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Power Assets Holdings

SEHK:6
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
6
SEHK
HK$115B
Market Cap
  1. Home
  2. HK
  3. Utilities
Company description

Power Assets Holdings Limited, an investment holding company, generates, transmits, and distributes electricity in Hong Kong, the United Kingdom, Australia, Mainland China, and internationally. The last earnings update was 47 days ago. More info.


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6 Share Price and Events
7 Day Returns
-4.8%
SEHK:6
-0.9%
HK Electric Utilities
-3.5%
HK Market
1 Year Returns
-2.6%
SEHK:6
4.1%
HK Electric Utilities
-16.8%
HK Market
6 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Power Assets Holdings (6) -4.8% -1.4% 1% -2.6% -29.4% -19.7%
HK Electric Utilities -0.9% -0.5% -3.4% 4.1% -4.5% 16.3%
HK Market -3.5% -9.6% -4.2% -16.8% 24.6% 7.2%
1 Year Return vs Industry and Market
  • 6 underperformed the Electric Utilities industry which returned 4.1% over the past year.
  • 6 outperformed the Market in Hong Kong which returned -16.8% over the past year.
Price Volatility
6
Industry
5yr Volatility vs Market

Value

 Is Power Assets Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Power Assets Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Power Assets Holdings.

SEHK:6 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:6
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.23
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.235 (1 + (1- 25%) (3.11%))
0.491
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.8 * 6.65%)
7.32%

Discounted Cash Flow Calculation for SEHK:6 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Power Assets Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:6 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 7.32%)
2019 1,285.00 Analyst x2 1,197.32
2020 1,331.67 Analyst x3 1,156.14
2021 1,558.00 Analyst x1 1,260.34
2022 1,376.74 Est @ -11.63% 1,037.72
2023 1,272.90 Est @ -7.54% 893.98
2024 1,213.33 Est @ -4.68% 794.01
2025 1,180.88 Est @ -2.67% 720.04
2026 1,165.87 Est @ -1.27% 662.38
2027 1,162.50 Est @ -0.29% 615.40
2028 1,167.14 Est @ 0.4% 575.70
Present value of next 10 years cash flows HK$8,913.04
SEHK:6 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$1,167.14 × (1 + 2%) ÷ (7.32% – 2%)
HK$22,378.09
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$22,378.09 ÷ (1 + 7.32%)10
HK$11,038.12
SEHK:6 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$8,913.04 + HK$11,038.12
HK$19,951.15
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$19,951.15 / 2,134.26
HK$9.35
SEHK:6 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$9.35
Current discount Discount to share price of HK$53.75
= -1 x (HK$53.75 - HK$9.35) / HK$9.35
-475%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Power Assets Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Power Assets Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Power Assets Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:6 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$3.58
SEHK:6 Share Price ** SEHK (2019-05-21) in HKD HK$53.75
Hong Kong Electric Utilities Industry PE Ratio Median Figure of 6 Publicly-Listed Electric Utilities Companies 15.01x
Hong Kong Market PE Ratio Median Figure of 1,477 Publicly-Listed Companies 11.08x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Power Assets Holdings.

SEHK:6 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:6 Share Price ÷ EPS (both in HKD)

= 53.75 ÷ 3.58

15.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Power Assets Holdings is overvalued based on earnings compared to the HK Electric Utilities industry average.
  • Power Assets Holdings is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Power Assets Holdings's expected growth come at a high price?
Raw Data
SEHK:6 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
2.2%per year
Asia Electric Utilities Industry PEG Ratio Median Figure of 10 Publicly-Listed Electric Utilities Companies 0.83x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.79x

*Line of best fit is calculated by linear regression .

SEHK:6 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.02x ÷ 2.2%

6.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Power Assets Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Power Assets Holdings's assets?
Raw Data
SEHK:6 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$39.15
SEHK:6 Share Price * SEHK (2019-05-21) in HKD HK$53.75
Hong Kong Electric Utilities Industry PB Ratio Median Figure of 7 Publicly-Listed Electric Utilities Companies 1.38x
Hong Kong Market PB Ratio Median Figure of 2,156 Publicly-Listed Companies 0.97x
SEHK:6 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:6 Share Price ÷ Book Value per Share (both in HKD)

= 53.75 ÷ 39.15

1.37x

* Primary Listing of Power Assets Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Power Assets Holdings is good value based on assets compared to the HK Electric Utilities industry average.
X
Value checks
We assess Power Assets Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Power Assets Holdings has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Power Assets Holdings expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Power Assets Holdings expected to grow at an attractive rate?
  • Power Assets Holdings's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Power Assets Holdings's earnings growth is expected to exceed the Hong Kong market average.
  • Power Assets Holdings's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:6 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:6 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 2.2%
SEHK:6 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 0.2%
Hong Kong Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 1%
Asia Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average -5.7%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:6 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:6 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,544 1,479 8,274 4
2020-12-31 1,622 1,421 7,895 11
2019-12-31 1,662 1,406 7,793 8
SEHK:6 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 1,555 2,555 7,636
2018-09-30 1,557 1,900 8,026
2018-06-30 1,558 1,245 8,415
2018-03-31 1,489 1,179 8,367
2017-12-31 1,420 1,113 8,319
2017-09-30 1,355 895 7,642
2017-06-30 1,290 676 6,965
2017-03-31 1,289 701 6,691
2016-12-31 1,288 726 6,417
2016-09-30 1,300 1,279 7,194
2016-06-30 1,311 1,831 7,971
2016-03-31 1,310 1,851 7,852

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Power Assets Holdings's earnings are expected to grow by 2.2% yearly, however this is not considered high growth (20% yearly).
  • Power Assets Holdings's revenue is expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:6 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Power Assets Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:6 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.81 4.10 3.66 5.00
2020-12-31 3.69 3.96 3.52 12.00
2019-12-31 3.63 3.76 3.49 10.00
SEHK:6 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 3.58
2018-09-30 3.76
2018-06-30 3.94
2018-03-31 3.92
2017-12-31 3.90
2017-09-30 3.58
2017-06-30 3.26
2017-03-31 3.14
2016-12-31 3.01
2016-09-30 3.37
2016-06-30 3.73
2016-03-31 3.68

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Power Assets Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Power Assets Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Power Assets Holdings has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Power Assets Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Power Assets Holdings's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Power Assets Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Power Assets Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Power Assets Holdings's 1-year earnings growth is negative, it can't be compared to the HK Electric Utilities industry average.
Earnings and Revenue History
Power Assets Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Power Assets Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:6 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,555.00 7,636.00 310.00
2018-09-30 1,556.50 8,025.50 416.50
2018-06-30 1,558.00 8,415.00 4.00
2018-03-31 1,489.00 8,367.00 4.00
2017-12-31 1,420.00 8,319.00 523.00
2017-09-30 1,355.00 7,642.00 262.50
2017-06-30 1,290.00 6,965.00 2.00
2017-03-31 1,289.00 6,691.00 2.00
2016-12-31 1,288.00 6,417.00 2.00
2016-09-30 1,299.50 7,194.00 1.00
2016-06-30 1,311.00 7,971.00
2016-03-31 1,309.50 7,851.50
2015-12-31 1,308.00 7,732.00
2015-09-30 1,316.50 7,715.00
2015-06-30 1,325.00 7,698.00
2015-03-31 1,728.00 34,351.50
2014-12-31 2,131.00 61,005.00
2014-09-30 4,826.50 61,971.00
2014-06-30 7,522.00 62,937.00
2014-03-31 9,550.00 37,051.00
2013-12-31 11,578.00 11,165.00
2013-09-30 11,289.00 10,666.50
2013-06-30 11,000.00 10,168.00
2013-03-31 10,707.50 9,948.50
2012-12-31 10,415.00 9,729.00
2012-09-30 10,417.50 9,540.50
2012-06-30 10,420.00 9,352.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Power Assets Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Power Assets Holdings used its assets more efficiently than the HK Electric Utilities industry average last year based on Return on Assets.
  • Power Assets Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Power Assets Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Power Assets Holdings has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Power Assets Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Power Assets Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Power Assets Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Power Assets Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Power Assets Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Power Assets Holdings Company Filings, last reported 4 months ago.

SEHK:6 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 83,557.00 3,586.00 5,316.00
2018-09-30 83,557.00 3,586.00 5,316.00
2018-06-30 83,405.00 3,572.00 6,988.00
2018-03-31 83,405.00 3,572.00 6,988.00
2017-12-31 95,580.00 7,223.00 25,408.00
2017-09-30 95,580.00 7,223.00 25,408.00
2017-06-30 108,283.00 8,859.00 41,924.00
2017-03-31 108,283.00 8,859.00 41,924.00
2016-12-31 118,411.00 8,555.00 61,712.00
2016-09-30 118,411.00 8,555.00 61,712.00
2016-06-30 120,099.00 9,064.00 65,959.00
2016-03-31 120,099.00 9,064.00 65,959.00
2015-12-31 123,597.00 9,405.00 68,157.00
2015-09-30 123,597.00 9,405.00 68,157.00
2015-06-30 121,472.00 9,978.00 67,799.00
2015-03-31 121,472.00 9,978.00 67,799.00
2014-12-31 123,088.00 10,204.00 61,293.00
2014-09-30 123,088.00 10,204.00 61,293.00
2014-06-30 122,752.00 11,468.00 64,240.00
2014-03-31 122,752.00 11,468.00 64,240.00
2013-12-31 69,438.00 22,491.00 7,982.00
2013-09-30 69,438.00 22,491.00 7,982.00
2013-06-30 62,726.00 25,783.00 8,737.00
2013-03-31 62,726.00 25,783.00 8,737.00
2012-12-31 63,035.00 24,961.00 6,203.00
2012-09-30 63,035.00 24,961.00 6,203.00
2012-06-30 58,352.00 25,592.00 6,640.00
  • Power Assets Holdings's level of debt (4.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (31.9% vs 4.3% today).
  • Debt is well covered by operating cash flow (71.2%, greater than 20% of total debt).
  • Power Assets Holdings earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Power Assets Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Power Assets Holdings has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Power Assets Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.21%
Current annual income from Power Assets Holdings dividends. Estimated to be 5.3% next year.
If you bought HK$2,000 of Power Assets Holdings shares you are expected to receive HK$104 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Power Assets Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.09%).
  • Power Assets Holdings's dividend is below the markets top 25% of dividend payers in Hong Kong (5.75%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:6 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Hong Kong Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.1%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 968 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:6 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.91 5.00
2020-12-31 2.85 11.00
2019-12-31 2.82 8.00
SEHK:6 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-05-15 2.800 5.046
2018-04-04 2.800 5.095
2018-03-16 2.800 4.087
2017-03-30 2.720 3.962
2017-03-21 2.720 4.048
2016-05-12 2.700 3.701
2015-03-31 2.680 3.659
2015-02-24 2.680 3.502
2014-05-15 2.550 3.538
2013-04-03 2.450 3.679
2013-03-07 2.450 3.400
2012-07-19 2.320 3.551
2012-03-07 2.320 4.050
2011-07-27 2.110 3.608
2011-03-02 2.110 3.869
2010-07-28 2.110 4.304
2010-03-04 2.110 4.570
2009-08-05 2.110 4.953

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Power Assets Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Power Assets Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Power Assets Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Power Assets Holdings has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Power Assets Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Charles Tsai
COMPENSATION HK$5,020,000
AGE 61
TENURE AS CEO 5.3 years
CEO Bio

Mr. Tsai Chao Chung, also known as Charles, BAppSc (Mech Eng), BSME, CPEng, has been the Chief Executive Officer and Executive Director of Power Assets Holdings Limited since January 29, 2014. Mr. Tsai serves as the General Manager of Power Assets Investments Limited. He has been responsible Power Assets Investments outside Hong Kong since 1997. He served as a General Manager of Hongkong Electric International Limited at Power Assets Holdings Limited since June 1987. He has been with Power Assets Holdings Limited since June 1987. He has over 10 years of experience in the power investment sector. He has been Director of Wales & West Gas Networks (Holdings) Limited since February 28, 2014 and also served as Director at Australian Gas Networks Limited since September 1, 2014 till September 07, 2017. He serves as Director of London Power Networks plc and Eastern Power Networks plc and UK Power Networks Services Holdings Limited. He has been Director of South Eastern Power Networks Plc since February 28, 2014; Australia Gas Networks (Vic 3) Pty Ltd., since September 2014; Electricity First Ltd. since June 2010; Northern Gas Networks Limited since February 2014; and Northern Gas Networks Holdings Ltd since February 2014. He serves as a Director at Power Assets Investments Limited. He serves as a Director of Beta Central Profits Limited. He served as a Director of Hongkong Electric International Limited at Power Assets Holdings Limited since June 1987. He is a Registered Professional Engineer and a Member of the Hong Kong Institution of Engineers as well as a Chartered Engineer and a Member of the Institute of Mechanical Engineers in the United Kingdom. He holds a Bachelor of Applied Science Degree in Mechanical Engineering.

CEO Compensation
  • Charles's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Charles's remuneration is about average for companies of similar size in Hong Kong.
Management Team

Canning Fok

TITLE
Chairman of the Board
COMPENSATION
HK$120K
AGE
67

Charles Tsai

TITLE
CEO & Executive Director
COMPENSATION
HK$5M
AGE
61
TENURE
5.3 yrs

Andrew John Hunter

TITLE
Executive Director
COMPENSATION
HK$140K
AGE
60

Chi Tin Wan

TITLE
Executive Director
COMPENSATION
HK$70K
AGE
68

Neil McGee

TITLE
Executive Director
COMPENSATION
HK$70K
AGE
67

Dominic Chan

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
55

Ivan Chan

TITLE
Chief Financial Officer
AGE
55
TENURE
7 yrs

Alex Ng

TITLE
Group Legal Counsel & Company Secretary
AGE
49
Board of Directors Tenure

Average tenure and age of the Power Assets Holdings board of directors in years:

13.5
Average Tenure
66.5
Average Age
  • The average tenure for the Power Assets Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Canning Fok

TITLE
Chairman of the Board
COMPENSATION
HK$120K
AGE
67
TENURE
13.5 yrs

Charles Tsai

TITLE
CEO & Executive Director
COMPENSATION
HK$5M
AGE
61
TENURE
5.3 yrs

Andrew John Hunter

TITLE
Executive Director
COMPENSATION
HK$140K
AGE
60
TENURE
20.3 yrs

Chi Tin Wan

TITLE
Executive Director
COMPENSATION
HK$70K
AGE
68
TENURE
13.4 yrs

Neil McGee

TITLE
Executive Director
COMPENSATION
HK$70K
AGE
67
TENURE
13.4 yrs

Dominic Chan

TITLE
Executive Director
COMPENSATION
HK$5M
AGE
55
TENURE
6.9 yrs

Chung Hin Wong

TITLE
Independent Non-Executive Director
COMPENSATION
HK$160K
AGE
85
TENURE
34 yrs

Ralph Raymond Shea

TITLE
Independent Non-Executive Director
COMPENSATION
HK$160K
AGE
84
TENURE
34 yrs

Victor Li

TITLE
Non-Executive Director
COMPENSATION
HK$70K
AGE
54
TENURE
25 yrs

Albert Ip

TITLE
Independent Non-Executive Director
COMPENSATION
HK$140K
AGE
66
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
17. Jan 19 Sell CK Hutchison Holdings Limited Company 14. Jan 19 14. Jan 19 -43,800,000 HK$52.93 HK$-2,318,334,075
X
Management checks
We assess Power Assets Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Power Assets Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Do You Like Power Assets Holdings Limited (HKG:6) At This P/E Ratio?

View our latest analysis for Power Assets Holdings How Do You Calculate Power Assets Holdings's P/E Ratio? … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Power Assets Holdings: P/E of 15.58 = HK$55.75 ÷ HK$3.58 (Based on the year to December 2018.) Is A High P/E Ratio Good? … Power Assets Holdings shrunk earnings per share by 8.2% last year.

Simply Wall St -

Should You Worry About Power Assets Holdings Limited’s (HKG:6) ROCE?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

How Did Power Assets Holdings Limited's (HKG:6) 9.1% ROE Fare Against The Industry?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Power Assets Holdings Limited (HKG:6). … Power Assets Holdings has a ROE of 9.1%, based on the last twelve months.

Simply Wall St -

Should You Worry About Power Assets Holdings Limited's (HKG:6) CEO Pay Cheque?

Charles Tsai became the CEO of Power Assets Holdings Limited (HKG:6) in 2014. … How Does Charles Tsai's Compensation Compare With Similar Sized Companies. … According to our data, Power Assets Holdings Limited has a market capitalization of HK$116b, and pays its CEO total annual compensation worth HK$5.0m.

Simply Wall St -

Investors Who Bought Power Assets Holdings (HKG:6) Shares Three Years Ago Are Now Down 30%

We regret to report that long term Power Assets Holdings Limited (HKG:6) shareholders have had that experience, with the share price dropping 30% in three years, versus a market return of about 42%. … View our latest analysis for Power Assets Holdings. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

Simply Wall St -

Power Assets Holdings Limited (HKG:6): What Are The Future Prospects?

Power Assets Holdings Limited's (HKG:6) latest earnings update in December 2018a

Simply Wall St -

One Factor To Consider Before Investing In Power Assets Holdings Limited (HKG:6)

Power Assets Holdings Limited (HKG:6) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … Free cash flow (FCF) is the amount of cash Power Assets Holdings has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations. … I will be analysing Power Assets Holdings’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

What To Know Before Buying Power Assets Holdings Limited (HKG:6) For Its Dividend

Over the past 10 years Power Assets Holdings Limited (HKG:6) has been paying dividends to shareholders. … Let's take a look at Power Assets Holdings in more detail. … Check out our latest analysis for Power Assets Holdings

Simply Wall St -

Why Fundamental Investors Might Love Power Assets Holdings Limited (HKG:6)

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … In the case of Power Assets Holdings Limited (HKG:6), there's

Simply Wall St -

How Many Power Assets Holdings Limited (HKG:6) Shares Do Institutions Own?

If you want to know who really controls Power Assets Holdings Limited (HKG:6), then you'll have to look at the makeup of its share registry. … Power Assets Holdings is a pretty big company. … See our latest analysis for Power Assets Holdings

Simply Wall St -

Company Info

Description

Power Assets Holdings Limited, an investment holding company, generates, transmits, and distributes electricity in Hong Kong, the United Kingdom, Australia, Mainland China, and internationally. The company generates energy from thermal, wind, and waste sources. It also distributes gas; transmits oil; holds property; and provides consulting, financing, trust administration, and management services. The company has a generation capacity of 11,811mw; and operates 111,500km of gas/oil pipeline, as well as 397,800km of power network serving 18,992,000 customers. Power Assets Holdings Limited was incorporated in 1976 and is based in Central, Hong Kong.

Details
Name: Power Assets Holdings Limited
6
Exchange: SEHK
Founded: 1976
HK$115,356,842,398
2,134,261,654
Website: http://www.powerassets.com
Address: Power Assets Holdings Limited
Cheung Kong Center,
Unit 2005,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 6 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 23. May 1983
OTCPK HGKG.F Ordinary Shares Pink Sheets LLC US USD 23. May 1983
DB HEH Ordinary Shares Deutsche Boerse AG DE EUR 23. May 1983
SHSC 6 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 23. May 1983
SZSC 6 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 23. May 1983
OTCPK HGKG.Y SPONSORED ADR Pink Sheets LLC US USD 27. Jul 1981
Number of employees
Current staff
Staff numbers
11
Power Assets Holdings employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 12:36
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/04/04
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.