Cheung Kong Infrastructure Holdings' FVE Raised to HKD 69 as We Lift Our Earnings Estimate
Cheung Kong Infrastructure Holdings’, or CKI’s, share price has increased following the approval of its acquisition of Duet Group and reduced European and currency risks. Fundamentally, we think the current share price level is fair, given earnings outlooks, barring future acquisitions. We have raised our earnings estimate for CKI by 7% in 2017 and 11%-13% in the subsequent years to include income from the acquisition of Duet Group in Australia, as well as adjustments to our assumed contribution...CK Infrastructure Holdings and its subsidiaries are engaged in the development, investment and operation of infrastructure businesses in Hong Kong, Mainland China, the U.K., the Netherlands, Australia, New Zealand and Canada. Through its subsidiaries, Co. is engaged in investment holding; production and laying of asphalt; manufacturing, sale and distribution of cement and property investment; financing; treasury; and waste management servicce. Through its principal associates, Co. is engaged in investment in power and utility-related businesses, and electricity distribution.
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