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00006 POWER ASSETS
RTNominal up54.900 +0.750 (+1.385%)
Others

27/07/2018 16:03

[I-bank focus]Citi upgrades Power Assets (00006) to "buy"

[ET Net News Agency, 27 July 2018] Citi Research lowered its target price for Power
Assets (PAH)(00006) to HK$68 from HK$73, but upgraded its rating to "buy" from "neutral".
The research house said the upgrade reflects (1) it is in net cash hence financially
sound for M&As; (2) Citi expects the acquisition of a 20% stake of APA in Australia in
November-December 2018; and (3) its 4.9% 2018 dividend yield is attractive.
Citi thinks the recent share price correction has reflected weaker than expected
performance in the UK. Its 2018-20 net profits were raised 4-11% mainly on more profits
from HKEI (02638) with higher than anticipated SOC capex rise as well as from China's
coal-fired plants with utilization rise. (KL)

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