UBS maintains a Buy rating for CKH HOLDINGS due to an attractive risk-reward profile, raising the target price by 26% to HKD84.6. The firm believes the market is underestimating potential earnings growth from Cenovus Energy amid high oil prices and gains from recent asset sales. UBS has increased its earnings forecasts for 2026-2028 significantly and noted that the stock is still trading below its historical average price-to-book ratio despite a 32% gain this year.
