Reiterate BUY after hosting an NDR with the company and around 20 investors in Malaysia.
Non-binding bid for Envestra demonstrates commitment to expand overseas. We believe PA prefers assets with regulated return similar to the UK and Australian T&D business.
We are optimistic on the pace of overseas expansion. Raise TP to Street-high HKD84 (from HKD75) after factoring in potential NPV increment of HKD9/share.