Power Assets Holdings Fair Value Estimate Adjusts Down to HKD 70
A transfer in our analyst coverage of Power Assets Holdings, or PAH, leads to a slight rise in our earnings forecast by 2% but a marginal reduction in our fair value estimate to HKD 70 from HKD 71. The latter change largely reflects the payment of a HKD 5.00 special dividend that lowers our estimate of PAH’s excess net cash to HKD 41 billion from HKD 53 billion. We affirm our narrow moat rating on PAH with its core Hong Kong and U.K. based utilities benefiting from regulated returns that are abo...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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