China Resources Power:December power generation above expectation

China Resources Power (CRP, 0836.HK, Buy, January 11 close: HK$12.90)announced its December operational data.

- December subsidiary same-plant net generation (i.e., same-store sales) rose by3.1% yoy. This has moderated further from the recently higher growth (9.5% inNovember; 21.9% in October; 22.6% in September).

- December consolidated net power generation (+9.6% yoy; all subsidiary powerplants) is above our expectations while total coal production (+25.8% yoy) istrending in line with our expectations.

- FY2016 total power generation is 3% above our expectation and coal production isin line with our expectation.