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CK Infrastructure Holdings

DB:CHH
Snowflake Description

6 star dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CHH
DB
HK$118B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

CK Infrastructure Holdings Limited, an infrastructure company, develops, invests, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, and Canada. The last earnings update was 20 days ago. More info.


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CHH Share Price and Events
7 Day Returns
14.5%
DB:CHH
0.7%
Europe Electric Utilities
2.1%
DE Market
1 Year Returns
-21.4%
DB:CHH
-0.5%
Europe Electric Utilities
-16.6%
DE Market
CHH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CK Infrastructure Holdings (CHH) 14.5% -9.9% -13.5% -21.4% -27% -32.1%
Europe Electric Utilities 0.7% -17.1% -11.1% -0.5% 22.1% -2%
DE Market 2.1% -12.6% -22.9% -16.6% -21.9% -27.8%
1 Year Return vs Industry and Market
  • CHH underperformed the Electric Utilities industry which returned -0.5% over the past year.
  • CHH underperformed the Market in Germany which returned -16.6% over the past year.
Price Volatility
CHH
Industry
5yr Volatility vs Market

CHH Value

 Is CK Infrastructure 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 CK Infrastructure 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 CK Infrastructure Holdings.

DB:CHH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-12-31) in HKD HK$ 2.5304328571429
Payout Ratio Company Filings (2019-12-31) 6327.7%
Discount Rate (Cost of Equity) See below 4.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:CHH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.27
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.272 (1 + (1- 25%) (39.3%))
0.566
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)
= -0.39% + (0.8 * 6.07%)
4.47%

Discounted Cash Flow Calculation for DB:CHH using Dividend Discount Model Model

The calculations below outline how an intrinsic value for CK Infrastructure Holdings is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

DB:CHH Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= HK$2.53 / (4.47% - -0.39%)
HK$0.7
DB:CHH Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CHH represents 0.1162x of SEHK:1038
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.1162x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 52.11 x 0.1162
€6.06
Value per share (EUR) From above. €6.06
Current discount Discount to share price of €5.45
= -1 x (€5.45 - €6.06) / €6.06
10%

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

Current Discount
Amount off the current price CK Infrastructure Holdings is available for.
Intrinsic value
10%
Share price is €5.45 vs Future cash flow value of €6.06
Current Discount Checks
For CK Infrastructure Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CK Infrastructure Holdings's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • CK Infrastructure Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 CK Infrastructure Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CK Infrastructure Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CHH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in HKD HK$4.17
SEHK:1038 Share Price ** SEHK (2020-04-07) in HKD HK$46.9
Europe Electric Utilities Industry PE Ratio Median Figure of 74 Publicly-Listed Electric Utilities Companies 10.45x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 16.83x

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

** Primary Listing of CK Infrastructure Holdings.

DB:CHH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1038 Share Price ÷ EPS (both in HKD)

= 46.9 ÷ 4.17

11.25x

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

  • CK Infrastructure Holdings is overvalued based on earnings compared to the Europe Electric Utilities industry average.
  • CK Infrastructure Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does CK Infrastructure Holdings's expected growth come at a high price?
Raw Data
DB:CHH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.25x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
-0.6%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 35 Publicly-Listed Electric Utilities Companies 1.6x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

DB:CHH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.25x ÷ -0.6%

-19.27x

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

  • CK Infrastructure Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on CK Infrastructure Holdings's assets?
Raw Data
DB:CHH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in HKD HK$42.10
SEHK:1038 Share Price * SEHK (2020-04-07) in HKD HK$46.9
Europe Electric Utilities Industry PB Ratio Median Figure of 87 Publicly-Listed Electric Utilities Companies 0.78x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.45x
DB:CHH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1038 Share Price ÷ Book Value per Share (both in HKD)

= 46.9 ÷ 42.10

1.11x

* Primary Listing of CK Infrastructure Holdings.

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

  • CK Infrastructure Holdings is overvalued based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess CK Infrastructure 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. CK Infrastructure 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.

CHH Future Performance

 How is CK Infrastructure 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
-0.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CK Infrastructure Holdings expected to grow at an attractive rate?
  • CK Infrastructure Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • CK Infrastructure Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • CK Infrastructure Holdings's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CHH Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CHH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts -0.6%
DB:CHH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts -6.4%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 9.6%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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
DB:CHH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 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.
DB:CHH Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 6,641 4,412 10,326 5
2021-12-31 6,790 7,626 10,235 11
2020-12-31 6,498 6,984 10,043 9
2020-04-07
DB:CHH Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-12-31 7,988 10,506
2019-09-30 7,924 10,475
2019-06-30 7,860 4,987 10,444
2019-03-31 7,687 4,435 10,444
2018-12-31 7,513 3,882 10,443
2018-09-30 7,518 3,306 10,492
2018-06-30 7,523 2,729 10,541
2018-03-31 7,158 2,849 10,399
2017-12-31 6,792 2,969 10,256
2017-09-30 6,363 2,305 10,019
2017-06-30 5,933 1,641 9,782
2017-03-31 5,912 2,078 9,709

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CK Infrastructure Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • CK Infrastructure Holdings's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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
DB:CHH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from CK Infrastructure Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CHH Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 4.01 4.49 3.57 6.00
2021-12-31 4.01 4.49 3.68 13.00
2020-12-31 3.95 4.32 3.64 13.00
2020-04-07
DB:CHH Past Financials Data
Date (Data in HKD Millions) EPS *
2019-12-31 4.17
2019-09-30 4.16
2019-06-30 4.15
2019-03-31 4.14
2018-12-31 4.14
2018-09-30 4.16
2018-06-30 4.18
2018-03-31 4.13
2017-12-31 4.07
2017-09-30 3.98
2017-06-30 3.88
2017-03-31 3.85

*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.
  • CK Infrastructure Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CK Infrastructure 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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
CK Infrastructure Holdings has a total score of 0/6, 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.

CHH Past Performance

  How has CK Infrastructure 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 CK Infrastructure 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.
  • CK Infrastructure Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • CK Infrastructure Holdings's 1-year earnings growth exceeds its 5-year average (0.6% vs -15.4%)
  • CK Infrastructure Holdings's earnings growth has not exceeded the Europe Electric Utilities industry average in the past year (0.6% vs 9.7%).
Earnings and Revenue History
CK Infrastructure 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 CK Infrastructure Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CHH Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 7,988.00 10,506.00
2019-09-30 7,924.00 10,475.00
2019-06-30 7,860.00 10,444.00
2019-03-31 7,686.50 10,443.50
2018-12-31 7,513.00 10,443.00
2018-09-30 7,518.00 10,492.00 1.50
2018-06-30 7,523.00 10,541.00 3.00
2018-03-31 7,157.50 10,398.50 3.00
2017-12-31 6,792.00 10,256.00 3.00
2017-09-30 6,362.50 10,019.00 410.00
2017-06-30 5,933.00 9,782.00 817.00
2017-03-31 5,912.00 9,709.00 817.00
2016-12-31 5,891.00 9,636.00 817.00
2016-09-30 5,839.00 10,528.00 795.50
2016-06-30 5,787.00 11,420.00 774.00
2016-03-31 5,926.00 11,291.00 774.00
2015-12-31 6,065.00 11,162.00 774.00
2015-09-30 6,297.50 12,039.00 775.50
2015-06-30 6,530.00 12,916.00 777.00
2015-03-31 6,455.50 22,349.00 777.00
2014-12-31 6,381.00 31,782.00 777.00
2014-09-30 6,294.50 31,185.50 693.00
2014-06-30 6,208.00 30,589.00 609.00
2014-03-31 5,870.00 21,114.00 609.00
2013-12-31 5,532.00 11,639.00 609.00
2013-09-30 5,112.00 10,774.50 488.00
2013-06-30 4,692.00 9,910.00 367.00

*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.
  • CK Infrastructure Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CK Infrastructure Holdings used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • CK Infrastructure Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CK Infrastructure 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.
CK Infrastructure Holdings has a total score of 3/6, 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.

CHH Health

 How is CK Infrastructure 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 CK Infrastructure Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CK Infrastructure Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CK Infrastructure Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CK Infrastructure 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 not covered by short term assets, assets are 0.3x 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 CK Infrastructure Holdings Company Filings, last reported 3 months ago.

DB:CHH Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 111,673.00 46,443.00 12,077.00
2019-09-30 111,673.00 46,443.00 12,077.00
2019-06-30 107,503.00 44,995.00 8,517.00
2019-03-31 107,503.00 44,995.00 8,517.00
2018-12-31 107,203.00 44,826.00 6,090.00
2018-09-30 107,203.00 44,826.00 6,090.00
2018-06-30 106,794.00 46,043.00 9,620.00
2018-03-31 106,794.00 46,043.00 9,620.00
2017-12-31 103,491.00 49,713.00 9,781.00
2017-09-30 103,491.00 49,713.00 9,781.00
2017-06-30 99,079.00 34,298.00 4,746.00
2017-03-31 99,079.00 34,298.00 4,746.00
2016-12-31 96,643.00 26,777.00 11,790.00
2016-09-30 96,643.00 26,777.00 11,790.00
2016-06-30 99,558.00 21,825.00 11,258.00
2016-03-31 99,558.00 21,825.00 11,258.00
2015-12-31 102,626.00 25,244.00 7,897.00
2015-09-30 102,626.00 25,244.00 7,897.00
2015-06-30 99,481.00 25,882.00 7,753.00
2015-03-31 99,481.00 25,882.00 7,753.00
2014-12-31 93,813.00 26,510.00 7,108.00
2014-09-30 93,813.00 26,510.00 7,108.00
2014-06-30 93,002.00 23,873.00 4,957.00
2014-03-31 93,002.00 23,873.00 4,957.00
2013-12-31 70,269.00 23,424.00 7,299.00
2013-09-30 70,269.00 23,424.00 7,299.00
2013-06-30 63,657.00 21,372.00 5,422.00
  • CK Infrastructure Holdings's level of debt (41.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (28.2% vs 41.6% today).
  • Debt is not well covered by operating cash flow (10.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 13x coverage).
X
Financial health checks
We assess CK Infrastructure 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. CK Infrastructure Holdings has a total score of 2/6, 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.

CHH Dividends

 What is CK Infrastructure 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
5.25%
Current annual income from CK Infrastructure Holdings dividends. Estimated to be 5.4% next year.
If you bought €2,000 of CK Infrastructure Holdings shares you are expected to receive €105 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?
  • CK Infrastructure Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.67%).
  • CK Infrastructure Holdings's dividend is above the markets top 25% of dividend payers in Germany (4.71%).
Upcoming dividend payment

Purchase CK Infrastructure Holdings before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
DB:CHH 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
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 51 Stocks 4.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.7%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

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

DB:CHH Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 2.59 5.00
2021-12-31 2.54 13.00
2020-12-31 2.49 10.00
2020-04-07
DB:CHH Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2020-03-18 2.460 6.091
2019-07-31 2.430 4.461
2019-04-08 2.430 3.873
2019-03-20 2.430 3.798
2018-04-04 2.380 3.944
2018-03-16 2.380 3.669
2017-07-20 2.300 3.380
2017-03-31 2.260 3.423
2017-03-21 2.260 3.659
2016-04-07 2.150 3.226
2016-03-16 2.150 2.864
2015-03-31 2.000 2.956
2015-02-25 2.000 3.054
2014-04-04 1.860 3.335
2014-02-25 1.860 3.760
2013-04-03 1.660 3.194
2013-03-07 1.660 3.122
2012-07-19 1.565 3.306
2012-03-08 1.530 3.352
2011-07-28 1.365 3.066
2011-03-07 1.330 3.475
2010-08-02 1.210 3.598
2010-03-05 1.201 4.152
2009-08-06 1.159 4.060

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 CK Infrastructure Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess CK Infrastructure Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 CK Infrastructure Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CK Infrastructure Holdings has a total score of 6/6, see the detailed checks below.


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

CHH Management

 What is the CEO of CK Infrastructure 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
Hing Lam Kam
COMPENSATION HK$15,972,000
AGE 73
TENURE AS CEO 23.9 years
CEO Bio

Mr. Kam Hing Lam, B.ScE, MBA has been Deputy Managing Director and Executive Director of CK Asset Holdings Limited (formerly Cheung Kong Property Holdings Limited) since February 26, 2015. Mr. Kam has been Deputy Managing Director of Cheung Kong since 1993. He joined the CK Group in 1993. Mr. Kam has been Group Managing Director of CK Infrastructure Holdings Limited (alternate name: Cheung Kong Infrastructure Holdings Ltd.) since May 29, 1996. Mr. Kam has been Deputy Managing Director at CK Hutchison Holdings Limited since January 9, 2015 and is its Executive Director since February 15, 1993. Mr. Kam serves as Non-Executive Board Member of ETSA Utilities Finance Pty Ltd. He serves as the Chief Executive Officer and President of CK Life Sciences Int'l., Inc. and CK Life Sciences Int'l., (Holdings) Inc. and is responsible for Overall Strategic Direction and Key Operating Decisions. He has been an Executive Director of CK Life Sciences Int'l., (Holdings) Inc. and Hutchison Whampoa Limited since August 31, 1993. He served as Group Managing Director of SA Power Networks. He served as Executive Director of Power Assets Holdings Limited (formerly, Hongkong Electric Holdings Ltd) from May 13, 1993 to January 29, 2013. Mr. Kam joined CK Life Sciences Int'l., (Holdings) Inc. in December 1999 and has played a leading role in developing its corporate direction and strategic vision and in guiding in pursuit of its corporate business and operational objectives. He has been the Chairman of Hui Xian Asset Management Limited as the manager of Hui Xian REIT since December 2010. He is Founding Chairman of Beijing Oriental Plaza Co., Ltd. Mr. Kam has been a Non Executive Director of Northumbrian Water Group Limited since October 14, 2011. He has been a Non-Executive Director of Northumbrian Water Limited since October 2011. He has been a Director of South Eastern Power Networks Plc since November 24, 2010 and CKI UK Co. 6 Ltd. since July 31, 2016. He has been a Director at Electricity First Ltd. since April 23, 2010. He serves as a Director at UK Power Networks Services Holdings Limited, Powercor Australia Ltd., Powercor Network Services Pty Ltd., CitiPower Pty Ltd., and Northern Gas Networks Holdings Ltd. Mr. Kam has been a Director of Northern Gas Networks Limited since May 31, 2005. He serves as an Executive Director at Cheung Kong Infrastructure Holdings Ltd. and PG (April) Limited. He has been a Non-Executive Director of Spark Infrastructure Holdings No. 2 Limited since November 1, 2005. He has been a Director of SA Power Networks since March 8, 2000. He serves as Non-Executive Director of Victoria Power Networks (Finance) Pty Limited. He serves as a Director of Victoria Power Networks Pty Limited (formerly CHEDHA Holdings Pty Limited). He has been a Director of Australian Gas Networks Limited (formerly Envestra Limited) since September 2014 and served as its Non Executive Director from September 1999 to August 27, 2007. He served as a Director of Spark Infrastructure RE Limited at Spark Infrastructure Trust until May 28, 2010. He served as a Director of The Hongkong Electric Company Limited. He served as a Director of HK Electric Investments and HK Electric Investments Limited. Mr. Kam served as a Non-Executive Director of Cambridge Water Plc from April 28, 2004 to August 02, 2011. Mr. Kam is a director of certain substantial shareholders of Cheung Kong Infrastructure Holdings. He is a director of certain companies controlled by certain substantial shareholders of Cheung Kong Infrastructure Holdings. He served as a Non Executive Director of Spark Infrastructure Group from November 01, 2005 to May 28, 2010. He served as a Non Executive Director at Envestra Limited from September 1999 to August 27, 2007. He is Manager of Hui Xian REIT. Mr. Kam holds a Bachelor of Science degree in Engineering from the University of Hong Kong in November 1969 and a Master’s degree in Business Administration from the Chinese University of Hong Kong in December 1980.

CEO Compensation
  • Hing Lam's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Hing Lam's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the CK Infrastructure Holdings management team in years:

14.3
Average Tenure
58.5
Average Age
  • The average tenure for the CK Infrastructure Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Victor Li

TITLE
Executive Chairman
COMPENSATION
HK$33M
AGE
55

Hing Lam Kam

TITLE
Group MD & Executive Director
COMPENSATION
HK$16M
AGE
73
TENURE
23.9 yrs

Canning Fok

TITLE
Deputy Chairman of the Board
COMPENSATION
HK$75K
AGE
68

Edmond Ip

TITLE
Deputy Chairman of the Board
COMPENSATION
HK$14M
AGE
67

Dominic Chan

TITLE
CFO & Executive Director
COMPENSATION
HK$10M
AGE
56
TENURE
14.3 yrs

Frank Sixt

TITLE
Executive Director
COMPENSATION
HK$75K
AGE
67

Joanna Chen

TITLE
Head of Business Development & Executive Director
COMPENSATION
HK$8M
AGE
56
TENURE
15.3 yrs

Andrew John Hunter

TITLE
Deputy MD & Executive Director
COMPENSATION
HK$28M
AGE
61
TENURE
9.9 yrs

Douglas Johnston

TITLE
Chief Operating Officer and Acting Chief Executive Officer of Husky Midstream Limited Partnership
AGE
55
TENURE
3.8 yrs

Ivan Chan

TITLE
Chief Planning & Investment Officer
AGE
56
Board of Directors Tenure

Average tenure and age of the CK Infrastructure Holdings board of directors in years:

15.3
Average Tenure
61
Average Age
  • The average tenure for the CK Infrastructure Holdings board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Victor Li

TITLE
Executive Chairman
COMPENSATION
HK$33M
AGE
55
TENURE
23.9 yrs

Hing Lam Kam

TITLE
Group MD & Executive Director
COMPENSATION
HK$16M
AGE
73

Canning Fok

TITLE
Deputy Chairman of the Board
COMPENSATION
HK$75K
AGE
68
TENURE
23.1 yrs

Edmond Ip

TITLE
Deputy Chairman of the Board
COMPENSATION
HK$14M
AGE
67
TENURE
17.2 yrs

Dominic Chan

TITLE
CFO & Executive Director
COMPENSATION
HK$10M
AGE
56
TENURE
9.3 yrs

Frank Sixt

TITLE
Executive Director
COMPENSATION
HK$75K
AGE
67
TENURE
23.9 yrs

Joanna Chen

TITLE
Head of Business Development & Executive Director
COMPENSATION
HK$8M
AGE
56
TENURE
3.3 yrs

Andrew John Hunter

TITLE
Deputy MD & Executive Director
COMPENSATION
HK$28M
AGE
61
TENURE
13.3 yrs

Eirene Yeung

TITLE
Company Secretary & Alternate Director
AGE
58
TENURE
12.2 yrs

Eddy Tsang

TITLE
Chief Executive Officer of CK Infrastructure Materials
AGE
61
TENURE
15.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess CK Infrastructure 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. CK Infrastructure 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.

CHH News

Simply Wall St News

CHH Company Info

Description

CK Infrastructure Holdings Limited, an infrastructure company, develops, invests, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, and Canada. The company invests in energy infrastructure, transportation infrastructure, water infrastructure, waste management, waste-to-energy, household infrastructure, and infrastructure related businesses. It is also involved in the production and laying of asphalt; manufacture, distribution, and sale of cement; property investment and project management businesses; and investment in securities, as well as provision of waste management services. The company was formerly known as Cheung Kong Infrastructure Holdings Limited and changed its name to CK Infrastructure Holdings Limited in May 2017. The company was incorporated in 1996 and is based in Central, Hong Kong. CK Infrastructure Holdings Limited is a subsidiary of Hutchison Infrastructure Holdings Limited.

Details
Name: CK Infrastructure Holdings Limited
CHH
Exchange: DB
Founded: 1996
HK$13,996,961,724
2,519,610,945
Website: http://www.cki.com.hk
Address: CK Infrastructure Holdings Limited
Cheung Kong Center,
12th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1038 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 04. Jul 1996
OTCPK CKIS.F Ordinary Shares Pink Sheets LLC US USD 04. Jul 1996
DB CHH Ordinary Shares Deutsche Boerse AG DE EUR 04. Jul 1996
SHSC 1038 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 04. Jul 1996
SZSC 1038 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 04. Jul 1996
OTCPK CKIS.Y UNSPONSORED ADR Pink Sheets LLC US USD 11. Nov 2008
Number of employees
Current staff
Staff numbers
2,137
CK Infrastructure Holdings employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 20:46
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/03/18
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.