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<Research>UBS Lists CKH HOLDINGS, SWIRE PACIFIC A as Top Picks Among Conglomerates
Recommend
21
Positive
36
Negative
6
The stock performance of Hong Kong conglomerates in 2025 was diversified primarily due to asset sales and capital recovery activities, UBS wrote in its research report.

From UBS' perspective, investors have shifted to valuing companies based on P/B ratio rather than dividend yield. Over the next year, the broker expects Fed rate cuts to further promote asset sales.

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Among its covered stocks, UBS named Jardine Matheson (JARD.SI), CKH HOLDINGS (00001.HK), and SWIRE PACIFIC A (00019.HK) as its top picks. It has given CKH HOLDINGS a Buy rating and elevated its target price from HKD58.8 to HKD67. SWIRE PACIFIC A has been rated as Neutral, with a target price lowered from HKD74 to HKD72.7.
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