智通财经网·2026-03-20 06:48Core Viewpoint - UBS reports that Power Assets Holdings (00006) is expected to see a 2% year-on-year increase in recurring net profit to HKD 6.2 billion in 2025, with a maintained annual dividend of HKD 2.82 per share, equating to a dividend yield of 4.6% [1] Financial Performance - Financing costs increased by 35% year-on-year to HKD 228 million [1] - Overall performance is in line with expectations [1] Regional Business Performance - The Australian business showed strong performance with a 4% year-on-year profit increase to HKD 1.5 billion, benefiting from the new regulatory period for SAPN starting last July and increased connection fee revenue in Victoria [1] - The UK business maintained profit at HKD 3.2 billion, primarily due to the normalization of last year's high one-off adjustments for UKPN; NGN and WWU received favorable final decisions last December [1] Management Guidance - Management anticipates the UKPN sale to be completed by the end of June this year for GBP 4.2 billion (approximately HKD 44.3 billion) [1] - UK railway revenue of HKD 1.9 billion was completed in January this year [1] - Management holds a positive outlook on the allowed returns for UK gas and Australian utilities following regulatory resets [1] M&A Focus - The group will focus on mature regulated energy markets and is open to collaboration with Cheung Kong Infrastructure and CK Hutchison [1] - UBS expects the market reaction to the performance to be generally neutral, with attention shifting to cash deployment post-sale [1]