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<Research>JPM: CKH HOLDINGS (00001.HK) Telecom Biz Potential EV to Be $115B-$139B
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Since CKH HOLDINGS (00001.HK) announced on 4 March that it reached an in-principle agreement on the sale of its global ports business, controversies have created uncertainty about whether the deal will be completed, JPMorgan said. The latest market speculation is that CKH HOLDINGS will postpone the deal, which was originally scheduled to be signed on 2 April. Given the rising geopolitical fallout, JPMorgan was not surprise by the potential delay, meanwhile believing that CKH HOLDINGS will work to resolve conflicts with various stakeholders before confirming the deal on 27 July (JPMorgan wouldn't be surprised to see that date extended further, if necessary). Nonetheless, the broker estimated the market's reaction to the latest speculation to dent the share price slightly lower. Furthermore, Reuters' report on 28 March said that CKH HOLDINGS is considering spinning off its telecom business for listing in London. This is not entirely new market speculation, and if true, JPMorgan projected that the potential EV could be in the range of $115 billion to $139 billion. AAStocks Financial News |
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