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Equity Bottom-Up

CK Infrastructure Holdings / Equity Bottom-Up

Cheung Kong Infrastructure Holdings, or CKI, has seen its share price decline over the past few months following disappointment over the blocked Ausgrid bid in Australia and the drop in the British pound to below the USD 1.30 level.We think both events are short-term momentum speedbumps and have limited impact on our fair value estimate, which is retained at HKD 70 per share, and our narrow moat rating. We continue to expect CKI to be able to afford to grow its DPS at around the 4%-5% pace annually over the next 10 years. While this may be slower than the 11% average growth pace seen in 2010-2014, we think it remains a decent rate of growth.Analyst: Jennifer Song

Cheung Kong Infrastructure Holdings, or CKI, has seen its share price decline over the past few months following disappointment over the blocked Ausgrid bid in Australia and the drop in the British pound to below the USD 1.30 level.We think both events are short-term momentum speedbumps and have limited impact on our fair value estimate, which is retained at HKD 70 per share, and our narrow moat rating. We continue to expect CKI to be able to afford to grow its DPS at around the 4%-5% pace annually over the next 10 years. While this may be slower than the 11% average growth pace seen in 2010-2014, we think it remains a decent rate of growth.Analyst: Jennifer Song

CKI Holdings: Much Ado About Sterling, No Change in Our View