CK Hutchison Holdings (1 HK): Buy: Shareholder returns in focus

研报英文原文证据摘录

CK Hutchison Holdings (1 HK): Buy: Shareholder returns in focus

16 July 2026

CK Hutchison Holdings (1 HK) EquitiesIndustrial Conglomerates

Buy: Shareholder returns in focus Hong Kong

◆ CKH’s earnings in 2026 could reach a 5-year high, backed by MAINTAIN BUY

asset divestments and higher oil-related production

TARGET PRICE (HKD) PREVIOUS TARGET (HKD)

◆ We see an improved shareholder return via higher dividends;

89.30 74.60 further upside hinges on successful value-accretive M&A

◆ Maintain Buy with a higher TP of HKD89.30 (from HKD74.60) SHARE PRICE (HKD) UPSIDE/DOWNSIDE

70.40 +26.8%

2026e – strong earnings driven by monetisation. We expect 2026e underlying (as of 14 Jul 2026)

earnings to rise c.21% y/y to HKD27bn, supported by diversified global business and MARKET DATA

higher earnings contribution from CKH’s 16% stake in Cenovus Energy (a Canadian- Market cap (HKDm) 269,635 Free float 69%

Market cap (USDm) 34,402 BBG 1 HK

based integrated energy company). Its overall earnings would have surpassed 3m ADTV (USDm) 71 RIC 0001.HK

HKD40bn if we include divestment gains from the disposals of UK Power Rails, UK

FINANCIALS AND RATIOS (HKD)

Power Network and the proposed sale of CKH’s 49% interest in VodafoneThree UK Year to 12/2025a 12/2026e 12/2027e 12/2028e

which is expected to complete in 2H26 (an estimated c.HKD4.7bn gain). This HSBC EPS 5.82 7.07 7.32 7.68

HSBC EPS (prev) 5.82 7.00 7.67 8.25

supports our view that CKH is entering a value recovery phase, supported by active Change (%) 0.0 1.0 -4.6 -6.8

portfolio optimisation and improving earnings momentum. Further optionality could Consensus EPS 5.58 6.68 6.88 7.42

PE (x) 12.1 10.0 9.6 9.2

come from a possible port divestment and a potential IPO of its global retail flagship. Dividend yield (%) 3.3 3.9 4.2 4.4