CKI Holdings Posts Decent First-Half Performance, Fair Value at HKD 70
We raise our fair value estimate on Cheung Kong Infrastructure Holdings, or CKI, to HKD 70 from HKD 69 following a decent first-half performance that leads us to lift our full-year 2016 earnings forecast by around 3% to HKD 11.4 billion. Notably, the underlying earnings at its Australian utility assets were better than we expected, helped by the finalization of its regulated return resets that pared the draft cuts. The key issue for CKI remains currency headwinds with the post-Brexit drop in the...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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