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<Research>Daiwa: CKI HOLDINGS (01038.HK) Downgraded to Outperform as Fundamentals Unchanged, but Positives Priced In
Recommend 31 Positive 38 Negative 27 |
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CKH HOLDINGS (00001.HK) was recently ruled by Panama's Supreme Court to have its port concession contract deemed unconstitutional, leading to a decline in the share prices of CKH HOLDINGS and CKI HOLDINGS (01038.HK), according to Daiwa's research report. The broker believed that the ruling likely stems from strategic asset tensions between China and the US, which may disrupt CKH HOLDINGS' planned sale of its global port business to BlackRock. Considering that favorable factors like regulatory resets and the sale of UK railway businesses have already been reflected in the stock price, Daiwa believed that its fundamentals remain unchanged, but further upside room is limited, with its dividend yield converging with peers'. Therefore, the broker downgraded CKI HOLDINGS from Buy to Outperform, and lifted its target price from $63.5 to $66.3. AASTOCKS Financial News Website: www.aastocks.com |
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