Lower Projections for CK Infrastructure and Power Assets Holdings, Both Still Look Cheap
After following up with CK Infrastructure, or CKI, and Power Assets Holdings, or PAH, management, we lower our post-2018 earnings outlook by around 5%-7% leading to a cut in our fair value estimates to HKD 68 from HKD 72 for CKI and to HKD 58 from HKD 62 for PAH. The reduction is largely due to the absence of contribution from the Zhuhai power plant after 2018 as the plant reverts to local government ownership. We also expect CKI to take a smaller stake in Australian gas utility APA Group should...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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