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内容简介：Table of Contents
Worse before it gets better ......................................................3
Unit fuel cost: upward pressure in 2011.................................6
Contract coal price: flattish price guided by government; Fulfillment is
the key concern ............................................................................................................6
Spot coal price: Hover at high level in 2011................................................................7
Tariff adjustment: CPI: the key figure to watch out...............8
CPI is expected to peak in June 2011, No tariff hike has been factored in ..................8
Or, getting worse before getting better ........................................................................9
Power Demand: 10% growth in 2011; upside in
thermal utilization rate ...........................................................10
Implication from "The Twelve Five Year Plan”:
Reaccelerating hydro development ......................................11
Interest rate hike & equity financing risk .............................12
Sensitivity analysis: Huadian is the most geared
play for tariff adjustment, followed by Datang.....................14
Trough valuation, but waiting for catalyst to trigger
performance............................................................................14
Companies
China Resources Power Holdings..............................................................................16
Huaneng Power..........................................................................................................19
Datang International ..................................................................................................22
China Power International .........................................................................................25
Huadian Power International – H...............................................................................28
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