................................................................................................................................................... 30
Harbin Power (1133.HK)............................................................................................................................................... 31
Financial Summary............................................................................................................................................................................34
Risk-Reward Snapshot: Harbin Power (1133.HK, HK$6.3, OW, PT HK$8.08) ..................................................................................35
1H2010 Results Preview...................................................................................................................................................................36
Dongfang Electric (1072.HK)....................................................................................................................................... 37
Financial Summary............................................................................................................................................................................40
Risk-Reward Snapshot: Dongfang Electric (1072.HK, HK$26, OW, PT HK$29.19) ................................................................................41
1H2010 Results Preview...................................................................................................................................................................42
Shanghai Electric (2727.HK) ....................................................................................................................................... 43
Financial Summary............................................................................................................................................................................46
Risk-Reward Snapshot: Shanghai Electric (2727.HK, HK$3.56, EW, PT HK$3.81) ..........................................................................47
1H2010 Results Preview...................................................................................................................................................................48
Greens Holdings (1318.HK)......................................................................................................................................... 49
Financial Summary............................................................................................................................................................................52
Risk-Reward Snapshot: Greens Holdings (1318.HK, HK$1, EW, PT HK$0.92).................................................................................53
1H2010 Results Preview...................................................................................................................................................................54

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