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1、,Index,Flashnote Nat Resources and higher-than-expected coal price.,China Resources Power (836 HK) Independent Power Producers 9 November 2012 Financials therefore, we reiterate our Overweight rating. Potential return equals the percentage difference between the current share price and the target pr
2、ice, including the forecast dividend yield when indicated. Downside risk includes lower-than-expected coal production, coal ASP, power generation; and higher- than-expected coal price. 6,China Resources Power (836 HK) Independent Power Producers,abc,9 November 2012 Disclosure appendix Analyst Certif
3、ication The following analyst(s), economist(s), and/or strategist(s) who is(are) primarily responsible for this report, certifies(y) that the opinion(s) on the subject security(ies) or issuer(s) and/or any other views or forecasts expressed herein accurately reflect their personal view(s) and that n
4、o part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Jenny Louise Cosgrove and Summer Huang Important disclosures Stock ratings and basis for financial analysis HSBC believes that investors utilis
5、e various disciplines and investment horizons when making investment decisions, which depend largely on individual circumstances such as the investors existing holdings, risk tolerance and other considerations. Given these differences, HSBC has two principal aims in its equity research: 1) to identi
6、fy long-term investment opportunities based on particular themes or ideas that may affect the future earnings or cash flows of companies on a 12 month time horizon; and 2) from time to time to identify short-term investment opportunities that are derived from fundamental, quantitative, technical or
7、event-driven techniques on a 0-3 month time horizon and which may differ from our long-term investment rating. HSBC has assigned ratings for its long-term investment opportunities as described below. This report addresses only the long-term investment opportunities of the companies referred to in th
8、e report. As and when HSBC publishes a short-term trading idea the stocks to which these relate are identified on the website at Details of these short-term investment opportunities can be found under the Reports section of this website. HSBC believes an investors decision to buy or sell a stock sho
9、uld depend on individual circumstances such as the investors existing holdings and other considerations. Different securities firms use a variety of ratings terms as well as different rating systems to describe their recommendations. Investors should carefully read the definitions of the ratings use
10、d in each research report. In addition, because research reports contain more complete information concerning the analysts views, investors should carefully read the entire research report and should not infer its contents from the rating. In any case, ratings should not be used or relied on in isol
11、ation as investment advice. Rating definitions for long-term investment opportunities Stock ratings HSBC assigns ratings to its stocks in this sector on the following basis: For each stock we set a required rate of return calculated from the cost of equity for that stocks domestic or, as appropriate
12、, regional market established by our strategy team. The price target for a stock represents the value the analyst expects the stock to reach over our performance horizon. The performance horizon is 12 months. For a stock to be classified as Overweight, the potential return, which equals the percenta
13、ge difference between the current share price and the target price, including the forecast dividend yield when indicated, must exceed the required return by at least 5 percentage points over the next 12 months (or 10 percentage points for a stock classified as Volatile*). For a stock to be classifie
14、d as Underweight, the stock must be expected to underperform its required return by at least 5 percentage points over the next 12 months (or 10 percentage points for a stock classified as Volatile*). Stocks between these bands are classified as Neutral. Our ratings are re-calibrated against these ba
15、nds at the time of any material change (initiation of coverage, change of volatility status or change in price target). Notwithstanding this, and although ratings are subject to ongoing management review, expected returns will be permitted to move outside the bands as a result of normal share price
16、fluctuations without necessarily triggering a rating change. 7,Nov-07,Nov-08,Nov-09,Nov-10,Nov-11,May-08,May-09,May-10,May-11,May-12,Nov-12,45%,17%,4,China Resources Power (836 HK) Independent Power Producers,abc,9 November 2012 *A stock will be classified as volatile if its historical volatility ha
17、s exceeded 40%, if the stock has been listed for less than 12 months (unless it is in an industry or sector where volatility is low) or if the analyst expects significant volatility. However, stocks which we do not consider volatile may in fact also behave in such a way. Historical volatility is def
18、ined as the past months average of the daily 365-day moving average volatilities. In order to avoid misleadingly frequent changes in rating, however, volatility has to move 2.5 percentage points past the 40% benchmark in either direction for a stocks status to change. Rating distribution for long-te
19、rm investment opportunities As of 08 November 2012, the distribution of all ratings published is as follows:,Overweight (Buy),(28% of these provided with Investment Banking Services),Neutral (Hold) Underweight (Sell),38%,(26% of these provided with Investment Banking Services) (20% of these provided
20、 with Investment Banking Services),Share price and rating changes for long-term investment opportunities,China Resources Power (0836.HK) Share Price performance HKD Vs HSBC,Recommendation HK The Hongkong and Shanghai Banking Corporation Limited, Hong Kong; TW HSBC Securities (Taiwan) Corporation Lim
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