The Zhitong Finance App learned that Daiwa released a research report stating that it reaffirmed the “buy” rating of China Electric Power (02380) and raised the target price from HK$3.7 to HK$4, believing that the valuation is attractive. Although China Electric Power did not disclose first-quarter results, the bank expects the company to record profits in the first quarter because hydropower generation increased 78% year-on-year in the first quarter, and coal-fired power generation remained flat year-on-year. Furthermore, early signs in terms of the company's hydropower generation and water supply for the second and third quarters were better than expected. The bank raised the company's annual hydropower usage forecast from 3,899 hours to 4115 hours.