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2026-04-20 10:26:36 JPMorgan released a research report noting recent market speculation that Jardine Matheson has approached CK Hutchison (00001.HK) to acquire ParknShop supermarkets and merge the business with its Wellcome chain. The broker believes Jardine Matheson lacks a strong incentive to acquire ParknShop, as the Hong Kong supermarket segment is not an area where it intends to increase exposure (unless the valuation is highly attractive). In addition, ParknShop has relatively low profitability, with EBITDA margin below 1% last year and a slight EBIT loss. Based on the rumored 2013 valuation of ParknShop at approximately USD3 billion to USD4 billion, and assuming an EBITDA margin of 0.7%, the implied enterprise value-to-EBITDA multiple (EV/EBITDA) would exceed 200 times. Even assuming margins recover to the 2021 peak of 6.4%, the valuation would still reach 23 times. JPM stated that due to limited information disclosure, it is currently unable to conduct a detailed analysis. It maintained an Overweight rating on CK Hutchison with an unchanged target price of HKD68. (ss/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |