financial management

JPMorgan Chase released a research report stating that Cheung Kong Infrastructure (01038), Cheung Kong Holdings (01113) and Electric Power Industries (00006) jointly announced that they would form a consortium to acquire Phoenix Energy, a gas distribution network in Northern Ireland. Based on the consideration payable of more than 3 billion yuan, its enterprise value (EV) to regulatory asset value (RAV) valuation ratio is about 1 times. Since this is the first large-scale acquisition of the Yangtze River Group in Europe in the past five years, it is expected to eliminate the market Concerns about business being affected by geopolitical tensions. The bank pointed out that Phoenix Energy has more than 250,000 customers. Although the company suffered losses last year, it believes that with the strong execution and financial management capabilities of Yangtze River Group, it can turn losses into profits in the medium to long term. Overall, due to the small scale of this transaction, JPMorgan expects to have little impact on the stock price. It maintains a \”neutral\” rating for Changshi. The stock price is expected to fluctuate within…