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Datang International Power Generation Co (0991) Fair Value & Analysis

Utilities · HK · Market cap HK$44.4B

DI Datang International Power Generation Co 0991 · HK
PriceHK$2.44
Fair ValueHK$3.07
Upside+26.3%
Quality47/100
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Expensive Growth
Thin margins · 6.6% net margin
High debt · generates free cash flow
6.16% dividend yield
Ranks above peers (12/15)
Moderate moat 45/100
Evidence: Medium Range HK$2.39 – HK$5.40 Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 2 days ago

Fair value updated Aug 13, 2026, revised from HK$5.58 to HK$3.07 (−44.9%) since Aug 5, 2026. Share price +1.9% over the past month.

Below-average quality, screening 26% undervalued on our models.

What matters now

  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (HK$2.39 to HK$5.40) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

HK$3.36 HK$0.8797 Fair Value HK$3.07 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$0.8797 – HK$3.36 · fair‑value band HK$2.39 – HK$5.40 · the HK$2.44 price screens below the HK$3.07 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Datang International Power Generation Co (0991) currently trades at HK$2.44, while our model-based Fair Value estimate is HK$3.07, implying the stock looks roughly 26.3% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Datang International Power Generation Co generated revenue of HK$121B at a net margin of 6.6%. Revenue grew 0.2% year over year. It earns a return on equity of 10.7%. Net debt stands at HK$161B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$2.39 (bear case) to HK$5.40 (bull case); at HK$2.44, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 35% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -55% fair-value upside, at 26%, 0991 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF HK$0.1900 HK$4.16 HK$10.53 80
Residual Income HK$3.73 HK$4.09 HK$5.71 76
Rev-Margin DCF HK$0.8500 HK$5.65 HK$11.46 74
All 23 models by family
DCF Models
FCF DCF HK$0.1500 HK$4.24 HK$10.86 38
5Y Revenue Exit HK$0.8500 HK$5.73 HK$12.17 39
5Y EBITDA Exit HK$3.61 HK$11.11 HK$20.22 41
5Y P/E Exit HK$2.63 HK$6.28 38
10Y Revenue Exit HK$0.3100 HK$4.78 HK$11.21 36
10Y EBITDA Exit HK$2.33 HK$8.61 HK$17.61 37
10Y P/E Exit HK$2.58 HK$6.53 35
Earnings-Based
Graham-Dodd HK$2.70 HK$10.19 HK$13.79 54
Lynch FV HK$2.47 HK$3.52 HK$4.58 50
PEG = 1.0 HK$2.47 HK$3.52 HK$4.58 46
EPV HK$0.3700 HK$1.44 HK$2.37 59
Multiples
P/E Multiple HK$5.36 HK$7.14 HK$8.93 63
P/S Multiple HK$5.06 HK$6.75 HK$8.43 58
P/B Multiple HK$5.06 HK$6.75 HK$8.43 55
EV/EBIT HK$3.21 HK$6.29 HK$9.37 53
EV/EBITDA HK$6.57 HK$10.77 HK$14.97 54
EV/Revenue HK$1.44 HK$4.65 HK$7.85 43
Asset-Based
NCAV (Graham) HK$2.17 HK$2.91 HK$4.35 50
Growth DCF
Growth DCF HK$0.1900 HK$4.16 HK$10.53 80
Rev-Margin DCF HK$0.8500 HK$5.65 HK$11.46 74
Economic Profit
Residual Income HK$3.73 HK$4.09 HK$5.71 76
ROIC Compounder HK$0.3700 HK$1.44 HK$2.37 72
Growth Earnings
Growth-Adj P/E HK$4.13 HK$5.90 HK$7.67 68

Widest divergence: Multiples (HK$6.75) versus Economic Profit (HK$1.44). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$121B
Revenue growth (YoY) +0.2%
Net margin 6.6%
Return on equity 10.7%
Free cash flow HK$9.5B FY2025
P/E ratio 5.9 as of Jul 2, 2026
More key figures
Operating margin 16.7%
EPS (TTM) HK$0.2000
Dividend yield 6.2%
EPS growth (YoY) +40.2%
Net debt HK$161B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 44 · Market factors (momentum, volatility) 53

Profitability 28
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 11
Balance sheet, leverage, solvency risk
Investment 47
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Datang International Power Generation Co., Ltd., together with its subsidiaries, engages in power generation business in the People's Republic of China. It operates in Power and Heat Generation, and Other segments. The company generates electricity through various sources, such as coal-fired, thermal, hydro, wind, nuclear, and solar.

Full company description

Datang International Power Generation Co., Ltd., together with its subsidiaries, engages in power generation business in the People's Republic of China. It operates in Power and Heat Generation, and Other segments. The company generates electricity through various sources, such as coal-fired, thermal, hydro, wind, nuclear, and solar. It also engages in the supply of heat; trading and cargo shipping businesses; production and sale of alumina; sale of coal ash and integrated application of solid wastes; wholesale and trading of coal; and power and heat trading activities. The company was formerly known as Beijing Datang Power Generation Co., Ltd and changed its name to Datang International Power Generation Co., Ltd. in April 2004. Datang International Power Generation Co., Ltd. was incorporated in 1994 and is based in Beijing, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Datang International Power Generation Co reported revenue of HK$116B in FY2025 versus HK$103B in FY2021, a compound +3.0%/yr. Reported net income was HK$7.3B in FY2025.

Growth Quality 54/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$116B
Latest YoY
−5.7%
Avg. growth/yr (3Y) 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.
−0.1%
Avg. growth/yr (5Y) 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.
+4.0%
Avg. growth/yr (25Y) 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.
+12.8%
Revenue +3.0%/yr
FY21 HK$103B
FY22 HK$117B
FY23 HK$122B
FY24 HK$123B
FY25 HK$116B
Net income
FY21 −HK$11.9B
FY22 −HK$871M
FY23 HK$1.4B
FY24 HK$4.5B
FY25 HK$7.3B
Character of growth · EPS growth decomposed (2014-2025) +3.4 % p.a.
Revenue per share +2.9 pp

of which total revenue +6.6 pp · buybacks/dilution −3.6 pp

EBIT margin +1.3 pp
Tax rate +4.9 pp
Residual (interest, one-offs) −5.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Datang International Power Generation Co Fair Value". https://www.fairvalue-calculator.com/stock/0991

Peer Group

Utilities - Independent Power Producers · 77 stocks

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.

Quality Score 47 · Below median
Fair Value upside +26% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 3% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 17% · Above median
Revenue growth 0% · Above median
Dividend yield (TTM) 6.2% · Top 25%
Debt / equity 1.50× · Higher than 75% of peers

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/E (TTM) 5.9× · Cheaper than 75% of peers
P/B 0.55× · Cheaper than 75% of peers
P/S (TTM) 0.37× · Cheaper than 75% of peers
P/FCF 0.6× · Cheaper than median
EV/EBITDA 4.6× · Cheaper than 75% of peers
PEG 1.27× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 68 · sector 23
FUTURE 1 · sector 0
PAST 43 · sector 31
HEALTH 25 · sector 70
DIVIDEND 100 · sector 56

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $278.68 $88.09 -68%
Vistra Corp VST $146.68 $50.39 -66%
Adani Power Limited ADANIPOWER ₹206.10 ₹75.57 -63%
CGN Power Co 003816 ¥3.93 ¥2.79 -29%
NRG Energy, Inc NRG $120.66 $53.91 -55%
Gulf Development Public Company GULF 65.00 THB 39.25 THB -40%
Adani Energy Solutions Limited ADANIENSOL ₹1,583 ₹342.02 -78%
Talen Energy Corporation TLN $365.07 $43.55 -88%
Power Assets Holdings 0006 HK$57.30 HK$30.76 -46%
Huaneng Power International, Inc 600011 ¥6.92 ¥9.14 +32%

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Frequently asked questions

Is Datang International Power Generation Co (0991) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$3.07 versus a price of HK$2.44, about +26% (undervalued).
What is the fair value of 0991?
Our model-based fair value for Datang International Power Generation Co is HK$3.07 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$2.44.
What is the quality score of 0991?
Datang International Power Generation Co has a Quality Score of 47/100. 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 revenue of Datang International Power Generation Co (0991)?
Datang International Power Generation Co reported trailing-twelve-month revenue of about HK$121B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0991?
The net profit margin of Datang International Power Generation Co is about 6.6%, meaning it keeps roughly 6.6% of revenue as net income. Based on the latest reported figures.
Does Datang International Power Generation Co pay a dividend?
Datang International Power Generation Co currently shows a dividend yield of about 6.16% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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