里昂：维持长和“跑赢大市”评级和61港元目标价

Core Viewpoint - The report from Credit Lyonnais indicates that Cheung Kong is unexpectedly selling 80% of its stake in Hutchison Port Holdings, which is expected to generate over $19 billion in cash, exceeding Credit Lyonnais's valuation by 43% [1] Group 1 - The transaction is expected to enhance Cheung Kong's net asset value by 13% and shift its balance sheet to a net cash position [1] - The transaction price reflects an enterprise value to EBITDA multiple of 13 times, which is above the industry average of 10 times [1] Group 2 - Credit Lyonnais maintains a "Outperform" rating for Cheung Kong with a target price of HKD 61 [1] - The report suggests that even after the transaction, returning cash to shareholders remains a reasonable option considering Cheung Kong's current valuation and balance sheet [1]