Stock

CLP Holdings Limited

0002.HK
46
Regulated Electric · Utilities
Price
HK$76.60
+0.60 (+0.79%)
Market Cap
HK$193.53B
Exchange
Hong Kong Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
10/30
Growth
Mixed
5/20
Cash Flow
Strong
8/10
Stability
Good
6/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Mixed
2/5

46 of 100 counted points = Winston Score 46.

§Winston Score History

The full picture

CLP Holdings is a large electric utility company based in Hong Kong. It generates, transmits, and delivers electricity to homes, businesses, and industrial customers across Hong Kong and several other countries in Asia. CLP is one of the oldest and largest privately owned power companies in the region.

CLP makes most of its money by selling electricity under long-term regulated agreements, which provide steady and predictable revenue. Beyond Hong Kong, it operates power plants in mainland China, India, Australia, and Southeast Asia, making it a genuinely regional energy business. The company's main competitive advantage is its regulated monopoly position in Hong Kong's Kowloon and New Territories areas, where it serves roughly 80% of the city's population. The key challenge going forward is managing the costly transition away from coal-fired power toward cleaner energy sources, which requires heavy capital investment and carries execution risk across multiple markets.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 2.53B (2021) → 2.53B (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
15.9%
Thin — 15.9% gross margin
Profit after running costs
Operating Margin
15.9%
Healthy — 15.9% operating margin
Return on the money invested
ROCE
7.5%
Weak — 7.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-1.9%
Shrinking sales (-1.9% YoY)
Profit growth
EPS YoY
-5.1%
Earnings shrinking (-5.1% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
217%
Turns 217% of profit into real cash
Spare cash per sale
FCF Margin
9.3%
Modest free cash flow (9.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.64
Moderate — manageable debt (0.64)
Covers its interest
Interest Cover
7.65x
Adequate interest coverage (7.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
17.9x
Fair value — P/E 17.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.8
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
3.33%
Moderate income — 3.33% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+1.6%
Dividend flat

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