CK Infrastructure 1038

Re: Cheung Kong Infrastructure 1038

Postby winston » Mon May 14, 2018 10:18 am

not vested

Finding Opportunities When Others Cower

We recommend investors take advantage of the current share price weakness to accumulate this undervalued defensive stock.

We think the market has overly punished the stock on two key perceived risks, which we now believe to be more limiting than the market initially assessed.

We see a catalyst emerging as the company will likely acquire more assets this year using the stronger balance sheet supported by the large full year earnings contributions from the acquired assets in 2017.

Reiterate BUY and TP of HKD79




Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/9 ... 5d4589.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Tue May 29, 2018 3:25 pm

not vested

May 24, 2018

<Research Report>JPM: POWER ASSETS, CKI HOLDINGS Div Yields Attractive after Share Prices Retreat

JPMorgan's research report pointed out that it is now a good time to revisit POWER ASSETS (00006.HK) and CKI HOLDINGS (01038.HK), as their share prices underperformed their peers by around 6% last week and are now respectively trading at attractive dividend yields of 4.5% and 5.4%.

POWER ASSETS was rated Neutral at the target price $69, while CKI HOLDINGS was rated Overweight at the target price $75.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Thu Jun 14, 2018 7:31 am

not vested

Victor Li leads CKI consortium bid for Australian gas pipelines operator

A consortium made up of CK Asset Holdings (1113), CK Infrastructure Holdings (1038) and Power Assets Holdings (0006) confirmed today it submitted a bid to acquire Australia's APA Group.

The APA Group operates gas pipelines and is listed on the Australian Securities Exchange.

APA says it operates and maintain natural gas pipeline networks connecting 1.3 million Australian homes and businesses. And it owns or have interests in gas storage facilities, gas-fired power stations and wind farms.

APA owns and/or manages and operates a portfolio of energy assets in excess of A$20 billion and deliver half of Australia's natural gas usage.

The consortium's bid at A$11 a share, values the APA Group at A$12.97 billion. The company's stapled securities last traded at A$8.27 and the offer is 33 percent above the closing price yesterday.

APA's largest shareholder UniSuper, has a 15 percent interest in the company.

Based on the indicative price of A$110 cash per stapled security, the APA board considers that it is in the best interests of APA’s security holders to engage further with the consortium, the company said.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 8893&sid=2
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Mon Jun 25, 2018 1:10 pm

not vested

Cheung Kong Infrastructure Holdings Limited: APA Group in its sights

Cheung Kong Infrastructure Holdings Limited (CKI; stock code: 1038 HK) has formed a consortium with CK Asset Holdings Limited (CKA) and Power Assets Holdings Limited, to submit a non-binding indicative proposal to acquire an Australia energy company (APA Group).

Under the terms of the proposal, the consortium or CKA, subject to certain conditions, has proposed to acquire 100% of the issued stapled securities in APA Group for a cash consideration of A$11.00 per stapled security.

While the composition of this consortium is not surprising, what is unknown at this point is each player’s actual stake in this deal, assuming it goes through.

CKI will be undertaking due diligence on a non-exclusive basis as a next step, and it could still be some time before any potential transaction is finally undertaken.

Separately, we believe the recent broad market sell-off has created a fairly attractive entry point for CKI.

CKI’s yield spread against the US 10-year has now risen to 1.62 ppt, which is 1.2 S.D. above its 5-year mean.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Fri Oct 05, 2018 9:14 am

not vested

CK Infrastructure Holdings Limited (1038 HK): Gearing up, in more ways than one

CK Infrastructure Holdings Limited (CKI; stock code: 1038 HK) has been involved in a number of corporate activities over the last few months.

Apart from the potential APA Group acquisition which we have discussed in previous reports, CKI has also entered into an Economic Benefit Agreement, which would see it acquiring a 30% interest in a portfolio of infrastructure assets owned by its parent, CK Hutchinson.

Still, like how any good shopper would be mindful of his/her credit card limit, CKI is clearly aware of the elevated gearing levels should the abovementioned transactions come to fruition.

Accounting for both transactions, CKI’s net gearing would increase from 15.2% (as of end-June 2018) to ~23-24% by end-2018, which would be near levels seen back in 2000 (26.7%).

Still, we note that CKI is not out of options. It currently has a 38.87% stake in Power Assets, and can look to pare that down to around the 30% handle, which would free up ~HK$10.2b of cash.

Also, Bloomberg previously reported that CKI is looking to list some UK assets through a London IPO. While speculative at this juncture, such a corporate action could well assuage concerns around the group’s leverage.

For the above mentioned reasons, we remain constructive on CKI, despite the tightening yield spread against the US 10-year.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Thu Jun 04, 2020 1:45 pm

COMPANY PROFILE

CK Infrastructure Holdings Limited, formerly Cheung Kong Infrastructure Holdings Limited, is a company mainly engaged in the development, investment and operation of infrastructure businesses.

Its operations include electricity generation, transmission and distribution, gas distribution, transportation, water treatment and distribution, waste management and waste-to-energy, as well as infrastructure materials.

Its transportation business includes the operation of airport car parks, as well as toll roads and bridges.

Its infrastructure materials business includes the production and sale of cement, concrete and aggregates.

In addition, the Company is also involved in oil pipelines and storage business.

The Company’s portfolio now spans Hong Kong, Mainland China, the United Kingdom, the Netherlands, Portugal, Australia, New Zealand and Canada.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Thu Jun 04, 2020 1:50 pm

not vested

May 25, 2020

<Research Report>Daiwa: CKI HOLDINGS (01038.HK) HK Biz Negligible, Price Correction Unjustified

CKI HOLDINGS (01038.HK)'s price corrected by 7% last Friday, above the 2-6% correction of its Hong Kong utilities fellows.

Daiwa found CKI HOLDINGS' correction unjustified as the Hong Kong electricity business accounted for only 3% of its 2019 earnings.

Equally, UK utilities were trading at 28-238% PER/ PBR valuation premiums to CKI HOLDINGS.

CKI HOLDINGS was reaffirmed at Buy, with target kept at $56.2.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Thu Aug 06, 2020 10:24 am

not vested

<Blue Chip Results>CKI Interim NP Falls 51.9% YoY to $2.86B; Interim Div Kept at $0.68

CKI HOLDINGS (01038.HK) announced interim results ended June 2020.

The turnover rose 0.9% yearly to HK$18.241 billion.

The net profit amounted to HK$2.86 billion, down 51.9% yearly.

EPS equaled HK$1.14.

Interim DPS was HK$0.68, flattish yearly.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Thu Aug 06, 2020 10:26 am

not vested

July 15, 2020

<Research Report>BofAS Trims CKI HOLDINGS (01038.HK) TP to $55.3; Restated Buy

The UK Ofgem published a draft determination for RIIO-2 (revenue = incentive + innovation + output value), which is more stringent than market expectation, BofA Securities mentioned in its report.

CKI HOLDINGS (01038.HK)'s Baseline CPIH based CoE was halved to 3.95% from 7.7% under RIIO-1, being less than May 2019's proposal of 4.3%.

Given reduced profit contribution from POWER ASSETS (00006.HK), BofA Securities trimmed 2020E/ 2021E/ 2022E profit on CKI HOLDINGS by 4%/ 5%/ 2%.

The target price was sunk to $55.3 from $60.9 with rating reiterated at Buy.

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CK Infrastructure 1038

Postby winston » Thu Aug 06, 2020 12:52 pm

not vested

Brokers' Latest Views, Ratings, TPs on CKI HOLDINGS (01038.HK) (Table)

Brokers│Ratings│TPs (HK$)
UBS│Buy│58
Daiwa│Buy│56.2
Nomura│Buy│68.8->52.3
Goldman Sachs│Neutral│52
Morgan Stanley│Equalweight│50
JPMorgan│Overweight│48.5
Citigroup│Buy│54.5->48.5
HSBC Global Research│Buy->Hold│53->43
--------------------------

Brokers│Views
UBS│Interim result dented by deferred tax loss
Daiwa│Interim result weak, recurring profit down 16%
Nomura│USD weakness offers upside to 2H result
Goldman Sachs│Result in-line; DPS may sustain
Morgan Stanley│Faces more regulatory risk; full-yr DPS may hike slightly
JPMorgan│2H earnings to ride on forex
Citigroup│Interim result misses; may keep 6.1% div yield
HSBC Global Research│2020 biz volatile, lacks M&A catalyst

CKI Interim NP Falls 51.9% YoY to $2.86B; Interim Div Kept at $0.68

Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

PreviousNext

Return to C

Who is online

Users browsing this forum: No registered users and 9 guests

cron