Once it was that Hutchison Whampoa's massively profitable ports and ferry operation was the only thing standing between its telecom aspirations and the deep blue sea.
After being bailed out by the group for so long, the foundering telecoms business - which was loved on the stock market not because of its operating profits but because of the wild oscillations of its share price - there is hope that the operations may be able to float on their own now, analysts say.
'Hutchison achieved positive free cash flow last year for the first time since 1999. The business is improving this year and the conglomerate's prospects seem to be okay,' said Rob Hart, an analyst at Morgan Stanley Asia.
Perceptions in the market that the troubled conglomerate is speeding up the spin-off of its loss-making 3 Italia division has helped to shore up the stock's controversial valuation.
With Hutchison's telecom business accounting for the biggest portion of its valuation, an analyst at a French investment bank said that when news leaked in early December of a delay in 3 Italia's listing, Hutchison's share price slumped immediately to about $70 from its previous $80.
'It is exactly what concerned the market most,' said the analyst, whose bank had upgraded the 12-month price to $94 from $85 late last year on expectation of the 3 Italia deal.