Huaneng Power International (0902) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Huaneng Power International HK$6.06, price HK$6.04, upside +0.4%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range HK$2.15 – HK$7.03 · fair‑value band HK$2.90 – HK$9.61 · the HK$6.04 price screens below the HK$6.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Huaneng Power International, Inc., together with its subsidiaries, generates and sells electric power to the regional or provincial grid companies in the People's Republic of China, the Islamic Republic of Pakistan, and internationally.
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Huaneng Power International, Inc., together with its subsidiaries, generates and sells electric power to the regional or provincial grid companies in the People's Republic of China, the Islamic Republic of Pakistan, and internationally. The company develops, constructs, operates, and manages coal-fired and gas-fired power plants, as well as is involved in the business of new energy generation projects and supporting ports, shipping, incremental distribution grid, and other facilities. It also provides port, transportation, maintenance, and heating pipeline services. It has installed power generation capacity of 155,869 MW, including natural gas power, hydropower, wind power, and solar power. The company was incorporated in 1994 and is based in Beijing, the People's Republic of China.
Stock analysis
Huaneng Power International (0902) currently trades at HK$6.04, while our model-based Fair Value estimate is HK$6.06, so the stock looks roughly fairly valued today (gap 0.4%).
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Valuation
Bull case: the Multiples group reads highest at a median of HK$15.56 per share, and 23 of the 23 models we run sit above the HK$6.04 price.
Bear case: the Asset-Based group reads lowest at HK$6.06, and 0 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$2.90 (bear) to HK$9.61 (bull), the price of HK$6.04 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 33/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Huaneng Power International reported revenue of 229B CNY in FY2025 versus 205B CNY in FY2021, a compound +2.9%/yr. Reported net income was 14.4B CNY in FY2025.
Key figures
Market cap HK$111B (≈ $14.2B) · P/E ratio 6.6 · P/S ratio 0.41 · EPS (TTM) HK$0.5400 · Dividend yield 7.5% · Net margin 6.3% · Return on equity 9.1% · Return on assets (EBIT) 2.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −48% fair-value upside, at 0%, 0902 screens cheaper than that median.
Fair Value models
Bear HK$2.90Fair Value HK$6.06Bull HK$9.61
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (HK$0.0640 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−6.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Start year 2020 (pandemic). Over 10 years: +5.9% a year
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+41.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+34.1%
Dividend (yield on the price)7.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.34.1% vs 0.3%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 14%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +18.0% a year for the price and −0.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (24 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Compare Huaneng Power International with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Independent Power Producers · 73 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score33 · Bottom 25%
Fair Value upside+0.4% · Above median
Profitability
Return on equity (TTM)9.1% · Above median
Return on assets3.1% · Above median
Net margin (TTM)6.2% · Below median
Operating margin (TTM)15.3% · Above median
Growth and dividend
Revenue growth−5.9% · Below median
Dividend yield (TTM)7.5% · Top 25%
Balance sheet
Debt / equity1.45× · Highest 25%
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Huaneng Power International Fair Value". https://www.fairvalue-calculator.com/stock/0902
Frequently asked questions
Is Huaneng Power International (0902) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$6.06 versus a price of HK$6.04, about +0% upside (fairly valued).
What is the fair value of 0902?
Our model-based fair value for Huaneng Power International is HK$6.06 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$6.04.
What is the quality score of 0902?
Huaneng Power International has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Huaneng Power International (0902)?
Our model-based price target is the fair value of HK$6.06 (as of Sep 27, 2026) from 23 valuation models. Cautious scenario HK$2.90, optimistic scenario HK$9.61. It is a calculation from audited fundamentals, not an analyst target.
What is the Huaneng Power International stock forecast for 2026?
Our models put fair value at HK$6.06, about +0% upside versus a price of HK$6.04 (fairly valued). Cautious scenario HK$2.90, optimistic scenario HK$9.61. The calculation is refreshed regularly with new filings.
What is the revenue of Huaneng Power International (0902)?
Huaneng Power International reported trailing-twelve-month revenue of about 226B CNY (latest available figure, as of Sep 27, 2026).
Does Huaneng Power International pay a dividend?
Huaneng Power International currently shows a dividend yield of about 7.54% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Huaneng Power International (0902)?
For today's price to be fair in a discounted-cash-flow model, Huaneng Power International would have to grow free cash flow by +20.0 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 0902 use?
Our models discount Huaneng Power International at 9.0 %: a base by market capitalisation (large), damped by beta 0.70, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Huaneng Power International that is +20.0 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Huaneng Power International (0902) delivered so far?
Over the past 5 years revenue at Huaneng Power International grew +6.2 % a year. The price currently implies +20.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Huaneng Power International (0902) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Huaneng Power International (+20.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Huaneng Power International (0902)?
The free-cash-flow yield on the price is 9.35 %: that much free cash flow Huaneng Power International produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Huaneng Power International (0902)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Huaneng Power International it is HK$6.06 per share (as of Sep 27, 2026), against a price of HK$6.04. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Huaneng Power International stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 0902 trades below its calculated fair value: price HK$6.04, fair value HK$6.06, a gap of about +0% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0902?
No. The price is what the market pays today (HK$6.04); the fair value is what the company's own numbers justify (HK$6.06). For Huaneng Power International the two are HK$0.0240 per share apart. That gap is exactly why we show both numbers side by side.
How much is Huaneng Power International worth?
The market values Huaneng Power International at about HK$111B (market capitalisation, as of Sep 27, 2026). Per share that is HK$6.04; our models calculate a fair value of HK$6.06 per share.
What do the bullish and bearish scenarios say about 0902?
Our models span a range for Huaneng Power International: cautious scenario HK$2.90, base HK$6.06, optimistic HK$9.61 per share (as of Sep 27, 2026, price HK$6.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0902?
Huaneng Power International trades at a price-to-earnings ratio of 6.6 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of HK$6.06 is built from several models across several years. Other multiples: PEG 0.3, P/B 0.7, P/S 0.4, EV/EBITDA 5.0.
What is the PEG ratio of 0902?
The PEG ratio of Huaneng Power International is 0.25 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Huaneng Power International (0902)?
Balance-sheet figures for Huaneng Power International (as of Sep 27, 2026): return on equity 9.1%, debt of 1.45 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is 0902 from its 52-week high?
Huaneng Power International trades at HK$6.04, about 14% below its 52-week high of HK$7.03 and 22% above the low of HK$4.94 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$6.06 is for.
Which stocks are comparable to Huaneng Power International?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Huaneng Power International stock attractive at the current price?
The data as of Sep 27, 2026: price HK$6.04, calculated fair value HK$6.06 (+0%), Quality Score 33/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0902 calculated?
We run Huaneng Power International through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$6.06, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. Huaneng Power International itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Huaneng Power International (0902)?
The closing price on Sep 30, 2026 was HK$6.04. Our model-based fair value is HK$6.06, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Huaneng Power International right now?
The model range is unusually wide (HK$2.90 to HK$9.61). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Huaneng Power International (0902) come from?
Earnings per share at Huaneng Power International grew −1.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.4 %, EBIT margin −8.7 %, tax rate +0.6 %, residual (interest, one-offs) +0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Huaneng Power International
How large is the market capitalisation of Huaneng Power International (0902)?
The market capitalisation of Huaneng Power International is HK$111B (≈ $14.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Huaneng Power International (0902)?
The price-to-sales ratio of Huaneng Power International is 0.41 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Huaneng Power International (0902)?
Earnings per share at Huaneng Power International are HK$0.5400 (price ÷ EPS = P/E 6.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Huaneng Power International (0902)?
The dividend yield of Huaneng Power International is 7.5% (payout 84.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Huaneng Power International (0902)?
The net margin of Huaneng Power International is 6.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Huaneng Power International (0902)?
The return on equity (ROE) of Huaneng Power International is 9.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Huaneng Power International (0902)?
On an EBIT basis the return on assets of Huaneng Power International is 2.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Huaneng Power International (0902)?
The operating margin of Huaneng Power International is 15.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Huaneng Power International (0902)?
Revenue at Huaneng Power International is growing −5.9% versus a year earlier (3y avg −2.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Huaneng Power International (0902)?
Earnings per share at Huaneng Power International are growing −7.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Huaneng Power International (0902) carry?
The net debt of Huaneng Power International is 257B CNY (fiscal year 2025, ≈ 29.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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