CHEUNG KONG INFRASTRUCTURE (1038.HK):N: GOOD RESULT MARRED ONLY BY LOW DIVIDEND GROWTH
汇丰银行(中国)有限公司2014-02-26
Reported profit HKD11,639m, up 23 % yoy. Adjusted profit HKD10,957m, up 20% yoy, beat our estimate by 6% due to stronger UK contributions FY13 dividend increased 12% YoY, lagging earnings growth for the second year Maintain Neutral rating and target price of HKD53 based on SOTP