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Hong Kong's largest electricity utility, generating and distributing power in Hong Kong with additional generation assets across Asia-Pacific.
Hong Kong's largest electricity utility, generating and distributing power in Hong Kong with additional generation assets across Asia-Pacific.
Under a long-running Scheme of Control agreement with the Hong Kong government, it is allowed a set return on the assets it invests in the power system, so earnings grow with the asset base rather than electricity sold. Outside Hong Kong, EnergyAustralia is a large retailer and generator. The Kadoorie family is the main shareholder.
In one line: Hong Kong's Duke Energy/Southern Company.
Moat: wide (regulatory licence, scale, installed base). Regulated scheme-of-control franchise for Hong Kong's Kowloon/New Territories power grid.
Headquarters: Hong Kong · Founded: 1901 · Employees: 8,539
Size Clp (0002.HK) is a Hong Kong Utilities company (Electric Utilities) with a market value of $26.1B, the 64th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$80.95 on 6 Nov 2026.
Performance Over six months the shares gained 6.8%, against -1.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue fell 1.9% over the last twelve months (peer median +7.2%); the operating margin is 15.8% (peer median 24.3%).
Valuation It trades at 17.9× forward earnings against a peer median of 17.1× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (5.2% WACC).
Credit Clp has 4 bonds outstanding ($1.60B), rated A+ by the agencies and trading like AAA at a weighted spread of 58 bp.
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$88.0B | HK$88.0B | HK$91.0B | HK$87.2B | HK$101B |
| Revenue growth | — | -3% | +4% | -13% | — |
| Gross profit | HK$13.9B | HK$13.3B | HK$12.7B | HK$12.2B | HK$8.18B |
| EBITDA | HK$24.0B | HK$23.1B | HK$22.0B | HK$20.8B | HK$17.1B |
| Net income | HK$10.8B | HK$10.5B | HK$11.7B | HK$6.66B | HK$924M |
| Free cash flow | HK$10.3B | HK$8.66B | HK$7.39B | HK$12.8B | -HK$4.70B |
| Capital expenditure | HK$15.4B | HK$16.3B | HK$15.7B | HK$12.6B | HK$15.2B |
| Total debt | n/a | HK$66.7B | HK$66.1B | HK$62.6B | HK$64.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Clp 0002.HK | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% |
| Power Assets 0006.HK | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% |
| HK Electric Investments & HK Electric Investments 2638.HK | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% |
| China Res Power 0836.HK | $13.5B | +6% | +2% | 18% | 9.0× | n/a |
| Duke Energy DUK | $99.6B | +4% | +6% | 27% | 18.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0002.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.4% | +6.3% | 10th highest of 21 |
| 6-month return | +6.8% | -1.5% | 6th highest of 21 |
| Distance from 52-week high | 0.0% | -9.4% | highest of 21 |
| Revenue growth (TTM) | -1.9% | +7.2% | 4th lowest of 21 |
| Operating margin | 15.8% | 24.3% | 5th lowest of 21 |
| Forward P/E | 17.9× | 17.1× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.6% | 3.8% | 3rd least demanding of 6 |
| Growth delivered (Del g) | +2.0% | +6.6% | 3rd lowest of 6 |
| Hurdle (Req g minus delivered) | -0.4 pp | -2.9 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | +1.0 pp | -1.1 pp | 4th highest of 21 |
| EV / EBITDA | 11.6× | 13.0× | 6th cheapest of 17 |
| Net debt / EBITDA | 2.8× | 5.5× | 3rd least indebted of 18 |
| Bond spread | 58 bp | 80 bp | tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| CGN Power 1816.HK | Hong Kong | $32.3B | -1% | -16% | 31% | 13.8× | n/a | n/a |
Clp has 4 bonds outstanding with $1.60B face value. The agencies rate it A+; its bonds trade like AAA. Weighted yield 5.23%, a spread of 58 bp over government bonds.