花旗：长江基建集团(01038)反向路演增资产透明度 股息率4.5%吸引 维持“买入”评级

Core Viewpoint - Citigroup has set a target price of HKD 62.5 for Cheung Kong Infrastructure Holdings (01038) and assigned a "Buy" rating [1] Group 1: Company Performance - Cheung Kong Infrastructure held an online meeting with the management of Northern Gas Network (NGN), which is expected to contribute approximately 8% to Cheung Kong's net profit in 2024 [1] - NGN is also projected to account for about 13% of the net profit of Power Assets Holdings (00006), which has a "Buy" rating [1] Group 2: Financial Outlook - Citigroup believes that the reverse roadshow will enhance the transparency of the company and its assets [1] - The bank anticipates that NGN's return rate reset has just been completed, and its regulatory asset base will continue to grow at a mid-single-digit rate [1] - Earnings are expected to maintain a long-term moderate growth over the next five years [1] Group 3: Dividend Expectations - It is expected that Cheung Kong Infrastructure will maintain its dividend per share [1] - The anticipated dividend yield for 2025 is projected to be 4.5%, which is particularly attractive ahead of expected US interest rate cuts in 2026 [1]