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Global infrastructure investor controlled by the Li Ka-shing family, owning utilities and infrastructure assets mainly in the UK, Australia and Canada.
Global infrastructure investor controlled by the Li Ka-shing family, owning utilities and infrastructure assets mainly in the UK, Australia and Canada.
Earns as a part-owner rather than an operator, taking dividends and a share of profits from regulated networks whose allowed returns are set by national regulators and tied to the size of their asset base. CK Asset, the Li family's property arm, holds most of the shares.
In one line: A Hong Kong-based Brookfield Infrastructure Partners peer.
Moat: narrow (regulatory licence, scale). Portfolio of regulated, monopoly-like utility assets in developed markets provides stable, protected cash flows.
Headquarters: Hong Kong · Founded: 1996 · Employees: 2,253
Size Cki (1038.HK) is a Hong Kong Utilities company (Electric Utilities) with a market value of $21.6B, the 79th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$71.00 on 6 Nov 2026.
Performance Over six months the shares gained 8.6%, against +0.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 9.4% over the last twelve months (peer median +7.2%); the operating margin is -3.5% (peer median 23.4%).
Valuation It trades at 7.1× forward earnings against a peer median of 17.8× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is -9%, so the hurdle is +8 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 5.3 points below its cost of capital (5.2% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$4.28B | HK$4.42B | HK$4.99B | HK$5.99B | HK$6.62B |
| Revenue growth | — | -12% | -17% | -9% | — |
| Gross profit | -HK$148M | HK$146M | HK$843M | HK$1.73B | HK$2.25B |
| EBITDA | HK$247M | HK$541M | HK$1.16B | HK$2.06B | HK$2.59B |
| Net income | HK$25.2B | HK$8.27B | HK$8.12B | HK$8.03B | HK$7.75B |
| Free cash flow | n/a | HK$7.78B | HK$6.61B | HK$7.89B | HK$6.65B |
| Capital expenditure | n/a | HK$336M | HK$379M | HK$342M | HK$479M |
| Total debt | n/a | HK$31.0B | HK$29.2B | HK$34.5B | HK$38.4B |
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 |
|---|---|---|---|---|---|---|
| Cki 1038.HK | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% |
| Power Assets 0006.HK | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% |
| Brookfield Infrastructure Partners L.P BIP | $25.6B | +7% | +16% | 25% | 71.0× | n/a |
| National Grid NG..L | $84.5B | -2% | -4% | 29% | 13.8× | n/a |
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 | 1038.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | +5.9% | 6th highest of 21 |
| 6-month return | +8.6% | +0.9% | 3rd highest of 21 |
| Distance from 52-week high | -0.9% | -10.1% | 3rd highest of 21 |
| Revenue growth (TTM) | -9.4% | +7.2% | 3rd lowest of 21 |
| Operating margin | -3.5% | 23.4% | 2nd lowest of 21 |
| Forward P/E | 7.1× | 17.8× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | 5.2% | 3rd least demanding of 10 |
| Growth delivered (Del g) | -9.3% | +5.6% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | +8.4 pp | -1.9 pp | 3rd most demanding of 10 |
| ROIC minus cost of capital | -5.3 pp | -1.5 pp | 3rd lowest of 21 |
| Net debt / EBITDA | -97.2× | 5.3× | 2nd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |