Citi's report indicates that CLP Holdings (00002) posted slightly better-than-expected first-half earnings, with a 6.6% year-on-year increase in net profit to 5.997 billion Hong Kong dollars, surpassing the market consensus of 5.62 billion Hong Kong dollars. Operating profit before fair value changes rose 9.7% year-on-year to 5.733 billion Hong Kong dollars. The earnings improvement was primarily driven by higher contributions from all major overseas markets and sustained growth in its regulated Hong Kong operations. The firm maintains a "Neutral" rating with a price target of 78 Hong Kong dollars.
During the period, operating profit in Hong Kong grew 6% year-on-year to 4.736 billion Hong Kong dollars. In Australia, thanks to the performance of EnergyAustralia's customer business, earnings surged 33.5% year-on-year to 223 million Hong Kong dollars. Earnings in India increased 32.9% year-on-year to 105 million Hong Kong dollars, attributed to impairment losses recorded in the first half of 2025. Mainland China earnings rose 3.3% year-on-year to 899 million Hong Kong dollars, with both nuclear and renewable energy assets contributing more profits. Earnings in Taiwan and Southeast Asia skyrocketed 273.7% year-on-year to 71 million Hong Kong dollars.
The bank views the first-half performance positively, as earnings growth expanded across all major regions. The second-quarter dividend per share stood at 0.63 Hong Kong dollars, unchanged year-on-year and in line with expectations. It looks forward to receiving more details during the company's analyst conference call.
Comments