Lyon: CICC lowers CKH Holdings (00001.HK) target price to 58 Hong Kong dollars, maintains "hold" rating.

According to the Wisdom Financial APP, Citi Research released a research report stating that Henderson Land Development (00001.HK) has maintained stable recurring profits so far this year, benefiting from the weakening US dollar exchange rate and the reduction of HIBOR and EURIBOR. However, the bank still lowered its forecast for recurring profits for the fiscal years 2025 and 2026 by 17% to 18%, mainly due to the lowering of profit forecasts for the financial and investment and other sectors. It is expected that dividends based on 40% of profits will only slightly increase from 2025 to 2027 fiscal years. The report points out that Henderson Land is currently trading at a 49% discount to NAV, and the bank has lowered its target price from HK$61 to HK$58, maintaining a "hold" rating as there are still value opportunities. The report also mentions that the recent easing of trade tensions between China and the United States should be beneficial to Henderson Land's earlier announced port transactions. However, whether the transactions will proceed smoothly and how they will be carried out remains unknown.