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Citi expects a 2.25% rate cut in the United States over the next 12 months, and expects a valuation re-evaluation of Hong Kong's utilities industry.
Citigroup said that since 1998, the stock price performance of Hong Kong's utilities industry has had a historical correlation of 55%-83% with the yield of US ten-year Treasury bonds.
Hong Kong utilities stocks mostly rose, with the Nikkei Index expected to benefit from economic recession and interest rate trading reversal.
Most of the Hong Kong utilities industry stocks are up. As of press time, Power Assets (00006) rose 3.48% to HKD 53.55; CKI Holdings (01038) rose 2.63% to HKD 54.6; CLP Holdings (00002) rose 2.45% to HKD 69.1.
HK Stocks Stirup | CKI Holdings (01038) rose by more than 3%. Daiwa expects Hong Kong utilities industry to have significant hedging value for the rest of the year. Morgan Stanley's view turns positive.
Most of the Hong Kong utilities industry stocks have risen. As of the time of publication, CKI Holdings (01038) rose 3.10%, reporting 54.80 Hong Kong dollars; Power Assets (00006) rose 3%, reporting 53.30 Hong Kong dollars; CLP Holdings (00002) rose 1.85%, reporting 68.70 Hong Kong dollars; HK & China Gas (00003) rose 0.93%, reporting 6.48 Hong Kong dollars.
Daiwa: Remains bullish on utilities industry and CKI Holdings in public utility stocks, both rated as "buy".
Daiwa released a research report stating that the performance of the utilities industry in Hong Kong and the mainland in the first half of the year should not be too surprising, but the overall industry seems to benefit from the global recession risk and the reversal of the interest rate differential trade in the Asia-Pacific region. It prefers to hold the stock of power assets (00006) rather than CKI Holdings (01038) (expected to be 4.84%) and HK & China Gas (00003) (5.48%, but there is a high degree of uncertainty under deleveraging), and rates power assets and CKI Holdings as"buy", while HK & China gas is rated as "hold". The bank pointed out that even if CKI Holdings and power assets rose.
Daiwa: Still bullish on Power Assets (00006) and CKI Holdings (01038) in the utilities industry, with a 'buy' rating for both.
Daiwa prefers Power Assets (00006) due to its predicted dividend yield of 5.45% in 2024, over CKI Holdings (01038) (estimated at 4.84%) and HK & China Gas (00003) (5.48%, but under high uncertainty amidst deleveraging).
hk & china gas (00003.HK) plans to hold a board of directors meeting on August 16th to approve the interim performance.
hk & china gas (00003.HK) announced that the board of directors will hold a meeting on Friday, August 16, 2024 to review and approve the mid-year performance of the company and its subsidiaries ending on June 30, 2024, and consider the distribution of interim dividends (if any).
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