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<Research>HSBC Research Prefers CLP HOLDINGS Most Among HK Utilities, Downgrades POWER ASSETS to Hold
Recommend 41 Positive 75 Negative 38 |
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Hong Kong utility stocks have demonstrated resilience amid the market turmoil, with the dividend and US 10-year Treasury yield spread narrowing to the lowest since 2020 because of improved fundamentals, according to a report from HSBC Global Research. The broker believes that this spread may narrow further as China's southbound investors continue to increase holdings, especially in stocks with higher dividend growth potential. HSBC Global Research preferred CLP HOLDINGS (00002.HK) the most, followed by CKI HOLDINGS (01038.HK), both benefiting from the decline in HIBOR and the HKD depreciation. The broker also downgraded POWER ASSETS (00006.HK) from Buy to Hold, considering the current dividend as reasonable and cash flow constraints limiting further dividend growth. Share│Investment Rating│Target Price (HKD) CLP HOLDINGS (00002.HK)│Buy│80 CKI HOLDINGS (01038.HK)│Buy│66 -> 65 HKELECTRIC-SS (02638.HK)│Buy│6.2 -> 6.8 POWER ASSETS (00006.HK)│Buy->Hold│62 -> 51 HK & CHINA GAS (00003.HK)│Hold│6.2 -> 6.6 AAStocks Financial News |
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