UBS: Downgrades CLP HOLDINGS rating to "Neutral," target price lowered to HKD 70
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UBS downgraded CLP HOLDINGS from "Buy" to "Neutral," with a target price reduced from HKD 74 to HKD 70, due to overseas factors putting pressure on short-term fundamentals. Despite strong performance in Hong Kong, the results for the first half of 2025 show profit pressure from Australia and mainland China, with expected flat earnings per share dividend in 2025. UBS maintains a long-term forecast of an average annual dividend growth of 3% from 2026 to 2029, believing that CLP will return to a growth trajectory after stabilizing its non-local business
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