Zhi Tong Cai Jing·2025-11-24 08:27Core Viewpoint - Morgan Stanley reports that CK Hutchison (00001) plans to spin off its retail business, Watsons Group, with a dual listing in Hong Kong and the UK as early as the first half of next year, aiming to raise approximately $2 billion [1] Group 1: Business Overview - CK Hutchison's retail business operates 17,000 stores across 31 markets globally [1] - The EBITDA generated by the retail business in the first half of this year was approximately $1 billion, reflecting a year-on-year growth of 12.5% [1] Group 2: Market Valuation and Expectations - Currently, the market assigns a zero implied valuation to CK Hutchison's unlisted businesses, including ports, retail, and telecommunications [1] - The potential listing or sale of assets is expected to unlock value [1] - The group anticipates that its stock price will outperform the market over the next 60 days, with a target price set at HKD 61 and a "Buy" rating [1]