Infratil (IFT.NZ): Secular Themes, Disciplined Allocation, Durable Compounding. Initiate at Buy.

研报英文原文证据摘录

Infratil (IFT.NZ): Secular Themes, Disciplined Allocation, Durable Compounding. Initiate at Buy.

hibit 48: Portfolio summary

Asset % of group NAV* Description Drivers Risks

Anytime Radiology 1% Teleradiology and remote diagnostics provider Teleradiology/remote diagnostics growth Scale, competition, integration

CDC 44% Australasian hyperscale data centre platform AI-driven compute demand, hyperscaler contracts Build-out execution, power availability, concentration

ClearVision Ventures 1% Early-stage climate/energy tech venture fund Early-stage climate/energy tech exposure Venture-stage volatility, illiquidity, scaling risk

Contact Energy 7% NZ-listed renewable electricity generator and retailer Renewable generation, NZ electricity demand Wholesale price volatility, hydrology, regulation

Galileo 1% European renewables developer European renewables development pipeline Development/permitting risk, capital intensity

Gurin Energy 3% Asian renewables and storage developer Asian renewables and storage build-out Project execution, market/offtake risk, emerging markets

Kao Data 4% UK/European data centre operator UK/European data centre and AI compute demand Scale-up risk, funding needs, customer concentration

Longroad Energy 12% US solar and wind developer/operator US solar/wind build-out, IRA tailwinds Policy/tax-credit risk, interest rates, execution

Mint Renewables 0% Australian renewables developer Australian renewables development Early-stage execution, funding, grid connection

One NZ 17% NZ mobile and telecom network operator Mobile/telecom demand, data growth, 5G monetisation Competitive pricing, capex intensity, regulation

Qscan Group 3% Australian diagnostic imaging provider Australian diagnostic imaging volumes Strategic-review uncertainty, reimbursement, labour