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Author: kimeng   |   Latest post: Wed, 19 Jun 2019, 9:13 AM

 

CK Infrastructure Holdings Limited (1038 HK): Results Under Our Expectations

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CK Infrastructure Holdings Limited’s FY18 (CKI; stock code: 1038 HK) results were under our expectations. The group’s UK portfolio had a flat YoY contribution of HK$5.3b, though a 4% growth would have registered excluding the oneoffs in 2017.

Profit from Australia grew 7% YoY (or 10% in local currency terms) to HK$2.1b, with contribution from United Energy, Multinet Gas and Dampier to Bunbury Pipeline as some of the main drivers.

Accounting for one-offs, CKI’s core PATMI came in at HK$10.5b, which constituted 91.2% of our full-year forecast. Full year dividend came in at HK$2.43/share, representing a payout ratio of ~58.7%, which is notably lower than the 61.5% achieved in 2017.

Management appears to be cautious of the result of the near-term regulatory resets for a number of assets in 2020. We maintain our BUY rating, but place our FV of HK$73.42 under review.

Source: OCBC Research - 21 Mar 2019

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