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<Research>Citi Adds POWER ASSETS (00006.HK) TP to $59 as 1H25 Results Slightly Miss, but Remains Optimistic
Recommend 14 Positive 21 Negative 4 |
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POWER ASSETS (00006.HK)'s 1H25 net profit slightly increased by 1% YoY to $3.042 billion, 2% below Citi Research's expectation, Citi Research issued a research report saying. Its profitability was resilient as over 90% of its earnings come from regulated utility businesses. The broker believed that the slightly lower-than-expected earnings are mainly due to lower-than-expected foreign exchange gains, increased financing costs and lower-than-expected profits from its Australian operations. Its 1H25 interim DPS remained at $0.78, in line with estimation. Considering the Company's sale of a 10% stake in the UK Rails project in 2H25, which will bring in $200 million revenue, Citi Research raised its 2025-2027 net profit forecasts by 1-3%, and added its target price from $58 to $59, with rating kept at Buy due to potential acquisitions that may boost 2026 net profit by 9.6%, US interest rate cuts and the current attractive valuation. AASTOCKS Financial News Website: www.aastocks.com |
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