Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed CLP Holdings Limited (CLPHY) (CLPHF) [2:HK].
FY2019 was a challenging year for CLP Holdings, as the company's operating earnings fell by -20.5% YoY. FY2020 is expected to be a better year for the company, with market consensus expecting a mid-single digit core earnings growth for CLP Holdings this year. This is reasonable, considering that the Hong Kong electricity business should see a resumption of earnings growth in FY2020 with an increase in net fixed assets in tandem with the new capital investment