汇丰银行-香港公用事业-hongkongutilities1h17cki(strongresults)pah(specialdividend)-20170721-hsbc.pdfVIP

21 July 2017   EQUITIES Hong Kong Utilities UTILITIES 1H17: CKI (strong results) PAH (special dividend) Hong Kong  CKI and PAH 1H17 profits met our expectations. Stripping out Evan Li* Head of Utilities Alternative Energy Research, APAC FX and one-offs, core earnings have shown strong growth The Hongkong and Shanghai Banking Corporation Limited evan.m.h.li@.hk  PAH declared a special dividend, keeping CKI’s gearing +852 2996 6619 healthy. Profit growth could accelerate with catalysts in mind Simon Fang* Analyst, Utilities Alternative Energy The Hongkong and Shanghai Banking Corporation Limited  We prefer CKI (solid operations and MAs), followed by PAH summeryyhuang@.hk +852 2914 9973 (both are rated Buy) Shanmuga Sundaram Arumugam*