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2026-02-27 14:48:23 CKI HOLDINGS (01038.HK), POWER ASSETS (00006.HK), and CK ASSET (01113.HK) sold their entire stake in UK Power Networks (UKPN), a UK power distributor, to French energy company Engie. The basic transaction value exceeded HKD110 billion, with the enterprise value reportedly reaching HKD176.8 billion. UBS published a research report indicating that POWER ASSETS' share of the basic transaction value is approximately HKD44.3 billion, with an expected gain of about HKD10.7 billion. UBS considered the deal overall positive for POWER ASSETS, noting that the valuation based on UKPN's RAB is attractive. However, from a capital allocation perspective, UBS believed the odds of POWER ASSETS distributing a special dividend in the short term as unlikely, as the company prefers redeployment of cash through possible new acquisition. If suitable acquisition targets are lacking, the special dividend will be more likely. UBS estimated that the sale of UKPN will have minimal impact on POWER ASSETS' earnings performance and maintained a Buy rating on POWER ASSETS with a target price of HKD70. ~ AASTOCKS Financial News Website: www.aastocks.com | |