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<Research>UBS: Reported CKH's Global Telecom Asset Spin-Off in UK and Shareholder Returns Could Boost Shr Price by Up to HKD6.6
Recommend 40 Positive 78 Negative 41 |
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CKH HOLDINGS (00001.HK) is purportedly planning to spin off its global telecom assets for a listing on the London Stock Exchange. UBS released a research report on this, indicating that the ring-fence entity could encompass the group’s telecom businesses in Europe, Hong Kong, and Southeast Asia, with an estimated valuation of GBP10-15 billion. This implies an EV/EBITDA of 4.1-6.3x, vs about 5x EV/EBITDA used by UBS in its per-share NAV valuation for CKH and the about 6.5x level seen among European peers. UBS noted that assuming CKH uses the proceeds to reward shareholders, such as through share buybacks or dividend distribution, it could lead to share price upside of HKD2.2-6.6. UBS had a Buy rating on CKH with a target price of HKD59.5. AAStocks Financial News |
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