CGN Power's Hong Kong shares fall on weak on-grid generation growth

CGN Power

09/07/2024 06:14

** Hong Kong shares of CGN Power Co Ltd  1816.HK  fall 4.2%
to HK$3.46, on course for their biggest one-day pct decline
since June 14 
    ** Stock on track to snap six straight sessions of gain
    ** The Chinese power producer says total power generation of
nuclear power generating units for Jan-June period increased
0.08% YoY, and total on-grid power generation up 0.09% YoY
    ** Citi says CGN's on-grid generation of adding 0.1% YoY in
1H24 is lower than expected owing to more outages in the period
compared to a year ago 
    ** Citi reiterates "buy" rating on the stock and says "we do
not find this too concerning as we expect more generations in
2H24E when fewer outages are anticipated"  
    ** Shenzhen-listed shares  003816.SZ  flat at 4.96 yuan 
    ** Hang Seng Composite Index tracking energy stocks  .HSCIE 
falls 1.2% and Hang Seng Index  .HSI  slips 0.5%
    ** Hong Kong-listed stock rose 71.1% YTD, Shenzhen shares up
59.5% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))