[ET Net News Agency, 22 February 2018] Citi Research trimmed its target price for Power
Assets (PAH)(00006) to HK$72 from HK$74.1, and reiterated its "neutral" rating.
The research house cut 2017-19 net profit by 11-14% owing to GBP/HK$ depreciation, lower
interest income and no deferred tax gain. It expects PAH to announce a special DPS of
HK$7.5 in March.
While a potential short term positive catalyst, Citi prefers its immediate parent CKI
(01038) on a 12-month basis due to its EPS accretive M&As and lower negative share price
correlation with US$ bond yield. (KL)