瑞银：维持长江基建集团(01038)“买入”评级 目标价上调至51港元

Core Viewpoint - UBS maintains a positive outlook on Cheung Kong Infrastructure Holdings (01038) regarding its UK assets, upgrading the target price from HKD 48 to HKD 51, reflecting favorable exchange rate factors [1] Financial Projections - Earnings estimates for 2023 to 2025 have been raised by 4%, 4%, and 1% respectively, due to more favorable exchange rate conditions than previously anticipated [1] - The expected return on assets (ROA) for the company is projected to increase from 3% to between 4.2% and 4.3% following the recent regulatory reset announced in mid-August [1] Market Performance - Since the announcement of the regulatory reset in the UK, Cheung Kong's stock has outperformed the Hang Seng Index by 16% [1] - Nearly half of the company's net profit contribution comes from its operations in the UK [1]