UBS Raises Target Price for CKH HOLDINGS to HK$84.6, Maintains 'Buy' Rating, Cites Market Underestimation of Cenovus Impact

Stock News05-12

UBS has issued a research report stating that the risk-reward profile for CKH HOLDINGS (00001) remains attractive. The firm has raised its target price by 26%, from HK$67 to HK$84.6, while maintaining its assumption of a 45% discount to net asset value (NAV). The 'Buy' rating is reaffirmed.

The bank believes the market may be underestimating CKH HOLDINGS' potential earnings upside from Cenovus Energy due to high oil prices, as well as the gains from recent asset disposals. UBS noted that Cenovus reported an 83% year-on-year increase in first-quarter profit, with oil prices remaining elevated in April. Additionally, the disposal of UK Power Networks (UKPN) and the Vodafone-Three transaction are expected to generate approximately HK$14.5 billion and HK$4.7 billion in proceeds for CKH HOLDINGS, respectively, with these gains anticipated to be booked in the second half of 2026.

UBS has incorporated these factors, including the earnings contribution from Cenovus, into its forecasts. Consequently, it has raised its underlying profit forecasts for CKH HOLDINGS for the years 2026, 2027, and 2028 by 95%, 7%, and 2%, respectively. The bank also increased its dividend per share forecasts for 2026 and 2027 by 32% and 6%, respectively.

Despite CKH HOLDINGS' share price having accumulated a 32% gain this year, its current valuation stands at approximately 0.44 times the forecasted 2026 price-to-book ratio, which remains below the historical average of 0.49 times.

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The firm has raised its target price by 26%, from HK$67 to HK$84.6, while maintaining its assumption of a 45% discount to net asset value (NAV). The 'Buy' rating is reaffirmed.\nThe bank believes the market may be underestimating CKH HOLDINGS' potential earnings upside from Cenovus Energy due to high oil prices, as well as the gains from recent asset disposals. UBS noted that Cenovus reported an 83% year-on-year increase in first-quarter profit, with oil prices remaining elevated in April. Additionally, the disposal of UK Power Networks (UKPN) and the Vodafone-Three transaction are expected to generate approximately HK$14.5 billion and HK$4.7 billion in proceeds for CKH HOLDINGS, respectively, with these gains anticipated to be booked in the second half of 2026.\nUBS has incorporated these factors, including the earnings contribution from Cenovus, into its forecasts. 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