汇丰银行-香港公用事业-hong kong utilities：uk gets ready for the next utility price control-20170714-hsbc.pdfVIP

14 July 2017   Hong Kong Utilities EQUITIES UTILITIES UK gets ready for the next utility price control Hong Kong  UK regulators recently gave colour on the next pricing review Evan Li* for electricity, gas and water across 2021-23 Head of Utilities Alternative Energy Research, APAC The Hongkong and Shanghai Banking Corporation Limited evan.m.h.li@.hk  Although government wants better efficiency which could trim +852 2996 6619 long-term returns, CKI PAH should outperform due to better Simon Fang* Associate operations The Hongkong and Shanghai Banking Corporation Limited Simon.w.fang@.hk  Near-term catalyst: rising inflation in the UK should lead to +852 2914 9973 margin expansion in 2018. We prefer CKI (Buy) Shanmuga Sundaram Arumugam*