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<Research>M Stanley: CKH's Spin-off Listing of AS Watson to Unlock Value; Stock Expected to Outperform Mkt in Next 60 Days
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CKH HOLDINGS (00001.HK) plans to demerge its retail business, AS Watson, for a dual listing in Hong Kong and the UK as early as 1H26, aiming to raise approximately USD2 billion, Morgan Stanley's research report said. Currently, CKH's retail business operates 17,000 stores across 31 markets globally, generating an EBITDA of about USD1 billion in 1H25, marking a YoY growth of 12.5%. The broker noted that the market assigns an implied valuation of zero to CKH's unlisted businesses, including ports, retail, and telecom. Listing or selling these assets was expected to unlock value. The group's stock price was anticipated to outperform the market over the next 60 days. The target price was set at HKD61 with an Overweight rating. AASTOCKS Financial News Website: www.aastocks.com |
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