China Resources Power Holdings Co Ltd
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Based in Hong Kong
Company profile

China Resources Power Holdings Company Limited is a Hong Kong-based investment holding company principally engaged in the investment, development and operation of power plants. The Company operates through three segments. Thermal Power segment is engaged in the investment, development, operation and management of coal-fired power plants and gas-fired power plants, as well as the sales of heat and electricity. Renewable Energy segment is engaged in wind power generation, hydroelectric power generation and photovoltaic power generation, as well as the sales of electricity. Coal Mining segment is engaged in the mining of coal mines, as well as the sales of coal. The Company mainly operates businesses in China.

This security is an American depositary receipt
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Closing Price
$26.05
Day's Change
-0.685 (-2.56%)
Bid
--
Ask
--
B/A Size
--
Day's High
26.05
Day's Low
26.05
Volume
(Heavy Day)
Volume:
330

10-day average volume:
249
330

How these 22 tech stocks stand out from the pack this earnings season

10:33 am ET November 14, 2022 (MarketWatch)
Print

By Philip van Doorn

Companies including Electronic Arts, ON Semiconductor and Fiserv pulled off a difficult feat in a down cycle --- improving sales and profit margins

Third-quarter earnings season is just about over, which means it is time to see which technology companies have been faring best as most stocks have declined. A screen of those companies is below.

The benchmark S&P 500 has fallen 16% during 2022, even after last week's 6% increase. The S&P 500 information technology sector performed very well last week, with a 10% increase, but is still down nearly 24% this year.

But some tech companies continue to increase revenue while improving their profit margins. Those are the ones we want to highlight today.

A company's gross margin is its net sales, less the cost of goods or services sold, divided by sales. Net sales are sales minus returns and discounts, such as coupons. The cost of goods or services sold includes the actual costs for making the items or providing the services, including labor. It is a useful measurement of pricing power, and a combination of an expanding gross margin and increasing sales is a good sign.

A company's operating margin goes further, subtracting more overhead and other expenses that aren't directly related to the production of goods and services sold. It is, essentially, earnings before interest and taxes (EBIT), divided by sales.

Screening the S&P 500 tech sector

When investors think of "big tech," they think of companies in the "FAANG+" group, among others. The FAANG group is Facebook holding company Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX) and Google holding company Alphabet Inc. (GOOGL). It is reasonable to add other tech giants that dominate the S&P 500 (which is weighted by market capitalization), including Microsoft Corp. (MSFT) and Tesla Inc. (TSLA), for an expanded FAANG+ group.

Among this group of seven stocks, only Apple and Microsoft are technically in the S&P 500 information technology sector. Meta, Alphabet and Netflix are in the communication services sector, and Amazon and Tesla are in the consumer discretionary sector.

The point of all this is to underscore that the strict definition of "S&P 500 information technology" doesn't match investors' perceptions.

For an expanded screen of tech stocks, we began with the 75 companies in the S&P 500 IT sector, added the five FAANG+ companies, as explained above, then added the three video-game developers, which are in the communication services sector, for an initial list of 83 companies. Many companies have fiscal quarters that don't match the calendar, so the data is based on fiscal quarters ending July 29 or later.

Among these 83 companies, 22 increased their sales from a year earlier, while also improving their gross and operating margins.

Here they are, sorted by how much their sales increased:

Company                         Ticker  Change in quarterly sales from year earlier  Gross margin  Gross margin -- year-earlier quarter  Operating margin  Operating margin -- year-earlier quarter  Price change -- 2022 through Nov. 11 
Enphase Energy Inc.              ENPH                                           81%        41.59%                               39.21%            23.32%                                   12.99%                                  60% 
Monolithic Power Systems Inc.    MPWR                                           53%        58.72%                               57.59%            33.02%                                   27.29%                                 -20% 
Paycom Software Inc.             PAYC                                           30%        73.12%                               72.88%            35.88%                                   30.46%                                 -18% 
KLA Corp.                        KLAC                                           30%        60.83%                               60.34%            44.81%                                   43.36%                                 -12% 
ON Semiconductor Corp.            ON                                            26%        47.27%                               39.96%            39.96%                                   31.42%                                  10% 
Microchip Technology Inc.        MCHP                                           26%        59.35%                               51.68%            48.77%                                   42.67%                                 -13% 
Broadcom Inc.                    AVGO                                           25%        62.89%                               54.65%            58.62%                                   53.94%                                 -22% 
Ceridian HCM Holding Inc.        CDAY                                           23%        50.22%                               47.40%             7.95%                                    3.46%                                 -37% 
NXP Semiconductors NV            NXPI                                           20%        53.29%                               50.54%            38.32%                                   35.55%                                 -25% 
Cadence Design Systems Inc.      CDNS                                           20%        89.86%                               89.13%            32.27%                                   30.49%                                 -10% 
Lam Research Corp.               LRCX                                           18%        46.05%                               45.87%            34.95%                                   33.67%                                 -30% 
CDW Corp.                         CDW                                           17%        19.84%                               17.26%             8.72%                                    8.20%                                 -10% 
Amphenol Corp. Class A            APH                                           17%        32.17%                               31.57%            24.15%                                   23.64%                                  -9% 
Autodesk Inc.                    ADSK                                           15%        89.64%                               89.08%            22.84%                                   18.59%                                 -19% 
Texas Instruments Inc.           TXN                                            13%        69.01%                               67.89%            57.57%                                   56.11%                                  -5% 
Keysight Technologies Inc.       KEYS                                           10%        63.74%                               63.16%            30.23%                                   27.53%                                 -17% 
Automatic Data Processing Inc.    ADP                                           10%        47.59%                               46.25%            27.44%                                   26.61%                                   1% 
Fiserv Inc.                      FISV                                            9%        55.84%                               50.68%            39.09%                                   35.96%                                  -3% 
Ansys Inc.                       ANSS                                            7%        86.08%                               85.01%            33.61%                                   32.07%                                 -36% 
PTC Inc.                          PTC                                            6%        79.40%                               77.65%            34.61%                                   30.96%                                   9% 
Electronic Arts Inc.              EA                                             3%        75.53%                               71.58%            31.36%                                   25.16%                                  -1% 
Tyler Technologies Inc.          TYL                                             3%        40.09%                               39.58%            22.47%                                   21.64%                                 -40% 
                                                                                                                                                                                                                       Source: FactSet 

Click on the tickers for more about each company.

Read Tomi Kilgore's detailed guide to the wealth of information for free on the MarketWatch quote page.

What about the FAANG+ group?

While Tesla made the second quarter's list of tech winners, none of the FAANG+ companies made the third-quarter list. Investors had gotten used to continual sales growth in the high double digits for these companies.

This table shows year-over-year changes in quarterly sales for the group, along with those from a year earlier:

Company                      Ticker  Change in quarterly sales from year earlier  Year-earlier change  Gross margin  Gross margin -- year-earlier quarter  Operating margin  Operating margin -- year-earlier quarter 
Tesla Inc.                    TSLA                                         55.9%                56.8%        25.09%                               26.60%            21.65%                                   20.47% 
Amazon.com Inc.               AMZN                                         14.7%                15.3%        44.71%                               43.21%            10.14%                                   12.44% 
Microsoft Corp.              MSFT                                          10.6%                22.0%        69.17%                               69.89%            48.50%                                   51.75% 
Apple Inc.                    AAPL                                          8.1%                28.9%        42.26%                               42.20%            30.79%                                   32.12% 

(MORE TO FOLLOW) Dow Jones Newswires

November 14, 2022 10:33 ET (15:33 GMT)

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