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Power Assets Holdings Ltd 00006

Morningstar Rating
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Stock XHKG Rating as of
HKD 45.10 −0.35 (0.77%)
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As of Delayed Price Closed
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Company Report

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CK Infrastructure and Power Assets: PNGL Acquisition Is Decent but Doesn’t Move the Needle

Lorraine Tan

CKI Holdings’ and Power Assets Holdings’, or PAH, purchase of the holding company of Northern Ireland gas distributor Pheonix Natural Gas Ltd, or PNGL, for GBP 312.6 million is decent, in our view, but should only lift annual earnings by around 1% for CKI and PAH. Our fair value estimates for both companies are unchanged, remaining at HKD 53.30 per share for CKI and HKD 48.60 per share for PAH. Both companies are trading in 4-star territory, but we prefer CKI as we expect dividend growth versus PAH’s flat dividends. CKI is yielding 5.9% at the current share price and PAH at 6.3%.

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Price vs Fair Value

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00006 is trading at a 9% discount.
Price
HKD 44.05
Fair Value
HKD 21.10
Uncertainty
Low
1-Star Price
HKD 77.37
5-Star Price
HKD 36.18
Economic Moat
Rtnf
Capital Allocation
Fmlsmgnbc

Bulls Say, Bears Say

Bulls

PAH will resume dividend growth once currency headwinds subside.

Bears

Rising energy bills in weak economies will lead regulators to cut allowed returns in the UK, and Australia, more than expected.

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Trading Information

Previous Close Price
HKD 45.45
Day Range
HKD 45.05–45.85
52-Week Range
HKD 36.10–48.15
Bid/Ask
HKD 45.10 / HKD 45.15
Market Cap
HKD 96.11 Bil
Volume/Avg
2.6 Mil / 2.4 Mil

Key Statistics

Price/Earnings (Normalized)
14.17
Price/Sales
73.40
Dividend Yield (Trailing)
6.25%
Dividend Yield (Forward)
6.25%
Total Yield
6.25%

Company Profile

Power Assets Holdings is an investment holding company with a focus on regulated utility assets. The firm owns a portfolio of regulated electricity and gas assets and similarly stable utilities in Hong Kong, the UK, Australia, Canada, Europe, and New Zealand. Profit from its regulated assets make up around 80% of total income, with contribution from its UK and Australian assets totaling more than 60% of group profit. The firm is part of CK Hutchison Holdings, a Hong Kong-based multinational conglomerate, and is currently 36% owned by CK Infrastructure Holdings.
Sector
Utilities
Industry
Utilities - Independent Power Producers
Stock Style Box
Large Core
Total Number of Employees
13
Website
https://www.powerassets.com

Competitors

Valuation

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Metric
00006
01038
00002
Price/Earnings (Normalized)
 14.1714.0815.27
Price/Book Value
 1.070.921.53
Price/Sales
 73.4018.841.80
Price/Cash Flow
 59.8730.368.65
Price/Earnings
00006
01038
00002

Financial Strength

Metric
00006
01038
00002
Quick Ratio
 1.331.380.41
Current Ratio
 1.341.480.63
Interest Coverage
 43.2010.776.67
Quick Ratio
00006
01038
00002

Profitability

Metric
00006
01038
00002
Return on Assets (Normalized)
 7.13%5.09%4.34%
Return on Equity (Normalized)
 7.72%6.92%9.70%
Return on Invested Capital (Normalized)
 7.37%5.55%6.46%
Return on Assets
00006
01038
00002
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Utilities - Independent Power Producers Industry Comparables

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HGKGY
Power Assets Holdings Ltd ADR—Xvbn$12.3 Bil
HGKGF
Power Assets Holdings Ltd—Ygdd$12.3 Bil
CRPJY
China Resources Power Holdings Co Ltd ADRCmwvqmwsKjn$12.1 Bil
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Centrica PLCPyzqldwngDlqmv$8.7 Bil
CPYYY
Centrica PLC ADRBwyxxgrZtvb$8.7 Bil
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Datang International Power Generation Co Ltd Class H—Yrwq$6.3 Bil

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