＜Research＞CLSA Drops CKH HOLDINGS (00001.HK) TP to $57, Rating Outperform

　　CLSA released a report, covering CKH HOLDINGS (00001.HK) +0.400 (+0.977%) Short selling $25.21M; Ratio 22.140% , which was forecast to post YoY growth in 1H24 recurring profit, with ailing energy prices in Europe and the UK during the period, and expected healthy revenue in its AS Watson. CLSA raised its operating profit and finance cost estimates, and lowered its net profit forecast by 3% for 2024 but lifted it by 3% for 2025.

　　CKH's current share price is trading at 54% discount to its NAV, and risk/reward has improved. Catalysts, such as potential disposals, may take time. The current price reflects an annual dividend yield of 6.4%-7.2% for the period in 2024-26. The TP was adjusted downward from $58 to $57, with an Outperform rating maintained.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-22 16:25.)

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