智通财经网·2026-04-01 08:04Group 1 - UBS reports that geopolitical conflicts in the Middle East have increased macroeconomic uncertainty, making Hong Kong conglomerates more sensitive to external impacts [1] - The firm assumes that the Middle East conflict will remain unresolved until the end of Q3 this year, with reduced tanker traffic through the Strait of Hormuz and an average Brent crude oil price of $132.5 per barrel for the year [1] - UBS sets a target price of HKD 67 and a "Buy" rating for Cheung Kong (00001), while Swire Properties (00019) receives a "Neutral" rating with a target price of HKD 72.7 [1] Group 2 - UBS estimates that Cheung Kong's net asset value and potential earnings for 2026 could increase by 9% and 66%, respectively, mainly due to its subsidiary Cenovus Energy benefiting from rising oil prices [1] - In contrast, Swire Properties' net asset value and potential earnings for 2026 may decline by 19% and 26%, respectively, due to fuel cost pressures on its subsidiary Cathay Pacific (00293) [1]