CKI to Maintain Dividends and Cash Flow; Foreign Exchange, U.K., and China Concerns Unwarranted

We see CK Infrastructure's, or CKI's, share price selloff of 22% since August 2022 to be unwarranted with the company's exposure to geopolitical, inflation, and interest-rate risks well-contained. Our forecast dividends are unchanged following an update with management. However, we factor in a lower British pound, Australian dollar, and euro exchange rates versus the Hong Kong dollar leading to a cut in our fair value estimate to HKD 58 from HKD 61.