Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Event-Driven

<ul><li>We are raising our fair value estimate for Power Assets Holdings, or PAH, to HKD 73, based on our anticipation of a successful takeover by Cheung Kong Infrastructure Holdings, or CKI.</li><li>In our view, the combined entity will derive efficiencies.</li><li>The proposal gives 1.04 CKI shares for each PAH share, and we estimate CKI's revised fair value estimate at HKD 70 per share.</li><li>As a sweetener, CKI is proposing a special dividend of HKD 5 for shareholders of the merged entity.</li><li>However, if the takeover fails, we anticipate PAH reverting to its intrinsic value of HKD 68 per share.</li></ul>Analyst: Jennifer SongSector Head: Mathew HodgeFull report below the fold...

We are raising our fair value estimate for Power Assets Holdings, or PAH, to HKD 73, based on our anticipation of a successful takeover by Cheung Kong Infrastructure Holdings, or CKI.In our view, the combined entity will derive efficiencies.The proposal gives 1.04 CKI shares for each PAH share, and we estimate CKI's revised fair value estimate at HKD 70 per share.As a sweetener, CKI is proposing a special dividend of HKD 5 for shareholders of the merged entity.However, if the takeover fails, we anticipate PAH reverting to its intrinsic value of HKD 68 per share.Analyst: Jennifer SongSector Head: Mathew HodgeFull report below the fold...

Proposed Takeover by Cheung Kong Infrastructure Leads to a Boost

CK Infrastructure Holdings / Event-Driven

<ul><li>Cheung Kong Infrastructure's, or CKI's, proposed takeover of Power Assets Holdings is positive.</li><li>CKI and Power Assets have significant stakes in common assets. The merger will simplify the ownership structure, remove a layer of costs and provide the firm with direct access to the underlying cash flows.</li><li>Power Assets also brings significant excess cash, which we we think will be better utilised within the combined and simplified structure, providing funds to increase earnings.</li></ul>Analyst: Jennifer SongRegional Director: Lorraine Tan, CFAFull report below the fold....

Cheung Kong Infrastructure's, or CKI's, proposed takeover of Power Assets Holdings is positive.CKI and Power Assets have significant stakes in common assets. The merger will simplify the ownership structure, remove a layer of costs and provide the firm with direct access to the underlying cash flows.Power Assets also brings significant excess cash, which we we think will be better utilised within the combined and simplified structure, providing funds to increase earnings.Analyst: Jennifer SongRegional Director: Lorraine Tan, CFAFull report below the fold....

Proposed Takeover of Power Assets Holdings is Positive

Hong Kong

Power Assets Holdings Limited invests in power generation, transmission and distribution as well as gas distribution. The Company has investments in Hong Kong, Australia, Canada, China, New Zealand and Thailand.

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Power Assets Holdings (6 HK)

Proposed Takeover by Cheung Kong Infrastructure Leads to a Boost

We are raising our fair value estimate for Power Assets Holdings, or PAH, to HKD 73, based on our anticipation of a successful takeover by Cheung...

Morningstar, Inc.

Proposed Takeover of Power Assets Holdings is Positive

Cheung Kong Infrastructure's, or CKI's, proposed takeover of Power Assets Holdings is positive. CKI and Power Assets have significant stakes in...

Morningstar, Inc.

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