智通财经网·2025-09-24 03:39Group 1 - UBS downgraded the investment rating of Power Assets Holdings (02638) from "Buy" to "Neutral" while maintaining the target price at HKD 6, citing a 20% year-to-date stock price increase that outperformed Hong Kong utility stocks by approximately 16 percentage points, indicating that the current price reflects its defensive nature [1][1][1] - The firm anticipates that as the US enters a rate-cutting cycle, the yield on the US 10-year Treasury bond is expected to decline from the current 4.1% to 3.8% by the end of 2025 and to 3.4% by the end of 2026, which may lead to a shift in capital towards growth stocks, diminishing the appeal of defensive stocks like Power Assets [1][1][1] - Currently, Power Assets has a forward dividend yield of 5.3%, which is a premium of 115 basis points over the US 10-year Treasury yield, but this is more than one standard deviation below the historical average; the premium over the industry average is only 11 basis points, also below the historical average of 89 basis points [1][1][1] Group 2 - The earnings forecasts for Power Assets from 2025 to 2027 are in line with market expectations, while Cheung Kong Infrastructure Holdings (01038) presents a more attractive valuation, with regulatory adjustments in the UK and Australia, as well as potential mergers and acquisitions, offering more growth opportunities [1][1][1]