[ET Net News Agency, 28 November 2017] HSBC Global Research tweaked its target price
for CK Hutchison (CKH)(00001) to HK$118 from HK$117, and maintained its "buy" rating.
The research house said CKH is undervalued and the market is pricing the high-quality
cyclical businesses at a discount.
It said CKH itself has had a busy year, acquiring three utility assets and merging its
telecom business in Italy. HSBC thinks this will support earnings growth over the next
three years.
HSBC forecast CKH's earnings to increase at a CAGR of 11% over 2017-19, underpinned by:
(1) new utility/infrastructure assets like gas utility Duet in Australia; (2) organic
growth in the telecom business in Europe; (3) Husky, as oil prices rise; and (4) more
retail stores in China.
It estimated that cash cows with defensive cash flows will account for 73% of 2018
EBITDA (2014-16: 55-72%). (KL)
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00001 CKH HOLDINGS
Nominal 
37.000 +0.400 (+1.093%) Others
28/11/2017 14:56
[I-bank focus]HSBC tweaks CK Hutchison (00001) to HK$118
| Remark: | Real time quote last updated: 23/04/2024 17:59 |
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