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Hong Kong-based utility holding company, formerly Li Ka-shing-linked, with stakes in HK Electric and international power/energy assets.
Hong Kong-based utility holding company, formerly Li Ka-shing-linked, with stakes in HK Electric and international power/energy assets.
A holding company: its income is its share of profits and dividends from utilities it part-owns, not power it sells itself. Those utilities earn regulator-approved returns on their asset base, so earnings are steady but set by rate reviews. Hong Kong Electric is the home anchor, with networks in Britain, Australia and New Zealand.
In one line: A Hong Kong utility holding company akin to a smaller Brookfield Infrastructure.
Moat: narrow (regulatory licence, scale). Portfolio of regulated utility assets provides stable, monopoly-like protected cash flows.
Headquarters: Hong Kong · Founded: 1976 · Employees: 16
Size Power Assets (0006.HK) is a Hong Kong Utilities company (Electric Utilities) with a market value of $17.8B, the 100th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$65.40 on 6 Nov 2026.
Performance Over six months the shares gained 2.7%, against +1.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 12.2% over the last twelve months (peer median +3.1%); the operating margin is 50.4% (peer median 17.6%).
Valuation It trades at 21.0× forward earnings against a peer median of 17.5× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is -10%, so the hurdle is +45 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.8 points below its cost of capital (5.3% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$717M | HK$771M | HK$919M | HK$1.29B | HK$1.26B |
| Revenue growth | — | -16% | -29% | +2% | — |
| Gross profit | HK$383M | HK$419M | HK$459M | n/a | n/a |
| EBITDA | HK$364M | HK$478M | HK$462M | HK$1.10B | HK$1.13B |
| Net income | HK$17.9B | HK$6.24B | HK$6.12B | HK$6.00B | HK$5.65B |
| Free cash flow | HK$5.53B | HK$5.31B | HK$4.90B | HK$4.86B | HK$6.14B |
| Capital expenditure | HK$0 | HK$1.00M | HK$0 | HK$2.00M | HK$1.00M |
| Total debt | n/a | HK$3.32B | HK$2.51B | HK$3.10B | HK$3.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Power Assets 0006.HK | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% |
| Cki 1038.HK | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% |
| HK Electric Investments & HK Electric Investments 2638.HK | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% |
| Clp 0002.HK | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0006.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.3% | +3.9% | 3rd highest of 21 |
| 6-month return | +2.7% | +1.6% | 10th highest of 21 |
| Distance from 52-week high | -0.7% | -10.7% | highest of 21 |
| Revenue growth (TTM) | -12.2% | +3.1% | 2nd lowest of 21 |
| Operating margin | 50.4% | 17.6% | highest of 21 |
| Forward P/E | 21.0× | 17.5× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 35.8% | 3.5% | most demanding of 13 |
| Growth delivered (Del g) | -9.5% | +5.9% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +45.3 pp | -2.8 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -4.8 pp | -1.7 pp | 4th lowest of 21 |
| Net debt / EBITDA | -116.8× | 5.5× | least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Huaneng Power International 600011.SS | China | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% | +6.2% |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |