该行认为，上述这笔交易可视作公司水电资产回A，远达环保将成为国电投的水电平台。至于中国电力的风/光资产，管理层明确回应会保留在中国电力，并继续整体回A的计划。Management stated that in the next 3 years, they will integrate the remaining approximately 20 gigawatts of hydropower assets of the parent company into spic yuanda environmental-protection's A-share platform, with the first step being Huanghe Hydropower (approximately 11 gigawatts of hydropower capacity).
According to the report from bocom intl on the Futu Wealth app, the initial view is that there is a chance for the valuation of china power's hydropower division to increase, taking into account the diluted holdings, estimating an overall valuation increase of around HK$0.4-0.5 per share. The target price is maintained at HK$4.56 with a 'buy' rating.
The report indicates that the company announced the sale of its holdings of hydropower assets to the internal company spic yuanda environmental-protection. Spic yuanda environmental-protection plans to issue new shares to china power as the acquisition cost, and it is expected that after the current transaction, china power will hold over 50% of spic yuanda's equity. Management stated that in the next 3 years, they will integrate the remaining approximately 20 gigawatts of hydropower assets of the parent company into spic yuanda environmental-protection's A-share platform, with the first step being Huanghe Hydropower (approximately 11 gigawatts of hydropower capacity).
The bank believes that the above transaction can be seen as the company's hydropower assets returning to the A-share market, making spic yuanda environmental-protection the hydropower platform of cgn power. As for china power's wind/solar assets, management explicitly stated that they will remain in china power and the overall return to the A-share market plan will continue.