In Q1 2009, share holding & participating electricity generation enterprises subordinated to the company completed generating capacity of accumulative 7395mn Kwh (-24.11% yoy), and grid-connection volume of 6981Kwh (-24.07% yoy).
Considering factor of additional issuance, we predict its 2009-2010E EPS to be Rmb0.43 and Rmb0.45, representing dynamic P/E ratio at 23x and 22x based on closing price of Rmb10.19 on April 10, 2009. “Overweight” rating is hereby maintained.