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<Research>JPM Suggests Taking Profits on Some HK Utilities on Uncertainties in US Rate Cuts
JPMorgan recommended investors to take profits on some Hong Kong utilities, as the sector has outperformed the HSI by 5% YTD and 7% since 2H25. The outperformance is mainly driven ...
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<Research>JPM Suggests Taking Profits on Some HK Utilities on Uncertainties in US Rate Cuts
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JPMorgan recommended investors to take profits on some Hong Kong utilities, as the sector has outperformed the HSI by 5% YTD and 7% since 2H25.

The outperformance is mainly driven by the spillover effect from the rally of Hong Kong-relates stocks such as local banks and developers. However, the broker believed that there is uncertainties in the path of US rate cuts, and the average dividend yield of Hong Kong utilities is only 4.4%, with a yield spread of about 30 bps over US treasury yield of approx. 4%.

JPMorgan downgraded CLP HOLDINGS (00002.HK)  +0.600 (+0.812%)    Short selling $51.91M; Ratio 236.096%   and HK & CHINA GAS (00003.HK)  -0.020 (-0.280%)    Short selling $62.37M; Ratio 185.317%   to Neutral due to limited room for dividend increases, with target prices raised to $74 and $7.6, respectively. The broker's top pick is CKI HOLDINGS (01038.HK)  +0.500 (+0.785%)    Short selling $43.17M; Ratio 126.759%   .

While its dividend yield of 4.1% is not particularly high, JPMorgan saw room for the Company to raise dividends as its UK and Australian businesses benefit from a weak USD and regulatory reset. Therefore, the broker elevated its target price from $58 to $69, with rating at Overweight.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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