Further to the Brookfield proposal, Ausnet Services has received a proposal from APA Group which is, Morgans Stanley calculates, at around $2.60 a share compared with the $2.50 a share from Brookfield.

The broker highlights that Ausnet's largest shareholders, Singapore Power and State Grid International, have not commented and both own other infrastructure assets in Australia. The broker retains an Equal-weight rating and $2.41 target. Industry view: Cautious.

Sector: Utilities.

Target price is $2.41.Current Price is $2.59. Difference: ($0.18) - (brackets indicate current price is over target). If AST meets the Morgan Stanley target it will return approximately -7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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