# CLP Holdings (0002.HK)

Canonical: https://gigainvestors.com/s/0002.HK

Analysis as of: 2026-10-16T07:34:32.289Z. Financial observations: FY2000–FY2025.

Listing currency: HKD. Reporting currency: HKD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 77.40 per share; close as of 2026-10-15.

Estimated value: low HKD 17.50 per share, central HKD 19.65 per share, high HKD 22.50 per share. Buy at or below the central value HKD 19.65 per share. Valuation as of 2026-10-16T07:34:32.289Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.20×

- FY2018: 0.20×

- FY2019: 0.17×

- FY2020: 0.18×

- FY2021: 0.13×

- FY2022: 0.01×

- FY2023: 0.11×

- FY2024: 0.16×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 17.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.3%

- ROIC, second-lowest year: 4.4%

- Typical minus recent gross margin: 17.3 pp

- Typical gross margin (annual median): 32.5%

- Recent gross margin (lower of latest and 3-year median): 15.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.5%

- ROIC including acquisitions, ten-year median: 5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.8%

- FY2017: 11.2%

- FY2018: 10.2%

- FY2019: 6.8%

- FY2020: 8.2%

- FY2021: 5.8%

- FY2022: 0.6%

- FY2023: 4.4%

- FY2024: 7.8%

- FY2025: 6.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.70×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: HKD 27B

- Net income, five-year total: HKD 39B

- Return on incremental invested capital: 0.1%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 4.2 pp

- Working capital / revenue, final three-year average: 13.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.96×

- FY2023: 0.32×

- FY2024: 0.99×

- FY2025: 0.34×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.8% vs 6.7%

- Per-share earnings: 5.74 to 4.22 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: HKD -4.2B

- Cumulative retained earnings: HKD 13B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.8%

- Per-share value change: HKD -1.52

- Per-share value, starting three-year median: HKD 5.74

- Per-share value, ending three-year median: HKD 4.22

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: HKD 15B

- Cumulative net income, 10 years: HKD 97B

- ROIC, first three-year median: 10.8%

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: HKD 5.13

- FY2017: HKD 5.74

- FY2018: HKD 5.46

- FY2019: HKD 1.93

- FY2020: HKD 4.59

- FY2021: HKD 3.42

- FY2022: HKD 0.42

- FY2023: HKD 2.69

- FY2024: HKD 4.70

- FY2025: HKD 4.22

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -4.3%

- FY2018: -4.4%

- FY2019: -7.3%

- FY2020: -4.6%

- FY2021: -3.8%

- FY2022: -4.9%

- FY2023: -7.3%

- FY2024: -4.8%

- FY2025: -5.7%

## Holders

## Price story

Price needs cash profits to grow 19.4% a year for ten years · sales -3.2%

Story as of 2026-10-16T10:00:01.135Z; price observation 2026-10-15.

Price needs cash profits to grow 19.4% a year for ten years

### Sales · FY2024–2025

sales -3.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: HKD 79B 

- FY2017: HKD 92B 

- FY2018: HKD 91B 

- FY2019: HKD 86B 

- FY2020: HKD 80B 

- FY2021: HKD 84B 

- FY2022: HKD 101B 

- FY2023: HKD 87B 

- FY2024: HKD 91B 

- FY2025: HKD 88B 

### Gross margin · FY2025

gross margin 15.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 35.2% 

- FY2017: 32.9% 

- FY2018: 33.5% 

- FY2019: 17.1% 

- FY2020: 35.2% 

- FY2021: 31.7% 

- FY2022: 18.7% 

- FY2023: 32.7% 

- FY2024: 32.2% 

- FY2025: 15.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated electric; annual sales are HKD 88 billion.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2025-12-31 (filed 2026-10-16T07:34:32.289Z); FY2025: revenue 88018000000; grossProfit 13332000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0002.HK: CLP Holdings Limited, an investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia. The company generates electricity through coal, gas, nuclear, and renewable resources, such as wind, hydro, and solar. It is also involved in the provision of pumped storage services, energy and infrastructure solutions, and property investment activities, as well as retail of electricity and gas. CLP Holdings Limited was founded in 1901 and is headquartered in Kowloon, Hong Kong.

### Why customers stay

Margins ranged from 15.1% to 32.7% during 2023–25; it earns 7.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2023-12-31 (filed 2026-10-16T07:34:32.289Z); FY2023: grossProfit / revenue = 32.7%.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2024-12-31 (filed 2026-10-16T07:34:32.289Z); FY2024: grossProfit / revenue = 32.2%.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2025-12-31 (filed 2026-10-16T07:34:32.289Z); FY2025: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.289Z); 10-year return on capital observations [[2016,0.10764473523892815],[2017,0.11164307681287206],[2018,0.10242231930233843],[2019,0.06825875709453649],[2020,0.08224298529584685],[2021,0.058396871802911324],[2022,0.00597094094483261],[2023,0.04408601074592054],[2024,0.07750078777525164],[2025,0.0667454869444773]]; median 0.07287977243489407. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2016-12-31 (filed 2026-10-16T07:34:32.289Z); FY2016: growth capex 0; upkeep 10000000000; owner earnings 9693000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2017-12-31 (filed 2026-10-16T07:34:32.289Z); FY2017: growth capex 2610000000; upkeep 7184000000; owner earnings 14498000000. Growth capex / owner earnings = 0.18002483101117395.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2018-12-31 (filed 2026-10-16T07:34:32.289Z); FY2018: growth capex 0; upkeep 10589000000; owner earnings 11036000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2019-12-31 (filed 2026-10-16T07:34:32.289Z); FY2019: growth capex 0; upkeep 11223000000; owner earnings 1744200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2020-12-31 (filed 2026-10-16T07:34:32.289Z); FY2020: growth capex 0; upkeep 11037000000; owner earnings 8989200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2021-12-31 (filed 2026-10-16T07:34:32.289Z); FY2021: growth capex 3973000000; upkeep 9308000000; owner earnings 8585600000. Growth capex / owner earnings = 0.4627515840477078.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2022-12-31 (filed 2026-10-16T07:34:32.289Z); FY2022: growth capex 6317000000; upkeep 8904000000; cash acquisitions 2033000000; owner earnings 1017200000. Growth capex plus acquisitions / owner earnings = 8.208808493904836.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2023-12-31 (filed 2026-10-16T07:34:32.289Z); FY2023: growth capex 0; upkeep 13173000000; cash acquisitions 0; owner earnings 2175000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2024-12-31 (filed 2026-10-16T07:34:32.289Z); FY2024: growth capex 6929512450.894922; upkeep 9373487549.105078; cash acquisitions 3034000000; owner earnings 11750912450.894922. Growth capex plus acquisitions / owner earnings = 0.847892663019213.

- Source: https://eodhd.com/api/fundamentals/0002.HK.json#2025-12-31 (filed 2026-10-16T07:34:32.289Z); FY2025: growth capex 0; upkeep 16754000000; cash acquisitions 0; owner earnings 3598400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.289Z); Dividend observations: [[2016,6973000000],[2017,7226000000],[2018,7503000000],[2019,7782000000],[2020,7782000000],[2021,7832000000],[2022,7832000000],[2023,7832000000],[2024,7832000000],[2025,7958000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 28.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0002.HK SharesStats.PercentInsiders = 28.348000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.4% yearly over ten years; actual decline was 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:32.289Z); Ten-year compound average after fade. Initial solved rate 0.2684860905372167. Price 77.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.564901516000113 → FY2025 1.4242904374555454. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 78.90 per share

- 2016-11: HKD 75.85 per share

- 2016-12: HKD 71.25 per share

- 2017-01: HKD 75.85 per share

- 2017-02: HKD 78.95 per share

- 2017-03: HKD 81.25 per share

- 2017-04: HKD 82.05 per share

- 2017-05: HKD 85.20 per share

- 2017-06: HKD 82.60 per share

- 2017-07: HKD 83.25 per share

- 2017-08: HKD 82.65 per share

- 2017-09: HKD 80.05 per share

- 2017-10: HKD 79.35 per share

- 2017-11: HKD 79.65 per share

- 2017-12: HKD 79.95 per share

- 2018-01: HKD 79.85 per share

- 2018-02: HKD 79.10 per share

- 2018-03: HKD 79.90 per share

- 2018-04: HKD 81.50 per share

- 2018-05: HKD 82.40 per share

- 2018-06: HKD 84.50 per share

- 2018-07: HKD 89.65 per share

- 2018-08: HKD 92.25 per share

- 2018-09: HKD 91.65 per share

- 2018-10: HKD 87.90 per share

- 2018-11: HKD 86.25 per share

- 2018-12: HKD 88.50 per share

- 2019-01: HKD 90.85 per share

- 2019-02: HKD 93.00 per share

- 2019-03: HKD 91.00 per share

- 2019-04: HKD 88.95 per share

- 2019-05: HKD 88.65 per share

- 2019-06: HKD 86.20 per share

- 2019-07: HKD 85.25 per share

- 2019-08: HKD 80.75 per share

- 2019-09: HKD 82.35 per share

- 2019-10: HKD 81.35 per share

- 2019-11: HKD 80.70 per share

- 2019-12: HKD 81.90 per share

- 2020-01: HKD 81.15 per share

- 2020-02: HKD 81.80 per share

- 2020-03: HKD 71.50 per share

- 2020-04: HKD 82.80 per share

- 2020-05: HKD 75.95 per share

- 2020-06: HKD 76.00 per share

- 2020-07: HKD 73.40 per share

- 2020-08: HKD 76.15 per share

- 2020-09: HKD 72.00 per share

- 2020-10: HKD 71.30 per share

- 2020-11: HKD 72.80 per share

- 2020-12: HKD 71.70 per share

- 2021-01: HKD 72.70 per share

- 2021-02: HKD 75.65 per share

- 2021-03: HKD 75.50 per share

- 2021-04: HKD 76.65 per share

- 2021-05: HKD 78.85 per share

- 2021-06: HKD 76.80 per share

- 2021-07: HKD 80.20 per share

- 2021-08: HKD 77.75 per share

- 2021-09: HKD 75.00 per share

- 2021-10: HKD 76.15 per share

- 2021-11: HKD 76.40 per share

- 2021-12: HKD 78.75 per share

- 2022-01: HKD 77.90 per share

- 2022-02: HKD 79.55 per share

- 2022-03: HKD 76.35 per share

- 2022-04: HKD 76.50 per share

- 2022-05: HKD 78.25 per share

- 2022-06: HKD 65.10 per share

- 2022-07: HKD 66.50 per share

- 2022-08: HKD 67.70 per share

- 2022-09: HKD 59.35 per share

- 2022-10: HKD 52.70 per share

- 2022-11: HKD 56.60 per share

- 2022-12: HKD 56.95 per share

- 2023-01: HKD 58.20 per share

- 2023-02: HKD 55.55 per share

- 2023-03: HKD 56.70 per share

- 2023-04: HKD 58.40 per share

- 2023-05: HKD 57.05 per share

- 2023-06: HKD 60.90 per share

- 2023-07: HKD 63.45 per share

- 2023-08: HKD 61.50 per share

- 2023-09: HKD 57.95 per share

- 2023-10: HKD 57.25 per share

- 2023-11: HKD 60.75 per share

- 2023-12: HKD 64.45 per share

- 2024-01: HKD 62.15 per share

- 2024-02: HKD 65.25 per share

- 2024-03: HKD 62.35 per share

- 2024-04: HKD 61.70 per share

- 2024-05: HKD 61.85 per share

- 2024-06: HKD 63.10 per share

- 2024-07: HKD 67.05 per share

- 2024-08: HKD 69.90 per share

- 2024-09: HKD 68.85 per share

- 2024-10: HKD 66.05 per share

- 2024-11: HKD 65.30 per share

- 2024-12: HKD 65.30 per share

- 2025-01: HKD 64.75 per share

- 2025-02: HKD 64.45 per share

- 2025-03: HKD 63.40 per share

- 2025-04: HKD 66.30 per share

- 2025-05: HKD 66.55 per share

- 2025-06: HKD 66.10 per share

- 2025-07: HKD 68.15 per share

- 2025-08: HKD 65.85 per share

- 2025-09: HKD 64.45 per share

- 2025-10: HKD 66.30 per share

- 2025-11: HKD 68.00 per share

- 2025-12: HKD 69.60 per share

- 2026-01: HKD 73.95 per share

- 2026-02: HKD 74.20 per share

- 2026-03: HKD 73.50 per share

- 2026-04: HKD 75.10 per share

- 2026-05: HKD 76.50 per share

- 2026-06: HKD 73.20 per share

- 2026-07: HKD 78.10 per share

- 2026-08: HKD 78.70 per share

- 2026-09: HKD 76.70 per share

- 2026-10: HKD 77.40 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 35.01 per share, central HKD 39.47 per share, high HKD 45.40 per share

- FY2017: low HKD 53.25 per share, central HKD 59.95 per share, high HKD 68.87 per share

- FY2018: low HKD 54.04 per share, central HKD 60.85 per share, high HKD 69.76 per share

- FY2019: low HKD 47.85 per share, central HKD 54.09 per share, high HKD 62.39 per share

- FY2020: low HKD 46.44 per share, central HKD 52.17 per share, high HKD 59.80 per share

- FY2021: low HKD 43.63 per share, central HKD 49.29 per share, high HKD 56.82 per share

- FY2022: low HKD 45.43 per share, central HKD 51.57 per share, high HKD 59.75 per share

- FY2023: low HKD 10.77 per share, central HKD 12.07 per share, high HKD 13.80 per share

- FY2024: low HKD 41.49 per share, central HKD 47.04 per share, high HKD 54.43 per share

- FY2025: low HKD 16.43 per share, central HKD 18.57 per share, high HKD 21.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:18.443Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations