reports
An unfavourable environment weighs on HK ELECTRIC INVESTMENTS, which s...
The independent financial analyst theScreener just requalified the general evaluation of HK ELECTRIC INVESTMENTS (HK), active in the Conventional Electricity industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as defensive. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Neutral. As of the analysis date January 28, 2022, th...
- Valens Research
- Michael Wu
- Michael Wu
- Michael Wu
Morningstar | HKEI's Distribution Per Unit In-Line, Remains Overvalued...
Our thesis on Hong Kong Electric Investment is unchanged after its fiscal 2019 result. We continue to expect the narrow moat rated utility to generate steady increase in distribution in the medium term. As previously noted, fiscal 2019 distribution will decline as the new Scheme of Control, or SoC, kicks in, which offers a lower rate of return of 8%, relative to 10% under the old SoC. While the calculation of the rate of return was not disclosed, we attribute the reduced return to lower cost of ...
- Michael Wu
HKEI's Distribution Per Unit In-Line, Remains Overvalued as Distributi...
Our thesis on Hong Kong Electric Investment is unchanged after its fiscal 2019 result. We continue to expect the narrow moat rated utility to generate steady increase in distribution in the medium term. As previously noted, fiscal 2019 distribution will decline as the new Scheme of Control, or SoC, kicks in, which offers a lower rate of return of 8%, relative to 10% under the old SoC. While the calculation of the rate of return was not disclosed, we attribute the reduced return to lower cost of ...
- Michael Wu
Morningstar | HK Electric Investments' High-Quality Assets Operate in ...
Hong Kong Electric Investments is one of two vertically integrated electricity suppliers in Hong Kong and the sole provider of electricity to the island. Its peer CLP provides electricity to Kowloon, New Territories, and Outer Islands. We like the consistent, favorable regulatory regime in Hong Kong, allowing Hong Kong Electric Investments to earn reasonable returns and underpin its steady distribution payout. The new Scheme of Control governing the framework for the government's review of utili...
- Michael Wu
HK Electric Investments' High-Quality Assets Operate in a Stable Regul...
Despite a decline of 8% in HK Electric Investments' unit price from a peak of HKD 8.20 in July this year, we continue to see the utility trust as overvalued against our unchanged fair value of HKD 5.50. The trust has outperformed the Hang Seng Index with investors staying defensive amid market volatility and concerns over Chinese and U.S. trade relations. We expect this to be the case for the remainder of the year if uncertainty in the market persists. Our narrow economic moat rating on the trus...
- Michael Wu
Morningstar | HK Electric Investment Remains Overvalued Despite Weaker...
Despite a decline of 8% in HK Electric Investments' unit price from a peak of HKD 8.20 in July this year, we continue to see the utility trust as overvalued against our unchanged fair value of HKD 5.50. The trust has outperformed the Hang Seng Index with investors staying defensive amid market volatility and concerns over Chinese and U.S. trade relations. We expect this to be the case for the remainder of the year if uncertainty in the market persists. Our narrow economic moat rating on the tru...
- Michael Wu
Morningstar | HK Electric Investment Remains Overvalued Despite Weaker...
Despite a decline of 8% in HK Electric Investments' unit price from a peak of HKD 8.20 in July this year, we continue to see the utility trust as overvalued against our unchanged fair value of HKD 5.50. The trust has outperformed the Hang Seng Index with investors staying defensive amid market volatility and concerns over Chinese and U.S. trade relations. We expect this to be the case for the remainder of the year if uncertainty in the market persists. Our narrow economic moat rating on the tru...
- Michael Wu
HK Electric Investment Remains Overvalued Despite Weaker Unit Price
Despite a decline of 8% in HK Electric Investments' unit price from a peak of HKD 8.20 in July this year, we continue to see the utility trust as overvalued against our unchanged fair value of HKD 5.50. The trust has outperformed the Hang Seng Index with investors staying defensive amid market volatility and concerns over Chinese and U.S. trade relations. We expect this to be the case for the remainder of the year if uncertainty in the market persists. Our narrow economic moat rating on the trus...
- Michael Wu
Morningstar | HK Electric Investment's First-Half Result and Distribut...
Hong Kong Electric Investment's, or HKEI's, first-half distribution per unit of HKD 0.1992 was in line with our expectations, and we maintain our full year forecast of HKD 0.40 per unit for the full year. The utility continues to perform as expected, with more favourable weather conditions resulting in a 2.1% increase in electricity sales. Our fair value of HKD 5.50 is unchanged and represents a fair distribution yield of 6% in 2019. This accounts for a decline in the rate of return to 8% from 9...
- Michael Wu
Morningstar | HK Electric Investment's First-Half Result and Distribut...
Hong Kong Electric Investment's, or HKEI's, first-half distribution per unit of HKD 0.1992 was in line with our expectations, and we maintain our full year forecast of HKD 0.40 per unit for the full year. The utility continues to perform as expected, with more favourable weather conditions resulting in a 2.1% increase in electricity sales. Our fair value of HKD 5.50 is unchanged and represents a fair distribution yield of 6% in 2019. This accounts for a decline in the rate of return to 8% from 9...
- Michael Wu
HK Electric Investment's First-Half Result and Distribution In Line
Hong Kong Electric Investment's, or HKEI's, first-half distribution per unit of HKD 0.1992 was in line with our expectations, and we maintain our full year forecast of HKD 0.40 per unit for the full year. The utility continues to perform as expected, with more favourable weather conditions resulting in a 2.1% increase in electricity sales. Our fair value of HKD 5.50 is unchanged and represents a fair distribution yield of 6% in 2019. This accounts for a decline in the rate of return to 8% from 9...
- Michael Wu
Favourable Development Plan Reflects Consistent Regulatory Regime for ...
We believe the approval of the latest development plan by the executive council of the Hong Kong government is a positive for electricity utilities CLP and Hong Kong Electric Investment, or HKEI. The development plan covers upcoming capital investments for the two utilities between Oct. 1, 2018, and Dec. 31, 2023, and allows the two operators to achieve several initiatives, including reducing carbon emissions and securing natural gas supply through the construction of an offshore liquefied natur...
- Michael Wu
Small Increase in 2018 Electricity Tariffs for CLP and HKEI; No Change...
In their annual tariff reviews, both electricity operators CLP Holdings and HK Electric Investments, or HKEI, will increase average net tariffs by 1.9% in 2018 to HKD 1.154 per kilowatt hours and HKD 1.125 per kilowatt hours, respectively. The increase was largely in line with our expectations and reflects the electricity operators’ focus in maintaining slight increases in electricity tariffs, conscious of the scrutiny attracted by a rapid increase in electricity prices for households. Our nar...
- Michael Wu
Initiating Coverage on Narrow-Moat HK Electric Investments with HKD 5 ...
We are initiating coverage on narrow moat-rated HK Electric Investments, or HKEI, with a fair value of HKD 5 and a 1-star recommendation. Our fair value of HKD 5 represents a fair distribution yield of 7.5% and enterprise value/EBITDA of 10.6 times. We apply weighted average cost of capital of 5.6%, which is at the low end of peers within our global utilities coverage. Our 1-star recommendation is based purely on valuation grounds as we view the vertically integrated electricity operator's asset...
A director bought 265,000 shares at 7.375HKD and
A director at HK Electric Investments Ltd bought 265,000 shares at 7.375HKD and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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