Our FVEs on CK Hutchison, CK Infrastructure, and Power Assets Holdings Maintained
Following recent news, we are maintaining our fair value estimates on CK Hutchison, or CKH, at HKD 118, CK Infrastructure, or CKI, at HKD 68 and Power Assets Holdings or PAH at HKD 58, and believe all three are still relatively attractive although we have a preference for Best Idea CKH. Overall, we think the Economic Benefits Agreement, or EBA, is slightly positive for CKI and PAH and fairly neutral for CKH with no change to our moat ratings with CKI and PAH being narrow-moat and CKH with no moa...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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