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<Research>UBS Raises CKH HOLDINGS TP to HKD84.6, Reiterates Buy; Mkt Underestimates Cenovus Contribution
Recommend 16 Positive 30 Negative 10 |
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The risk-reward profile of CKH HOLDINGS (00001.HK) remains attractive, UBS opined in a report. The broker raised its TP by 26% from HKD67 to HKD84.6, while keeping the NAV discount assumption unchanged at 45% and reiterating a Buy rating. UBS believed the market may be underestimating CKH HOLDINGS earnings upside from Cenovus Energy amid elevated oil prices, as well as gains from recent asset disposals. UBS noted that Cenovus 1Q earnings spiked 83% YoY, while oil prices remained at an elevated level in April. In addition, UKPN and VodafoneThree transactions were expected to generate disposal gains of HKD14.5 billion and HKD4.7 billion respectively for CKH HOLDINGS, which may be booked in 2H26. The broker incorporated the above factors and Cenovus earnings contribution into its forecasts, raising its basic earnings forecasts for 2026-28 by 95%/ 7%/ 2%. It also lifted its DPS forecasts for 2026 and 2027 by 32% and 6%. Auto-translated by AI This article was automatically translated by AI, the original language 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. More Details
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