Power Assets Holdings' Interim Profit Gets a Lift from China Recovery, Our FVE Is Unchanged
Power Assets Holdings', or PAH's, first-half 2018 net profit grew 2.4% to HKD 4.12 billion, with a recovery in its China power plants and a full six-months contribution from its Duet Group assets, acquired in May 2017, helping to offset lower interest income from its pared down excess cash holdings. We raise our profit forecasts marginally but our fair value estimate remains at HKD 62. We think the stock is undervalued at its current share price. PAH's share price has dropped following the compl...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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