CLP: volatility hedge and more

The perception of CLP Holdings [2] as a defensive utility play largely sees it attract interest only when the market is volatile. During the market correction earlier this month, the stock outperformed as investors sought a safe haven from rising oil prices and tensions in the Middle East. But while analysts see little excitement in this year’s profit outlook, they are more bullish for FY2001 when non-electricity operations become an earnings driver.