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]

Core Viewpoint - UBS reports that the performance of Hong Kong composite enterprises will be differentiated in 2025, driven mainly by asset sales and capital recovery activities, with investors shifting to valuing companies based on price-to-book ratios rather than dividend yields [1] Group 1: Company Ratings and Price Targets - UBS prefers Cheung Kong (00001) and Swire A (00019) among the covered stocks, giving Cheung Kong a "Buy" rating with a target price of HKD 58.8, raised from USD 83.4 and HKD 67 [1] - Swire is given a "Neutral" rating, with its target price reduced from HKD 74 to HKD 72.7 [1] Group 2: Financial Projections - UBS forecasts that Cheung Kong's basic net profit will grow by 3% year-on-year in 2025, a slowdown from the 11% growth seen in the first half of last year, with expected EBITDA growth in the port and retail businesses to decelerate in the second half [1] - For Swire, UBS estimates a 9.1% year-on-year increase in recurring basic earnings to HKD 10.1 billion, with a projected 5% rise in the final dividend [1] Group 3: Asset Management and Valuation - UBS believes that potential asset sales and possible spin-off plans could help Cheung Kong narrow its current 47% discount to net asset value, indicating that the current valuation is attractive [1] - Unlike Cheung Kong and Jardine Matheson, UBS sees limited room for corporate actions for Swire but expects continued improvement in its balance sheet this year, benefiting from growth in its real estate business [1]

Core Viewpoint - UBS reports that the performance of Hong Kong composite enterprises' stock prices will diverge in 2025, driven mainly by asset sales and capital recovery activities, with investors shifting to valuing companies based on price-to-book ratios rather than dividend yields [1] Group 1: Company Ratings and Price Targets - UBS prefers Cheung Kong (00001) and Swire Properties A (00019) among the covered stocks, with a "Buy" rating for Cheung Kong and a target price of HKD 58.8, raised from USD 83.4 and HKD 67 [1] - For Swire, UBS assigns a "Neutral" rating, lowering the target price from HKD 74 to HKD 72.7 [1] Group 2: Financial Projections - UBS anticipates Cheung Kong's basic net profit will grow by 3% year-on-year in 2025, a slowdown from the 11% growth seen in the first half of last year, with expected EBITDA growth in the port and retail sectors to decelerate in the second half [1] - UBS estimates Swire's recurring basic earnings will increase by 9.1% year-on-year to HKD 10.1 billion, with a projected 5% rise in the final dividend [1] Group 3: Asset Management and Valuation - UBS believes potential asset sales and possible spin-off plans could help Cheung Kong narrow its current 47% discount to net asset value, indicating that the current valuation is attractive [1] - Unlike Cheung Kong and Jardine Matheson, UBS sees limited room for corporate actions for Swire but expects continued improvement in its balance sheet this year, benefiting from growth in its real estate business [1]

观点网 2024年的建发房产等待着市场黎明，2025年在忙着建"灯塔"，2026年则变得更主动一些。 又是类似的时间点，建发房产曾于2025年1月进行了一场组织架构大调整：不仅调整华东、海西、东南 三大集群版图，又重新任命了三大集群总经理或副总经理，更将集群董事长上调集团总部。 一年之内，林伟国和田美坦已经实现职位"二连跳"。 与建发房产上一次"换帅"不同，此次权力平和交接。林伟国上任董事长的直接原因，是现任董事长赵呈 闽已经到了退休年龄。 林伟国2000年加入建发集团，自2007年开始便在建发房产工作，历任财务总监、总经理助理、副总经理 等职务。 随后，林伟国还担任建发集团党委委员，建发房产党委副书记、董事、总经理，建发国际执行董事兼董 事会主席，建发物业董事会主席，建发合诚董事长等职务。 不久之后，人事变动公告公布，执行董事林伟国已受委任为董事会主席及公司提名委员会主席，不再担 任行政总裁，而该职务则由华东区域公司董事长田美坦接任。 开年完成大规模人事调整之后，建发房产全身心扑在了"灯塔计划"上，同时加大了土储端的投拓力度。 大环境还未完全企稳，市场变局中，调整远没有那么早落下帷幕。 随着2025年内一座 ...

智通财经APP获悉，摩根士丹利发布研报称，预期长和(00001)股价在未来60天内将相对于大市指数上 涨。该行予其"增持"评级，目标价61港元。大摩估计此情景发生的概率约为80%以上(或"极有可能")。 ...

摩根士丹利发布研报称，预期长和(00001)股价在未来60天内将相对于大市指数上涨。该行予其"增 持"评级，目标价61港元。大摩估计此情景发生的概率约为80%以上(或"极有可能")。 ...

摩根士丹利发表技术研究报告，预期长和股价在未来60天内将相对于大市指数上涨，予其"增持"评级， 目标价为61港元。大摩估计此情景发生的概率约为80%以上(或极有可能)。长和将于3月公布其2025财年 业绩，大摩预期公司将实现每股盈利与每股派息的正面增长。同时，大摩预期各项企业行动将为股价增 添价值，并收窄其相对资产净值的折让。 ...

美银证券发布研报称，长和(00001)旗下屈臣氏集团计划在香港及伦敦进行双重上市，最早可能于第二 季成事，公司估值约300亿美元，招股或集资20亿美元。若能成事，屈臣氏估值将显著高于该行目前用 于推算长和2026财年资产净值时对屈臣氏的估值。该行维持对长和的"买入"评级，因预期其2025财年业 绩将表现稳固，并认为目前其估值具吸引力，尤其是公司目前似乎更积极采取释放价值的行动;目标价 62港元。 ...

智通财经APP获悉，美银证券发布研报称，长和(00001)旗下屈臣氏集团计划在香港及伦敦进行双重上 市，最早可能于第二季成事，公司估值约300亿美元，招股或集资20亿美元。若能成事，屈臣氏估值将 显著高于该行目前用于推算长和2026财年资产净值时对屈臣氏的估值。该行维持对长和的"买入"评级， 因预期其2025财年业绩将表现稳固，并认为目前其估值具吸引力，尤其是公司目前似乎更积极采取释放 价值的行动; 目标价62港元。 ...

Core Viewpoint - The Ninth World Zhejiang Business Forum and the 2025 Shanghai Zhejiang Chamber of Commerce Annual Meeting highlighted the contributions of Zhejiang entrepreneurs to national strategies and regional development, emphasizing their role in high-quality development and common prosperity [3][7]. Group 1: Contributions and Responsibilities - Zhejiang Provincial Committee member Wang Wenxu praised the Zhejiang business community for their patriotism and sense of mission, particularly in supporting the Yangtze River Delta integration and Shanghai's development [3][7]. - The forum recognized the Zhejiang Chamber of Commerce as a model for external provincial chambers, demonstrating responsibility in serving the overall situation, empowering development, coordinating resources, and maintaining vibrant self-construction [3][7]. Group 2: Future Aspirations - Wang encouraged Zhejiang entrepreneurs in Shanghai to integrate their business growth and personal development into the national development framework, aspiring to be exemplary followers of the Party [3][7]. - The call for innovation was emphasized, urging entrepreneurs to seize opportunities in the new wave of global technological and industrial transformation, aiming to be practical contributors to the integration of technological and industrial innovation [3][7]. - The importance of lawful and responsible business practices was highlighted, with a focus on compliance as a lifeline for high-quality development, promoting the idea of being practitioners of the "two healths" [3][7]. - The forum also stressed the role of private enterprises in promoting common prosperity, advocating for a balance between righteousness and profit, and positioning themselves as contributors to wealth generation [3][7].