I'm LongbridgeAI, I can summarize articles.HSBC Research raised CKH Holdings' target price to HKD89.3 from HKD74.6, maintaining a Buy rating. The upgrade reflects improved value through asset disposals and a lower conglomerate NAV discount rate. HSBC forecasts 2026 underlying earnings growth of ~21% YoY, driven by diversified businesses and Cenovus Energy stake gains. Focus is shifting to shareholder returns, with potential special dividends boosting yields to 4.9%-6.5%. Additionally, A.S. Watson Group's IPO is accelerating, targeting a USD30 billion valuation.
HSBC Global Investment Research issued a research report expecting CKH HOLDINGS (00001.HK) -1.250 (-1.745%) Short selling $32.48M; Ratio 16.020% 's 2026 underlying earnings to grow around 21% YoY to HKD27 billion, mainly supported by its diversified global businesses and increased earnings contribution from its 16% stake in Canada's Cenovus Energy. Including gains from the disposal of UK railway and power grid assets, as well as the expected monetization gain from the sale of its 49% stake in Vodafone Three UK, which is expected to be completed in 2H26 and estimated at around HKD4.7 billion, total earnings are expected to exceed HKD40 billion. Supported by active portfolio optimization and improving earnings momentum, the broker believes CKH HOLDINGS (00001.HK) -1.250 (-1.745%) Short selling $32.48M; Ratio 16.020% is entering a value recovery phase.
The report noted that as profits increase, investors' recent core focus has shifted to dividend returns. If CKH HOLDINGS (00001.HK) -1.250 (-1.745%) Short selling $32.48M; Ratio 16.020% distributes part of the proceeds from asset disposals as dividends, 2026 DPS could reach HKD3.43 to HKD4.58, implying a dividend yield of 4.9% to 6.5%. The broker believes clearer capital return signals, especially special dividends, would provide positive catalysts for the share price.
In addition, the IPO process of A.S. Watson Group is accelerating, with a target valuation of around USD30 billion. The company plans a dual listing in London and Hong Kong before the end of 2026 and is expected to raise around USD2 billion.
The broker raised its earnings forecasts for CKH HOLDINGS (00001.HK) -1.250 (-1.745%) Short selling $32.48M; Ratio 16.020% for 2026 by 1%, while lowering forecasts for 2027 and 2028 by 4.6% and 6.8%, respectively, to reflect revenue losses from a series of asset disposals. However, higher oil price assumptions for 2026 fully offset the impact for that year. The broker lowered its conglomerate NAV discount rate from 53% to 48% to reflect value unlocked through continued asset disposals, and therefore raised its TP from HKD74.6 to HKD89.3 while maintaining a Buy rating.(su/a)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-16 12:25.)