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<Research>JPM Keeps Overweight on CKH; Jardine Matheson Lacks Strong Incentive to Acquire ParknShop
Recommend 16 Positive 17 Negative 15 |
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Regarding recent market rumors that Jardine Matheson has approached CKH HOLDINGS (00001.HK) to acquire ParknShop and merge it with Wellcome, JPMorgan said in its research report that Jardine Matheson lacks a strong incentive to do so, as the Hong Kong supermarket segment isn't an area where it intends to increase exposure, unless the valuation is highly attractive. JPMorgan also based its judgment on ParknShop's relatively low profitability. Last year, ParknShop recorded an EBITDA margin below 1% and a mild EBIT loss. That being said, JPMorgan added that a detailed analysis is currently impractical due to limited information disclosure. The broker kept an Overweight rating and a target price of HKD68 for CKH HOLDINGS. Auto-translated by AI AASTOCKS Financial News |
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