[ET Net News Agency, 10 August 2020] Daiwa Research lowered its target price for Power
Assets Holdings (PAH)(00006) to HK$48 from HK$52.5 and maintained its "outperform" rating.
The research house hosted an investor call for PAH after it posted its 1H results on 5
August. Management said PAH will likely receive an additional cash dividend from Husky's
oil pipeline from 2021, which would offset a likely further decline in OCF (operating cash
flow) from the UK regulatory reset of gas networks in 4Q.
With the recent share-price retreat, PAH currently offers the sector's highest yield at
6.6%, which is appealing given other Hong Kong sectors, such as property and banks, are
seeing either DPS cuts or DPS suspension under the current COVID-19 pandemic environment.
Daiwa lowered its 2020-22 EPS forecasts by 6-19%, on a recurring basis, due to the
COVID-19 cost impact and lower-than-expected UK earnings after the weak return reset
results for Northumbrian Water. (KL)
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00006 POWER ASSETS
Nominal 
43.300 +0.200 (+0.464%) Others
10/08/2020 11:20
{I-bank focus}Daiwa trims Power Assets (00006) to HK$48
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