Huaneng Power

One way to go on the defensive

There’s one industry that is a defensive investment in volatile markets: electricity. Huaneng Power (HNP or 902.HK) is the largest independent power producer (IPP) in China with a heavy presence along the wealthier eastern seaboard. The company just reported 2007 full year earnings of HK$6.8 billion, or EPS of HK$0.56 a share (for the Hong-Kong listed shares).

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