Core Viewpoint - Citigroup's report indicates that Cheung Kong (00001) is expected to see a 7% year-on-year profit growth in 2025, highlighting the company's diversified business portfolio which helps mitigate systemic risks and market volatility [1] Group 1: Financial Performance - Cheung Kong's 2025 earnings are largely in line with expectations, with net profit reported at HKD 11.841 billion, a 31% year-on-year decline. However, when excluding a one-time non-cash loss of HKD 10.469 billion from the Vodafone Three merger, the adjusted profit stands at HKD 22.31 billion, reflecting a 7% year-on-year increase, which is close to Citigroup's forecast of HKD 22.798 billion [1] - Citigroup has revised its earnings forecast for the group down by 3% to 5% for the next two years, while also introducing profit projections for the fiscal year 2028 [2] Group 2: Strategic Outlook - Management emphasizes a strategy focused on asset value release and strengthening financial health, which is viewed as the best way to enhance shareholder returns. The company aims to effectively cycle capital and concentrate on long-term resilient businesses [1] - The management believes that advancements in artificial intelligence will benefit large-scale operations through cost synergies and productivity improvements, which are also key considerations for potential mergers and acquisitions [1] - Citigroup has introduced a 90-day short-term bullish outlook for Cheung Kong, suggesting that any potential merger transactions in its port, retail, and telecommunications businesses could unlock asset value and reduce net asset value discounts [2] Group 3: Market Conditions - The management anticipates that port throughput may slow down due to geopolitical tensions, but stable profit growth from retail and infrastructure businesses is expected to offset this potential risk [1] - The group's total throughput in the Middle East is less than 0.5%, with the total number of retail stores around 0.2% [1]

Group 1 - The core viewpoint of the report indicates that Cheung Kong's basic profit for the fiscal year 2025 is expected to grow by 7% year-on-year, exceeding both Morgan Stanley's and market consensus forecasts by 4% and 2% respectively [1] - The dividend payout ratio is projected to increase by 5% year-on-year, reflecting positive financial performance [1] - The outlook suggests that excluding sale proceeds, the group is expected to see steady profit growth due to improvements across all core businesses [1] Group 2 - Morgan Stanley anticipates additional earnings from the sale of the UK Power Networks (UKPN) and increased contributions from Cenovus Energy due to rising oil prices, with a potential 35% upside in earnings if WTI remains at $100 per barrel throughout the year [1] - This positive outlook provides upward potential for earnings per share and dividend payout ratio for the fiscal year 2026 [1] - The report maintains an "Overweight" rating, highlighting the attractiveness of Cheung Kong's capital recycling strategy based on improvements in core business [1]

Group 1 - The core viewpoint of the announcement is that the company expects a profit attributable to ordinary shareholders of HKD 11.336 billion for the fiscal year ending December 31, 2025 [1] - According to the IFRS 16 basis, the profit attributable to ordinary shareholders is projected to be HKD 11.841 billion [1] - The reported earnings per share for the fiscal year ending December 31, 2025, is estimated to be HKD 3.09 [1]

智通财经APP获悉，长和(00001)绩后涨超3%，截至发稿，涨2.17%，报61.3港元，成交额2.19亿港元。 消息面上，3月19日，长和发布截至2025年12月31日止年度的业绩，该集团期内取得IFRS16后基准收益 总额5072.97亿港元，同比增加6%；呈报EBITDA总额1291.05亿元，同比增长3%；除税后溢利192.33亿 港元，同比减少19%；普通股股东应占呈报溢利118.41亿港元，同比减少31%；拟派发末期股息每股 1.602港元。 于2026年2月26日，集团公布长江集团(长江基建集团有限公司、电能实业有限公司及 长江实业集团有 限公司)向Engie S.A.出售所持有UK Power Networks的100%权益。待交易完成后，出售事项预期将于 2026年带来重大现金流及集团应占溢利净额。 ...

Core Viewpoint - The Li Ka-shing family’s CK Hutchison Holdings Limited (CKH) and CK Asset Holdings Limited (CKA) reported their 2025 performance, highlighting resilience in a volatile global economic environment through diversified operations and risk management strategies [1][5]. Financial Performance - For 2025, CKH reported total revenue of HKD 507.297 billion, a year-on-year increase of 6%, and EBITDA of HKD 129.105 billion, up 3% [2]. - CK Asset's property revaluation surplus was HKD 11.96 billion, reflecting a 2.7% increase, while shareholder profit decreased by 20.3% to HKD 10.847 billion [2]. Strategic Transactions - CKH is preparing for significant transactions, including the sale of UK Power Networks Holdings Limited, which is expected to generate over HKD 100 billion in cash [2]. - The company emphasizes that cash will not remain idle and will be reinvested in projects that meet their return criteria [2]. Business Operations and Challenges - The company’s port operations, including those in Panama, are structured to mitigate risks from geopolitical tensions, with ongoing legal collaborations to address issues with the Panama government [3][5]. - The financial performance of the Panama port business has improved compared to 2024 [3]. Real Estate and Market Outlook - There are no current decisions regarding the spin-off of Watsons, with the company focusing on enhancing customer engagement and brand influence [4]. - CKH remains committed to participating in land acquisitions if the return on investment is reasonable, maintaining strict financial discipline [4]. - The Hong Kong real estate market is showing signs of recovery, supported by government measures and reduced mortgage rates, which are expected to enhance market attractiveness [4].

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Financial Data and Key Metrics Changes - Revenues for 2025 increased by 6% compared to 2024, with 2% attributed to foreign exchange differences and 4% being underlying growth, amounting to approximately HKD 19 billion [2][3] - Net earnings on an underlying basis rose by 7%, equating to an increase of HKD 1.5 billion compared to 2024 [3] - The underlying EBITDA increased by HKD 9.4 billion, approximately 9%, with 7% being fully underlying and 2% driven by favorable foreign exchange [5][6] - The consolidated total net debt to net total capital ratio improved to 13.9% from 16.2% at the end of 2024 [6][22] Business Line Data and Key Metrics Changes - Ports division revenue reached HKD 48.9 billion, an 8% increase over 2024, with throughput increasing by 3% to 90.1 million TEUs [24] - Retail division revenue grew by 10% to HKD 209.3 billion, with EBITDA increasing by 11% to HKD 18.2 billion [30][31] - CK Hutchison Group Telecom saw underlying EBITDA grow by 6% in local currency, with U.K. operations experiencing a 19% EBITDA growth [40][41] Market Data and Key Metrics Changes - The ports division's geographical diversification helped mitigate impacts from geopolitical risks, with expectations of trade route shifts due to conflicts in the Middle East [27][28] - Retail operations in the U.K. and Europe showed leading sales and margin growth, while Health and Beauty Asia provided significant growth opportunities [70] Company Strategy and Development Direction - The company aims to unlock asset value and strengthen its financial position through strategic corporate actions, such as the disposal of UKPN [54][56] - There is a focus on achieving scale in operations to enhance productivity and cost improvements, particularly in the context of AI advancements [55] - The company is committed to maintaining financial resilience while exploring value-accretive transactions and sustainable growth opportunities [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the group's ability to navigate challenges posed by geopolitical tensions and economic volatility, emphasizing the importance of maintaining a strong financial profile [66][67] - The ports division is expected to face slower global trade growth but is well-positioned to adapt due to its diversified portfolio [27][28] - The retail division is focusing on enhancing online capabilities and optimizing store networks to drive growth despite economic headwinds [34] Other Important Information - The group's cash and liquid assets amounted to HKD 151 billion, providing a strong liquidity position amid volatile markets [23] - The average cost of debt decreased from 3.6% in 2024 to 3.3% in 2025, reflecting improved financial management [22][23] Q&A Session Summary Question: What are the drivers behind recent corporate actions? - The recent corporate actions reflect a consistent strategy to unlock asset value and strengthen financial position, with a focus on recycling capital efficiently [54] Question: What are the group's thoughts on the stake in Cenovus? - The energy sector has historically been a good asset despite volatility, and the scale of Cenovus post-MEG acquisition enhances its stability [57][58] Question: What impacts are expected on HPH's operations from escalating conflict in the Middle East? - Vessel calls at UAE ports are expected to reduce, but there has been an increase in requests for ad hoc calls at other ports, mitigating overall impact [60][61] Question: What is the progress on the larger transaction in Panama? - Ongoing legal proceedings are being addressed, and discussions on the larger transaction continue, with the business performing well despite challenges [64][65] Question: What is the capital allocation strategy moving forward? - The company aims to maintain financial resilience while exploring value-accretive opportunities, with dividend payouts and share buybacks being board decisions [66][67]

Financial Data and Key Metrics Changes - Revenues for 2025 increased by 6% compared to 2024, with 2% attributed to foreign exchange differences and 4% representing underlying growth, amounting to approximately HKD 19 billion [2][3] - Net earnings on an underlying basis rose by 7%, translating to an increase of about HKD 1.5 billion compared to 2024 [3] - The underlying EBITDA increased by HKD 9.4 billion, approximately 9%, with 7% being fully underlying and 2% driven by favorable foreign exchange tailwinds [5] - The consolidated total net debt to net total capital ratio improved to 13.9% from 16.2% at the end of 2024 [6][23] - Operating free cash flow increased by 4% to HKD 40.5 billion [13] Business Line Data and Key Metrics Changes - Ports division revenue reached HKD 48.9 billion, an 8% increase over 2024, with throughput increasing by 3% to 90.1 million TEUs [27] - Retail division revenue grew by 10% to HKD 209.3 billion, with EBITDA increasing by 11% to HKD 18.2 billion [35][36] - CK Hutchison Group Telecom saw underlying EBITDA grow by 6% in local currency, with UK operations benefiting from the merger with Vodafone UK [50] Market Data and Key Metrics Changes - The ports division's EBITDA increased by 8% in reported currency, with significant contributions from Europe and Asia [27][28] - Retail division's EBITDA split showed 24% from Asia and 76% from Europe, indicating a strong performance in both regions despite challenges in specific markets [36][38] Company Strategy and Development Direction - The company aims to unlock asset value and strengthen its financial position through strategic corporate actions, such as the disposal of UK Power Networks [67] - There is a focus on achieving scale in operations to enhance productivity and cost efficiency, particularly in the context of AI advancements [68] - The company is committed to maintaining a strong financial profile while exploring value-accretive transactions [85] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ports division's resilience despite geopolitical risks and trade tensions, expecting to mitigate impacts through geographical diversification [31][32] - The retail division is poised for growth despite economic headwinds, with strategies in place to enhance product offerings and optimize store networks [39] - The telecommunications division is expected to deliver stable performance through customer base growth and cost efficiency initiatives following the merger [50] Other Important Information - The group's cash and liquid assets amounted to HKD 151 billion, providing a strong liquidity position amid volatile financial markets [24] - The average cost of debt decreased from 3.6% in 2024 to 3.3% in 2025, reflecting improved financial management [24] Q&A Session Summary Question: What are the drivers behind recent corporate actions? - The recent corporate actions reflect a consistent strategy to unlock asset value and strengthen financial position, with a focus on recycling capital efficiently [67] Question: What are the group's thoughts on the stake in Cenovus? - The energy sector has been a good asset despite volatility, with Cenovus's recent acquisition enhancing production levels significantly [70] Question: What impacts are expected from the escalating conflict in the Middle East? - Vessel calls at UAE ports are expected to reduce, but there has been an increase in requests for ad hoc calls at other ports, mitigating overall impact [78] Question: What is the update on the Panama transaction? - Ongoing legal proceedings are in place to protect the group's interests, and discussions regarding the larger transaction continue [81] Question: What is the capital allocation strategy post-asset sale? - The focus remains on maintaining financial resilience and exploring value-accretive opportunities, with dividend payouts and share buybacks being board decisions [85]

(2)李业广将于2026年股东周年大会上轮值告退，而李业广已通知公司彼将不会于2026年股东周年大会 上寻求膺选连任，并将于2026年股东周年大会结束後退任公司非执行董事，以便投放更多时间于其他商 业及个人承诺上。 格隆汇3月19日丨长和(00001.HK)宣布：(1)周近智已决定于2026年5月21日(或于将刊发之会议通告内详 述的其他日期)举行之公司2026年股东周年大会结束後退任公司非执行董事，以便投放更多时间于其他 商业及个人承诺上；及 ...

智通财经APP讯，长和(00001)发布公告，周近智先生已决定于2026年5月21日(或于将刊发之会议通告内 详述的其他日期)举行之本公司2026年股东周年大会结束后退任本公司非执行董事，以便投放更多时间 于其他商业及个人承诺上;及李业广先生将于2026年股东周年大会上轮值告退，而李先生已通知本公司 彼将不会于2026年股东周年大会上寻求膺选连任，并将于2026年股东周年大会结束后退任本公司非执行 董事，以便投放更多时间于其他商业及个人承诺上。 ...