研究報告－LehmanBrothers-中國電力行業（英文版）.pdf40

Investment Summary ........................................................................................... 4

Chinese IPP Valuation......................................................................................... 9

EV/EBITDA Relative to Five-Year EBITDA CAGR................................................... 9

DCF Valuation ................................................................................................ 9

Discount Rate Component Discussions .............................................................. 10

Introduction – Big Bang or Big Crunch ................................................................ 14

Dominance of Coal as Fuel for PRC IPPs ........................................................... 15

Supply & Demand of Coal................................................................................ 17

2003: Limited Price Increase .......................................................................... 18

Post 2003: Uncertainties and Potential Threats................................................... 19

Impact on Chinese IPPs .................................................................................... 26

IPP Coal-fired Plants Locations ......................................................................... 26

Coal Consumption Comparison ...................................................................... 30

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