<Research Report>POWER ASSETS (00006) rated Underperform with TP lifted to HK$57.6 by BofA ML

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POWER ASSETS (00006) rated Underperform with TP lifted to HK$57.6 by BofA ML

2012-07-26 11:43:48

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Bank of America Merrill Lynch said European Commission approved CKI HOLDINGS (01038), POWER ASSETS (00006), CHEUNG KONG (00001) and Li Ka Shing Foundation to acquire Wales & West Utilties(WWU) with HK$7.75 billion. POWER ASSETS will contribute 30% of the investment.

CKI said it would continue to seek for acquisition opportunities after the placement while POWER ASSETS' gearing ratio will climb to around 36% after the acquisition.

Merrill Lynch lifted its 2012 earnings forecast for POWER ASSETS by HK$75 million. POWER ASSETS was rated Underperform with target price raised to HK$57.6 from HK$54.1.

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