Core Viewpoint - The company reported a revenue of HKD 22.09 billion for 1H25, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was HKD 43.48 billion, reflecting a slight increase of 0.9% year-on-year. The company maintains a strong risk resilience in its business model and anticipates potential increases in returns from various assets in 2025/26, leading to a stable or increasing profit outlook, thus maintaining a "buy" rating [1]. Group 1 - The UK business contributed a profit of HKD 22.23 billion in 1H25, showing a year-on-year increase of 19.2%, benefiting from the strong performance of regulated assets and the appreciation of the GBP [2]. - The Australian business reported a profit contribution of HKD 7.93 billion in 1H25, a decrease of 8.2% year-on-year, primarily due to the expiration of several contracts and a decline in market electricity prices [2]. - The Canadian business's profit contribution was HKD 2.75 billion in 1H25, down 8.6% year-on-year, mainly due to a decrease in generation and electricity prices at Canadian Power gas plants [2]. Group 2 - The company expects an increase in allowed returns for regulated assets entering new regulatory periods in 2025/26, which will support future earnings growth [3]. - The Northumbrian Water (NW) is set to enter a new regulatory period on April 1, 2025, and is currently seeking a re-determination from regulators to secure better terms, with an expected increase in allowed returns [3]. - The company adjusted its profit forecasts for 2025-2027, estimating net profits of HKD 81.2 billion, HKD 87.9 billion, and HKD 92.9 billion respectively, reflecting slight adjustments from previous estimates [3].

Investment Rating - The investment rating for the company is "Buy" [6][1]. Core Views - The company reported a revenue of HKD 22.09 billion for 1H25, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was HKD 43.48 billion, reflecting a slight increase of 0.9% year-on-year. The interim dividend declared was HKD 18.39 billion, representing 42.3% of the net profit attributable to shareholders, with a corresponding DPS of HKD 0.73 [1][2][4]. - The company is expected to see an increase in profit due to the anticipated adjustment in return rates for several assets in 2025/26, which will enhance earnings stability [3][4]. Summary by Sections Financial Performance - The UK business contributed a profit of HKD 22.23 billion in 1H25, up 19.2% year-on-year, driven by the robust operation of regulated assets and a strong GBP exchange rate. The contribution from the Australian business was HKD 7.93 billion, down 8.2% year-on-year, primarily due to contract expirations and declining market electricity prices. The Canadian business reported a profit of HKD 2.75 billion, down 8.6% year-on-year, due to reduced generation and pricing at gas plants [2][4]. Regulatory Environment - Several regulated assets that entered the previous regulatory period during the low-interest rate environment of 2020/21 are expected to enter a new regulatory period in 2025/26, which is anticipated to lead to an increase in allowed return rates, supporting future earnings growth [3][4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of HKD 81.2 billion, HKD 87.9 billion, and HKD 92.9 billion respectively. The corresponding EPS for 2025 is projected at HKD 3.22. The target price is set at HKD 64.62, based on a price-to-book ratio of 1.32x for 2025 [4][10].

Group 1 - The core viewpoint of the report indicates that Cheung Kong Infrastructure's net profit for the first half of the year is HKD 4.35 billion, with core net profit growing by 2% year-on-year to HKD 4.28 billion, meeting market expectations, driven by strong performance in the UK business [1] - The report anticipates that in the upcoming reset period, more favorable terms will drive single asset profit growth, with the group expected to achieve an annual profit growth of 9% to 10% over the next 2 to 3 years [1] - The earnings per share forecast for the company from 2025 to 2027 has been revised down by 4% to 5%, with the target price slightly reduced from HKD 60.2 to HKD 60, while maintaining a "neutral" rating [1] Group 2 - Cheung Kong Infrastructure Group (01038.HK) plans to hold a board meeting on August 13 to approve its interim results [2] - Huatai Securities has initiated coverage on Cheung Kong Infrastructure Group, giving a target price of HKD 64.73 and a "buy" rating [2]

Core Viewpoint - Daiwa's report indicates that Changjiang Infrastructure Group (01038) achieved a net profit attributable to shareholders of HKD 4.348 billion in the first half of the year, representing a year-on-year growth of 1% [1] - The company has confirmed the completion of the sale of its UK Rails assets, with performance and merger progress aligning with Daiwa's expectations [1] Financial Performance - The interim dividend per share is HKD 0.73, an increase of HKD 0.01 compared to the previous year [1] - The forecast for the second half of the year suggests a slight slowdown in profit growth from the UK business [1] Strategic Moves - The company is unlikely to declare a special dividend from the sale of the UK Rails assets [1] - There are rumors regarding the company's withdrawal from bidding for the LNG project with the UK National Grid, which will be closely monitored [1] Target Price Adjustment - Daiwa has raised the target price from HKD 59 to HKD 63.5, maintaining a "Buy" rating [1]

高盛发布研报称，长江基建集团(01038)今年上半年净利润为43.5亿港元，扣除外汇收益和其他非经常性 项目，其核心净利润同比增长2%至42.8亿港元，符合市场预期，受惠于英国业务的稳健表现。该行将 公司在2025年至2027年每股盈利预测下调4%至5%，其目标价由60.2港元下调至60港元，维持"中性"评 级。 该行表示，鉴于利率上升的环境、以及激励受监管公司投资的需要，预计在即将到来的重设期间，更优 惠的条款将推动单一资产的盈利增长，预计集团将在未来2至3年内实现9%至10%的年均盈利增长。 ...

里昂发布研报称，长江基建集团(01038)上半年纯利为43.48亿港元，分别达到机构及里昂对其全年预测 的50%和46%，符合预期。该行相信，公司下半年受到英镑和澳元走强、高通胀以及来自英国铁路部门 的3亿英镑处置收益所支持，应将录得更强盈利。该行表示，长江基建的现金流具有高收益能见度、投 资级信用评级及经营往绩坚韧，应该能够支持公司股息持续增长。该行将公司目标价由62港元略为上调 至63港元，并重申跑赢大市评级。 ...

该行表示，鉴于利率上升的环境、以及激励受监管公司投资的需要，预计在即将到来的重设期间，更优 惠的条款将推动单一资产的盈利增长，预计集团将在未来2至3年内实现9%至10%的年均盈利增长。 智通财经APP获悉，高盛发布研报称，长江基建集团(01038)今年上半年净利润为43.5亿港元，扣除外汇 收益和其他非经常性项目，其核心净利润同比增长2%至42.8亿港元，符合市场预期，受惠于英国业务 的稳健表现。该行将公司在2025年至2027年每股盈利预测下调4%至5%，其目标价由60.2港元下调至60 港元，维持"中性"评级。 ...

智通财经APP获悉，里昂发布研报称，长江基建集团(01038)上半年纯利为43.48亿港元，分别达到机构 及里昂对其全年预测的50%和46%，符合预期。该行相信，公司下半年受到英镑和澳元走强、高通胀以 及来自英国铁路部门的3亿英镑处置收益所支持，应将录得更强盈利。该行表示，长江基建的现金流具 有高收益能见度、投资级信用评级及经营往绩坚韧，应该能够支持公司股息持续增长。该行将公司目标 价由62港元略为上调至63港元，并重申跑赢大市评级。 ...

智通财经APP获悉，大和发布研报称，长江基建集团(01038)上半年股东应占溢利43.48亿港元，同比增 长1%，中期每股派息0.73港元，同比增加1港仙;公司确认已完成出售英国Rails资产，业绩表现及并购进 展均符合本行预期。该行料下半年英国业务的盈利增长将略为放缓，并认为公司不太可能就出售UK Rails资产派息特别息。至于有传公司放弃收购参与英国国家电网公司LNG项目的竞标，该行表示会密 切关注;目标价由59港元上调至63.5港元，重申"买入"评级。 ...

里昂发表研究报告指，长江基建上半年纯利为43.48亿港元，分别达到彭博及里昂对其全年预测的50% 和46%，符合预期。该行相信，公司下半年受到英镑和澳元走强、高通胀以及来自英国铁路部门的3亿 英镑处置收益所支持，应将录得更强盈利。 该行表示，长江基建的现金流具有高收益能见度、投资级信用评级及经营往绩坚韧，应该能够支持公司 股息持续增长。该行将公司目标价由62港元上调至63港元，并重申"跑赢大市"评级。 ...