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<Research>UBS Downgrades CLP HOLDINGS (00002.HK) to Neutral, Trims TP to $70
Recommend 6 Positive 10 Negative 7 |
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UBS issued a research report downgrading CLP HOLDINGS (00002.HK) from Buy to Neutral, and trimming its target price from $74 to $70, due to pressure from adverse overseas factors on the company's short-term fundamentals. While CLP HOLDINGS' Hong Kong operations remained strong and predictable, 1H25 results showed earnings pressure from Australia and mainland China, the report added. Therefore, the broker believed that poor performance in overseas operations may limit the expected earnings growth for FY2025 and result in flat DPS for 2025, compared to its previous forecast of a 3% increase. However, UBS maintained its long-term forecast of an average annual dividend growth of 3% from 2026 to 2029, and expected CLP HOLDINGS to gradually return to a stable growth trajectory once non-local operations stabilize. AASTOCKS Financial News Website: www.aastocks.com |
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