No Surprises in CKI Results, 2018 Benefits from Acquisitions, our FVE Rises Slightly to HKD 75
There was little surprise in narrow-moat CK Infrastructure Holdings', or CKI's, 2017 performance and given only minor tweaks to our assumptions, our profit estimates are largely unchanged with bottom line growth to pick up to 12.7% in 2018 on the full-year impact of the acquisitions made in 2017 boosting income alongside a benign currency outlook. CKI's cash flow will benefit from associate Power Assets Holdings' special dividend payout but this was largely expected. Our fair value estimate gets...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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