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<Research>UBS: Disposal of ParknShop Has Limited Impact on Earnings and Valuation of CKH
Recommend 10 Positive 21 Negative 7 |
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A research report by UBS noted that Jardine Matheson is reportedly in talks with CKH HOLDINGS (00001.HK) to acquire its ParknShop supermarket business, with plans to merge it with Wellcome under its subsidiary DFI Retail. The broker estimated that, assuming a 9x EV/EBITDA based on peers multiple, ParknShop's valuation could range between USD200 million and USD300 million. For CKH, the Other Retail segment, which includes ParknShop, contributed only HKD167 million in EBITDA last year, accounting for less than 1% of total retail EBITDA, indicating that the disposal would have limited impact on its earnings and valuation. UBS assigned a TP of HKD67 and a Buy rating on CKH. Auto-translated by AI AASTOCKS Financial News |
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