As Expected, Special Dividend Lifts Power Assets Holdings, but Is There a Merger on the Cards?
Narrow-moat Power Assets Holdings', or PAH's, proposed special dividend was well anticipated, although the amount of HKD 6.00 per share is above the HKD 5.00 we expected. The company's share price has already reacted, rising over 4% on the news. We believe this marks the last special dividend, with the company paying out a total of HKD 49.8 billion from 2016. As such, the depletion of cash will hurt our fair value estimate for PAH once this last special dividend is paid. Our revised fair value e...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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