THE RATIONAL INVESTOR

Stocks are simple. All you do is buy shares in a great business for less than the business is intrinsically worth, with management of the highest integrity and ability. Then you own those shares forever. I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful.

April 07, 2007

902 HUA NENG POWER PE 15

902.HK HUA NENG POWER
Shares: 120.5 y (A+H)
Price: 7.56 => Market Cap = 910 y P/B = 910/418 = 2.17

China GAAP
Profit: 55.5 y EPS = 55.5/120.5 = 0.46 P/E = 7.56/0.46 = 16.4

H – HK GAAP
Profit: 60 EPS = 0.5 P/E = 7.56/0.5 = 15.12

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