Core Viewpoint - The company, CK Hutchison Holdings (00001), is reportedly considering a spin-off of its global telecommunications business, which includes operations in Europe, Hong Kong, and Southeast Asia, with potential listings in Hong Kong and London. However, the company has stated that no decisions have been made regarding this or any related transactions [1][2]. Group 1: Spin-off Plans - Recent media reports suggest that CK Hutchison is contemplating a spin-off of its global telecommunications business, potentially valuing the business at around $20 billion [1]. - The company has engaged with investment banks such as Goldman Sachs, Citigroup, and Deutsche Bank to explore the spin-off listing [1]. - CK Hutchison has clarified that it has not made any decisions regarding the independent listing of its telecommunications or retail assets [1]. Group 2: Internal Evaluations - There are indications that CK Hutchison is also evaluating a merger between its Italian telecommunications unit Wind Tre and Iliad's operations in Italy, which may lead to a pause in the spin-off plans [2]. - Internal discussions within CK Hutchison regarding the future direction of its global telecommunications business are reportedly divided, with a decision expected in the coming weeks [2].

据媒体此前报道，长和正考虑将伦敦作为全球电讯业务主要上市地点，香港为次要上市地点，相关业务 估值可能约200亿美元，预计全球电讯业务上市后，可快速被纳入伦敦富时100指数。 不过，另有消息人士指，长和仍在评估将意大利电讯部门Wind Tre与法国电讯公司Iliad的意大利业务合 併，交易可能会令长和暂停分拆全球电讯业务上市的计划。报道称，现时长和内部对全球电讯业务的未 来发展方向存在不同看法，或于未来数周内作出决定。 近日，有媒体报道称，长和(00001)考虑最早于第三季分拆涵盖欧洲、香港及东南亚电讯的全球电讯业 务，并于香港及伦敦上市，高盛、花旗及德银正与长和就分拆上市事宜合作。对此，长和发公告指，未 有就现有电讯或零售资产及业务交易，包括独立上市作出决定。 长和表示，最近有若干媒体报道，涉及集团全球电讯资产及业务、保健及美容产品业务，可能独立上 市。亦有报道涉及集团若干欧洲国家电讯资产的可能交易。对此，长和称，不时接获建议探索及评估可 供考虑的机会，以提升股东长远价值，建议包括与集团若干资产及业务相关的可能交易，当中包括有关 业务独立上市。不过，目前并不确定是否进行任何上述交易。 ...

Group 1 - The core announcement indicates that the company is exploring potential opportunities for the independent listing of its telecommunications assets and businesses, as well as possible transactions involving its telecommunications assets in several European countries [1] - The board has acknowledged media reports regarding the potential separation of the telecommunications business from its health and beauty products business, but no decisions have been made regarding any transactions or independent listings as of the announcement date [1] - The company emphasizes that there is currently no certainty regarding the execution of any such transactions, urging shareholders and potential investors to remain cautious [1]

Core Viewpoint - The company is exploring potential opportunities for the independent listing of its telecommunications assets and businesses, as well as possible transactions involving its telecommunications assets in several European countries, although no decisions have been made yet [1] Group 1 - The company has received various media reports regarding the potential independent listing of its global telecommunications assets and businesses alongside its healthcare and beauty products business [1] - The board is evaluating opportunities to enhance long-term shareholder value, which includes considering potential transactions related to its assets and businesses [1] - As of the date of the announcement, the board has not made any decisions regarding transactions involving the company's existing telecommunications or retail assets and businesses, including any independent listings [1] Group 2 - Shareholders and potential investors are advised that it is currently uncertain whether any of these transactions will take place [1]

Group 1 - The core announcement indicates that the company is exploring the possibility of independently listing its telecommunications assets and businesses, as well as potential transactions involving its telecommunications assets in several European countries [1] - The board has received various suggestions and is evaluating opportunities to enhance long-term shareholder value, which includes the potential for independent listings of certain assets and businesses [1] - As of the date of the announcement, the board has not made any decisions regarding transactions related to the company's existing telecommunications or retail assets and businesses, including any independent listings [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部分內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 本集團電訊與零售業務 本公告乃由長江和記實業有限公司（「本公司」，連同其附屬公司統稱「本集團」）之 董事會（「董事會」）刊發。 董事會知悉最近有若干媒體報導涉及本集團全球電訊資產及業務與本集團保健及美容產品 業務可能獨立上市，以及涉及本集團若干歐洲國家電訊資產之可能交易。 本集團不時接獲建議並探索及評估可供考慮之機會，藉以提升股東之長遠價值，包括與 本集團若干資產及業務相關之可能交易，其中涵蓋該等業務之獨立上市。 承董事會命 執行董事兼公司秘書 施熙德 香港， 2026 年 1 月 21 日 1 於本公告日期，本公司董事為： 執行董事： | 李澤鉅先生 | （主席） | | --- | --- | | 霍建寧先生 | （副主席） | | 陸法蘭先生 | （集團聯席董事總經理 | | | 兼集團財務董事） | | 黎啟明先生 | （集團聯席董事總經理） | | 葉德銓先生 | （副董事總經理） | | 甘 ...

Core Viewpoint - Credit Suisse has issued a report rating CK Hutchison Holdings (00001) as "Outperform" and continues to list it as one of the preferred stocks for 2026, with a target price of HKD 61 [1] Group 1: Business Transaction - CK Hutchison is in discussions with Liberty Global to sell its telecommunications business in Ireland for EUR 1.5 billion [1] - If the news is confirmed, it would be beneficial for CK Hutchison as the group exits the business at an ideal valuation, with the price corresponding to an enterprise value to EBITDA multiple of 11.4 times for 2026 and 2027, compared to the industry average of 5.9 times [1] Group 2: Financial Impact - The sale is expected to enhance CK Hutchison's overall net asset value by approximately 3% for 2026, although the impact on earnings is anticipated to be minor [1]

Investment Rating - The report does not explicitly provide an investment rating for the company [2]. Core Insights - The report highlights that CK Hutchison Holdings is in discussions with Liberty Global to sell its Irish telecommunications business for €1.5 billion, which may indicate a strategic move to exit a challenging telecommunications sector [4]. - Key catalysts for the company include asset disposals, large-scale share buybacks, and increased dividends [5]. - The company operates in various sectors including telecommunications, retail, infrastructure, and ports, with a workforce of over 300,000 employees across approximately 50 countries [7]. Company Overview - CK Hutchison Holdings is a diversified global enterprise with operations in telecommunications, retail, infrastructure, ports, and related services [7]. - The company is currently negotiating the sale of its 3 Ireland business, which had 4.94 million active customers and generated total revenue of €630 million in 2024, contributing 0.6% to the group's underlying EBIT [8]. - The average revenue per user (ARPU) for 3 Ireland was €7.78 in 2024, reflecting a 10% year-over-year decline [8]. Financial Information - As of January 19, 2026, the stock price was HKD 60.2, with a market capitalization of USD 28.07 billion [9]. - The market consensus target price is HKD 61.02 [9]. - Major shareholder includes Li Ka-shing with a 30.43% stake [9].

Core Viewpoint - The report indicates that CK Hutchison is in discussions to sell its Irish telecommunications business to Liberty Global for €1.5 billion, which is seen as a favorable move for the company due to the attractive valuation and the ability to exit a pressured business segment [1] Group 1: Transaction Details - The proposed sale price represents an enterprise value to EBITDA multiple of 11.4 times for 2026 and 2027, significantly higher than the industry average of 5.9 times [1] - The transaction is expected to enhance CK Hutchison's overall net asset value by approximately 3% for 2026 [1] Group 2: Impact on Earnings and Ratings - The impact on earnings from this transaction is expected to be minimal [1] - The firm maintains a "Outperform" rating for CK Hutchison and continues to list it as one of the preferred stocks for 2026, with a target price of HKD 61 [1]

Group 1 - UBS report cites that CK Hutchison is in discussions with Liberty Global to sell its Irish telecom operator, Three Ireland [1] - In 2024, Three Ireland is expected to contribute approximately HKD 1.5 billion in EBITDA, accounting for 6% of CK Hutchison's telecom EBITDA and 1.4% of the group's total EBITDA [1] - Assuming a valuation based on an enterprise value to EBITDA multiple of 6.5x, the valuation of Three Ireland could reach HKD 8.5 billion, equivalent to 3.6% of CK Hutchison's market value [1] Group 2 - The report maintains a "Buy" rating on CK Hutchison, highlighting the potential for value release through asset sales [1] - The target price for CK Hutchison is set at HKD 67 [1]