该行指出，长江基建每股派息增加1.4%符合预期，电能实业维持派息不变。该行料长江基建今年及明年每股派息增长维持低单位数，基于监管重整对盈利的利好在2026年才产生，且管理层或倾向保留现金作并购。两间公司本年至今累计已公布3项收购，涉及供气及可再生能源资产。基于健康财务状况，相信管理层将对并购更加主动，并在并购与派息作出合适平衡。JP Morgan expects CKI Holdings (01038) to maintain low single-digit per share dividend growth this year and next year.
JP Morgan released a research report stating that it raised its profit forecast for CKI Holdings (01038) from 2021 to 2026 by an average of about 1%, reflecting better-than-expected profits from the company's UK business in the first half of the year. The bank also raised its profit forecast for Power Assets (00006) for the same period by a similar margin. The target price for both stocks was raised from HKD 55 to HKD 60, with a rating of "shareholding".
The report stated that the mid-term performance of CKI Holdings and Power Assets did not have any major surprises, but the highlight was the UK business. CKI Holdings and Power Assets' business profits in the UK increased by 17% and 11% respectively, driven by good asset management efficiency growth and inflation of regulatory asset value (RAV) in the UK power grid. The bank pointed out that CKI Holdings' per-share dividend increase of 1.4% is in line with expectations, and Power Assets maintains an unchanged dividend. The bank expects CKI Holdings' per-share dividend growth to remain low single-digit this year and next year, based on the bullish effects of regulatory reorganization on profits in 2026, and management's preference for preserving cash for mergers and acquisitions. The two companies have announced three acquisitions involving gas supply and renewable energy assets this year. Based on its healthy financial condition, the bank believes that management will be more proactive in M&A and strike a suitable balance between M&A and dividends.
The bank pointed out that CKI Holdings' per-share dividend increase of 1.4% is in line with expectations, and Power Assets maintains an unchanged dividend. The bank expects CKI Holdings' per-share dividend growth to remain low single-digit this year and next year, based on the bullish effects of regulatory reorganization on profits in 2026, and management's preference for preserving cash for mergers and acquisitions. The two companies have announced three acquisitions involving gas supply and renewable energy assets this year. Based on its healthy financial condition, the bank believes that management will be more proactive in M&A and strike a suitable balance between M&A and dividends.
