First Read CK Hutchison Holdings Positive read-across from Cenovus Q226 earnings

研报英文原文证据摘录

First Read CK Hutchison Holdings Positive read-across from Cenovus Q226 earnings

Global Research

30 July 2026ab

First Read

EquitiesCK Hutchison Holdings

Positive read-across from Cenovus Q226 Hong Kong

earnings Real Estate

12-month rating Buy

12m price target HK$101.00

Cenovus earnings growth contribute >100% of CK Hutch earnings growth

On July 29, CK Hutchison's (CKH) 16.4%-owned Cenovus Energy reported an earnings

beat for its Q226 (see Cenovus' analyst note). In H126, Cenvous reported net earnings Price (29 Jul 2026) HK$72.55

C$4.44bn, vs C$1.71bn in H125. We estimate this may translate into HKD4.07bn net RIC: 0001.HK BBG: 1 HK

profit attributable to CKH, ie YoY growth of HKD2.44bn. In H126, we forecast

Trading data and key metrics

CKH underlying earnings (excluding disposal gain) at HKD13.7bn, +20% YoY or

HKD2.32bn. Hence, Cenovus earnings implies Cenovus would contribute over 100% 52-wk range HK$73.30-49.70

CKH earnings growth in H126. Earnings contribution from Cenovus is counted towards Market cap. HK$278b/US$35.4b

CKH's underlying profit, which could drive dividend at 40% payout ratio (in full year Shares o/s 3,830m (ORD)

basis). We leave our H126 DPS forecast unchanged at HKD0.86/share (+20% YoY), Free float 57%

above VisibleAlpha consensus of HKD0.73/share. See our APAC Focus report for Avg. daily volume ('000) 8,090

CKH H126 preview. CKH remains our top pick within HK conglomerate sector due to: Avg. daily value (m) HK$563.4

1) rising valuation across its key businesses, which could increase the likelihood of asset Common s/h equity (12/26E) HK$645b

disposals, 2) improving free cash flow after recent disposals, 3) NAV discount remains P/BV (12/26E) 0.4x

deep at 57%. Net debt to EBITDA (12/26E) 0.2x

Valuation: EPS (UBS, diluted) (HK$)

UBS Cons.