Morgan Stanley has released a research report announcing a reduction in the earnings per share (EPS) forecasts for China Res Power (00836) for 2026 and 2027. The estimates have been revised down from HK$3.49 and HK$3.58 to HK$2.98 and HK$3.08, respectively, reflecting expectations of lower electricity tariffs in those years. By extending the valuation horizon to 2026 and applying a price-to-earnings (P/E) ratio of 8 times, the target price has been slightly increased from HK$23.7 to HK$23.8. The bank maintains an "Overweight" rating on the stock, citing the company's superior utilization hours for its coal-fired and wind power projects compared to peers, which indicates better asset quality. Although the company may face greater pressure from electricity tariff reductions in 2025 relative to its competitors, its dividend yield is considered more secure than that of its peers, making it an attractive proposition for investors.