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<Research>CLSA: CKH HOLDINGS (00001.HK) Final DPS Slightly Beats; Exit from Telecom Biz, Sale of Port Assets Still Expected
Recommend 21 Positive 15 Negative 14 |
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CKH HOLDINGS (00001.HK) logged a 3% YoY elevation in recurring profit to HKD11 billion in 2H25, with the final DPS growing 6% YoY to HKD1.602, aligning with the broker's expectations but 3% above market consensus, according to a report by CLSA. Despite CKH's strong balance sheet and stable cash flow, there will be no short-term increase in shareholder capital returns. In terms of capital allocation, the broker learned from an analyst meeting that CKH is opportunistically seeking acquisition projects amid geopolitical turmoil, and expected its dividend payout ratio to remain at 40% of core earnings. However, the broker still believed that CKH may exit the telecom business, and the sale of port assets is also likely, with these moves estimated to unlock value for CKH. The diversified asset portfolio of CKH enables it to better handle uncertainties. As future currency factors are expected to provide tailwinds, any profit pressure from rising energy prices could be partially offset by higher earnings from Cenovus Energy and potentially higher storage income from the port business. The broker maintained Outperform on CKH with a target price of HKD61. AASTOCKS Financial News |
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