Citigroup: First Target Price of CKI Group is HKD 60, Rated 'Outperform'

A China Citic Bank released a research report on December 10, giving a target price of HKD 60 to China Yangtze Power Co., Ltd. (01038.HK) and rating it as ‘outperforming the market’. The current stock price is equivalent to a forecasted P/E ratio of 14.8 times in 2026, which is in line with industry peers. It also has an attractive dividend yield and sustained equity growth, providing solid support for the stock price. The bank pointed out that it is optimistic about China Yangtze Power as an outstanding global infrastructure investment company, with stable free cash flow and a low debt ratio. The bank believes that the regulatory return window and increased willingness for mergers and acquisitions may come in the second or third quarter of 2025. With a strong asset foundation and a promising natural growth outlook, the stock is expected to perform well.