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...Power Assets is an investment holding company. Through its subsidiaries, Co. is engaged in investment in power and utility-related businesses. Co. has interests in electricity generation, transmission and distribution, renewable energy and gas distribution. Co. operated three segments: Sales of electricity, which supplies electricity in Hong Kong; Investments, which invests in power and utility-related businesses and is segregated further into four reportable segments (U.K., Australia, Mainland China and Others) on a geographical basis; and all other activities, which represents other activities carried out by Co.
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