Power Assets Holdings’ Inflation Boost Offset by Reduced HKEI Contribution; Our FVE Unchanged
We retain our fair value estimate for narrow-moat Power Assets Holdings at HKD 66 following tweaks to our profit forecast to account for rising U.K. inflation and a cut in our valuation for HK Electric Investments, or HKEI. We see fairly flat earnings through 2019 at around the HKD 7.5 billion-HKD 7.7 billion level, with increased contributions from recently acquired assets offset by a cut in HKEI’s permitted return from 2019. We think the stock remains fairly valued at this level but expect the...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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