UBS released a research report noting that CKH HOLDINGS (00001) announced on the 5th the sale of its 49% stake in Vodafone Three for £4.3 billion (approximately HK$45.5 billion). The bank estimates that upon completion of the transaction, CKH HOLDINGS' net debt ratio could improve from 16.5% as of December 2025 to 9.9%. The company is expected to record a disposal gain of HK$4.7 billion and plans to use the cash proceeds primarily to strengthen its balance sheet, fund future business expansion, and seek potential new investments or acquisitions. UBS believes the disposal gain could create upside for dividends, forecasting that the combined effect of an increase in net asset value and a potential dividend hike could provide an upside of HK$1.74 per share. The bank maintained a "Buy" rating on CKH HOLDINGS with a target price of HK$67.