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| HSI1 | 25,182.39 | 0.00 | -- |
| HSCEI1 | 8,425.82 | 0.00 | -- |
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2026-05-28 11:31:34 CKH HOLDINGS (00001.HK) has continued to advance asset monetization since 2020, aggregately generating substantial cash inflows, CLSA said in a research report. As various asset disposal plans gradually take shape, particularly the potential sale of its global port assets and non-UK telecom businesses, the company's already strong balance sheet will be drastically reinforced. The broker expected that, taking into account only the disposals of UK Rails, UKPN and VodafoneThree in 2026, CKH's consolidated net debt-to-equity ratio will plunge from 17.1% in 2025 to 3.7% in the 2026 forecast year. Upon completion of the port asset sale, the company would directly return to a net cash position. Although CKH's share price has rebounded by a cumulative 74% since early 2025, it is still trading at a 51% discount to its forecast 2026 NAV per share of HKD146, indicating attractive valuation. Under the current geopolitical backdrop, CKH's overseas investment exposure has effectively narrowed, providing substantial room to distribute special dividends to shareholders after completing asset disposals. Historically, CKH has distributed special dividends three times over the past 12 years. If the group opts to retain cash, its low valuation and strong cash reserves could also make it a potential privatization target similar to Hopewell Holdings from a financial perspective. CLSA raised its TP to HKD102 and upgraded the stock from Outperform to High-Conviction Outperform, naming CKH as one of its top two picks in the Hong Kong conglomerates sector. ~ AASTOCKS Financial News Website: www.aastocks.com | |