JPMorgan Chase released a research report sayingCmfreespinJointly announced by CKI (01038), Changshi Group (01113) and Electric Power Industry (00006)CmfreespinThe consortium acquired Phoenix Energy, a gas distribution network in Northern Ireland. The valuation ratio of corporate value (EV) to regulatory asset value (RAV) is about double in terms of a transaction price of more than 3 billion yuan, which is expected to allay concerns that the business is affected by geopolitical tensions because it is Cheung Kong's first major acquisition in Europe in more than five years.

The bank pointed out that Phoenix Energy has more than 250000 customers and although the company lost money last year, it is believed that with the strong execution and financial management capabilities of Cheung Kong Group, it can turn losses into profits in the medium to long term. Overall, due to the small size of the deal, Motors is expected to have little impact on the share price, maintaining its "neutral" rating, the share price is expected to fluctuate within a range in the short term, and continued share buybacks may support the share price. the target price is HK $32. Motors rated Changjian and Electric Power as "overweight" and "neutral" respectively, with a target price of HK $50.