HK Electric Investments' FY17 Result Slightly Ahead; Trust Remains Overvalued
Hong Kong Electric Investments', or HKEI's, fiscal 2017 result was slightly ahead of our expectations. Revenue was largely in line with our expectations while operating costs were lower. A final distribution of HKD 0.2012 per unit takes full-year distribution to HKD 0.4004 for the full year, in line with last year and higher than our HKD 0.3736 per unit forecast.There was little in the result that alters our long-term thesis on the trust and we continue to see its valuation stretched versus our...
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