Hong Kong Utilities:1H17,CKI (strong results)&PAH (special dividend)
CK Infrastructure (CKI, 1038HK, Buy, TP HKD76) – core earnings up 20%: Profit wasreported at HKD5.66bn (+3% YoY), in-line with our expectations. After stripping out theusual one-off items – including 1) 10% depreciation in GBP and 2) gains from disposalincurred last year – core earnings would have gone up 20% YoY on a recurring basis.Interim DPS grew 6.3% (1H16: +5%), maintaining a 20-year uptrend.