Channel Infrastructure NZ Limited operates a fuel infrastructure company. The Company owns and operates a petroleum pipeline from the refinery to a terminal at Marsden Point, in Northland. Channel Infrastructure produces motor gasoline, automotive and diesel fuels, aviation jet fuel, light and heavy fuel oils, and bitumen.
We downgrade Channel Infrastructure (CHI) to NEUTRAL from OUTPERFORM. Whilst we continue to like CHI's long-term prospects, we see it as trading at...