[ET Net News Agency, 3 January 2018] Deutsche Bank lifted its target price for CK
Infrastructure Holdings (01038) to HK$72.1 from HK$66.4 on the back of the higher FX rates
and the earnings revision, and maintained its "hold" rating.
The research house revised up its recurring earnings forecasts by 9%/19%/21% in 2017-19
driven by: (1) higher FX exchange rates, which account for 6%/8%/8% of the total earnings
revision; (2) new profit contribution from Ista, which boosts earnings by 1%/9%/9%; (3)
higher ROE for Duet, accounting for 2%/3%/4% earnings revision; (4) factoring in its
Australian utilities team's latest profit forecast for SAPN and VPN, which accounts for
1%/1% in 2018/19. (KL)