UBS: CKH Holdings (00001) is potentially selling the beauty retail brand Marionnaud or has a slight positive impact on stock price.

UBS releases research report stating that CKH HOLDINGS (00001) has announced the potential ownership change of its beauty retail brand Marionnaud and has initiated the necessary information disclosure and consultation process. The potential buyer is BEHN, a company founded by David Konckier, who is the CEO and major shareholder of French beauty and perfume group Groupe Bogart, which is listed on the Euronext Paris stock exchange and has rich experience in beauty brand and retail. UBS rates CKH HOLDINGS as a "buy" with a target price of 84.6 Hong Kong dollars. According to the report, CKH HOLDINGS acquired Marionnaud for 534 million euros in 2005. The brand operates over 700 stores in Europe, including in France, Austria, the Czech Republic, Hungary, Italy, Romania, and Switzerland. Media reports state that Marionnaud generated approximately 536 million euros in revenue in France in 2024 through its network of 377 stores. According to CKH HOLDINGS' 2025 annual report, Marionnaud's performance has been lackluster due to increased competition. The report states that Marionnaud has not been profitable at the EBITDA level. Therefore, the report believes that the sale could have a slight positive impact on the stock price.