Power Assets FVE Unchanged, but Our Profit Forecasts Are Lowered Slightly
We have fine-tuned our profit forecast assumptions following the release of narrow-moat Power Assets Holdings' annual report, which provides additional details, but our fair value estimate remains HKD 62. Our EPS estimate is lowered by less than 3% in 2018 but by around 6% in the following years. The reduction is mainly due to the timing of added income from 49%-owned Husky Midstream, which we have smoothed out from 2019 through 2021. Husky Midstream's added capacity is on track to come on line ...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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