智通财经网·2025-08-15 07:51Core Viewpoint - Morgan Stanley reports that CK Hutchison (00001) has shown robust growth in its core business for the first half of the year, with a year-on-year increase in underlying profit of 11% and a 3% growth in interim dividends [1] Financial Performance - EBITDA growth in various sectors: Ports increased by 10%, Retail by 12%, Infrastructure by 6%, and Telecommunications by 12% [1] - As of June 30, CK Hutchison's net debt ratio decreased from 16.2% at the end of last year to 14.7% [1] Strategic Developments - Management indicated that the port asset transaction is progressing smoothly, with expectations that it may be completed by next year, entering a new phase of introducing strategic investors from China [1] - Morgan Stanley raised the target price from HKD 54 to HKD 58, maintaining an "Overweight" rating, while noting that current price levels reflect market expectations for the approval of the port transaction [1] Future Outlook - It is anticipated that even if the port transaction is completed, only about 10% to 20% of the proceeds will be used for special dividend distribution [1] - Management prefers to allocate funds towards value-added potential acquisitions in European infrastructure projects but will maintain a cautious financial approach due to geopolitical uncertainties [1]