When considering a conglomerate with interests as varied as Hutchison Whampoa’s (ports, property, phones, pharmacies and a few less alliterative others) a little data triangulation helps. Take these three points: the shares are up 37 per cent since a late-June low; analysts have raised valuations by a quarter over that time; its forward price/earnings ratio has risen 14 per cent, beating the Hang Seng’s 5 per cent.

考虑到和记黄埔(Hutchison Whampoa)是一个利益如此多元的企业集团（包括港口、地产、电话、医药和其他一些叫起来不那么顺溜的业务），作一些数据三角验证会有帮助。就说三个数据点：股价自6月下旬的低点上涨了37%；其间分析师将估值上调了四分之一；股价预期市盈率上升了14%，高于恒生(Hang Seng)指数的5%。

The stock has, in short, undergone a re-rating and the reason is structural: the possibility of a partial spinout from the company’s retail business.

简言之，该股经历了重新评级，而原因是结构性的：该公司分拆一部分零售业务的可能性。

Watsons is the largest pharmacy chain in China, with about a fifth of the market. It is growing fast. Hutchison also has the biggest share of the European market via Watsons, Superdrug and Kruidvat, among others. Valuations of the unit are hovering around $25bn, or 1.3 times 2013 sales. Hutchison says it has not decided whether to list.

屈臣氏(Watsons)是中国最大的连锁药店，市场占有率约达五分之一。增长很快。和记黄埔还通过屈臣氏、Superdrug和Kruidvat等连锁药店，占有了欧洲市场的最大份额。该业务单元的估值大约为250亿美元，相当于其2013销售额的1.3倍。和记黄埔表示，尚未决定是否将其上市。

The company is also delivering on profits. Underlying earnings per share rose a sixth in 2013, Hutchison reported on Friday. Significantly, the biggest gain came from 3 Group Europe, its telecoms business, where earnings before interest, tax, depreciation and amortisation outstripped capex for the first time. If Hutchison is now reaping the rewards of years of European investment, then its 2015 EPS target of HK$10.6 – a 45 per cent increase from 2013 – looks do-able.

该公司也连连实现盈利目标。和记黄埔上周五报告，其每股基本盈利在2013年增长了六分之一。具有重大意义的是，最大进展来自欧洲的3集团（3 Group Europe）——即其电信业务，该业务未计利息、税项、折旧及摊销前盈利(ebitda)首次超过了资本支出。如果说和记黄埔正收获其多年对欧洲投资的回报，那么它在2015年的每股盈利目标——10.6港元（在2013年基础上增长45%）看来可以实现。

The Watsons spin-off should now be largely factored in. Six months of chatter have allowed investors ample time to discover previously ignored value. Hutchison’s results helped the shares close 0.5 per cent higher yesterday (the Hang Seng ended off 1.5 per cent). Yet no analyst surveyed by Bloomberg expects it to meet its 2015 targets. Its executives deserve credit for the revaluing of its retail unit. Getting the market to believe their earnings target would be a greater achievement.

屈臣氏从和记黄埔的分拆，现在应已大致计入股价。6个月以来的传闻，已给予投资者充分时间来发掘之前忽略的价值。和记的业绩周一令其股价收涨0.5%（恒生大盘收跌1.5%）。尽管如此，在彭博(Bloomberg)调查的分析师中，无人预测其会实现2015年目标。和记零售业务单元的重新估值，应归功于其高管。让市场相信其盈利目标，则将是更大的成就。