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<Research>Citi Downgrades CKI HOLDINGS (01038.HK) to Neutral, Cuts TP to $49
Recommend 8 Positive 9 Negative 6 |
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Citi released a research report stating that CKI HOLDINGS (01038.HK) logged a 2024 net profit of HKD8.115 billion, up 1.1% YoY, but 3% below street consensus. On a recurring basis, operating profit added 10% YoY, with the final DPS adding 0.5% YoY to HKD1.86. Since its listing, the company has maintained a trend of raising dividends, with the full-year DPS for 2024 up HKD2 cents YoY. Fundamentally, CKI may pursue an acquisition of Thames Water in the UK, though it is unlikely to materialize in the next few months due to complex debt restructuring required prior to any potential deal, the broker opined. Citi trimmed its net profit forecasts for the company for 2025-26 by 8-12%, reducing the target price from HKD63 to HKD49 and downgrading CKI from Buy to Neutral. AAStocks Financial News |
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