Morgan Stanley released a research report stating that CKH Holdings (00001) plans to spin off its retail business, Watsons Group, for a dual listing in Hong Kong and the UK as early as the first half of next year, with an estimated fundraising of around $2 billion. Currently, CKH's retail operations span 31 markets globally with 17,000 stores, generating approximately $1 billion in EBITDA in the first half of this year, a 12.5% year-on-year increase. The report noted that the market currently assigns zero implied valuation to CKH's unlisted businesses, including ports, retail, and telecom operations. A listing or asset sale could unlock this value. The bank expects CKH's stock to outperform the market over the next 60 days and maintains a target price of HK$61 with an "Overweight" rating.