Lehman对华电国际的价值评估报告

1StockOverviewReuters1071.HKBloomberg1071HKADR-HSCE4,504.68Performance1M3M12MAbsolute%4.010.64.0Rel.Market%5.17.1-17.252WeekRange3.38-1.9925/10/04ONDJFMAMJJASONDJFMAMJJASO1.401.601.802.002.202.402.602.803.003.203.40x10-44.505.005.506.006.507.007.508.008.509.009.5010.00HUADIANPOWERINTL.HK:SHPO/HKHCHIE(R.H.SCALE)Source:DATASTREAM25/10/04x10-4CHINAUtilitiesAsiaUtilitiesOctober26,2004HuadianPowerInternational(HK$2.53)1-OverweightChangeinRecommendationThewinnerin2005EQUITYRESEARCHIvanLee,CFA852.2869.3066ivan.lee@lehman.comMarketDataFinancialSummaryMarketCapHK$(m)13,797Proj5-YrEPSGrth(%)21.5SharesOutstanding(m)5,256.1ROE03A(%)10.4DividendYield(%)1.90BVPS03ARMB1.73ConvertibleNoDebt-to-Capital03A(%)48.50ShareperADR-EV/EBITDARel.to5-YrDisclosure(s)EBITDACAGR6.12Investme