【出版时间及名称】：2010年1月加拿大基础设施行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：40
        【目录或简介】：
Re-visiting valuation
■ Divided on dividend yields: In this report, we reassessed the valuations of
many names within our infrastructure coverage universe largely based on
dividend yield spreads. Generally, current yield spreads are attractive
versus historical levels even after factoring existing forecast increases to
government debt. Additionally, over the next few months, we expect funds
flow into the sector to be relatively positive as a result of the comparative
yield offering. Yet, we believe there are some lurking issues around the
corner with potentially rising credit costs that may impact relative valuation.
As a result of these issues, we struggle to be overly positive on the sector at
the current valuation levels.
■ Canadian names positively positioned: For several reasons, we believe
the Canadian infrastructure names look to be relatively well positioned for
continued growth – both organically and via acquisition. Selected evidence
supports the Canadian infrastructure names having a relative cost-of-capital
advantage over many of their global peers. In our view, this positioning will
be helpful for longer-term growth and valuation.
■ Sector positioning: Within our coverage universe, we generally favour the
pipeline companies over power generation players. Furthermore, we prefer
those sub-sectors over pure play utilities. These views are largely based
upon forecasts of a rising yield curve and the potential for expanding credit
spreads.
■ Target changes: Given the thrust of our yield focused analysis, we made a
number of target price changes in our coverage universe. We have not
made any ratings changes. The various target price changes appear in the
Exhibit 1 below.