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RTNominal down8.000 -0.020 (-0.249%)

24/03/2020 09:54

{I-bank focus}Daiwa cuts HK Electric-SS (02638) to HK$7.4

[ET Net News Agency, 24 March 2020] Daiwa Research lowered its target price for HK
Electric Investments (HKEI)(02638) to HK$7.4 from HK$8.35 but downgraded its rating to
"hold" from "outperform".
The research house said HKEI's share price has fallen by only 7% year-to-date,
outperforming HK utility peers by 18-26pp, on the stable yield driven by its fixed SoC
(Scheme of Control) earnings of 8% from its HK electricity business offering greater
immunity from the market volatility on account of the global COVID-19 outbreak.
However, with its parent companies Power Asset (PAH)(00006) and CK Infrastructure
(CKI)(01038) correcting by 25-33% in March to date, Daiwa believes HKEI's 4.5% dividend
yield is starting to lose appeal versus PAH's 6.7% and CKI's 7.1%. (KL)

Remark: Real time quote last updated: 07/08/2020 17:58
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