Power Assets FVE Adjusted to HKD 62 as it Goes Ex-Dividend
We lower our fair value estimate on Power Assets Holdings to HKD 62 from HKD 68 with the company going ex-dividend today. There is no other change to our view on the company. We believe that this latest special dividend of HKD 6 per share is likely to be the last exceptional dividend payout by the company that relates to the excess cash it has held onto following the spin-off of Hong Kong Electric in 2014. Power Assets will have paid out almost HKD 50 billion in total dividends in 2017 and 2018....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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