Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed HK Electric Investments Limited (HKCVF) (HKVTY) [2638:HK], an investment trust focused on the Hong Kong power industry and only one of two electric utilities operating in the city alongside CLP Holdings (CLPHY) (CLPHF) [2:HK].
HK Electric is a truly defensive play, judging by its year-to-date share price performance and expectations of stable earnings growth in FY2020. HK Electric is a beneficiary of recent interest rate cuts, and the HK$26.6 billion capital investment program for the 2019 to 2023 period implies significant