[ET Net News Agency, 18 July 2018] Goldman Sachs lowered its target price for CK
Hutchison Holdings (CKH)(00001) to HK$123 from HK$128, and reiterated its "buy" rating.
The research house said CKH's share price fell back to its level in 2016 when the UK
voted for Brexit and its proposed acquisition of O2 was rejected by European Commission.
On the other hand, its EPS actually improved from HK$7.6/share in FY2016 to HK$8.8/share
in FY2017, and Goldman expects it to rise further to HK$10.7/share this year.
At its current price, the stock is trading at its lowest levels since the financial
crisis in terms of P/E, P/B and NAV discount.
Goldman expects a solid set of 1H results on 2 August that should confirm a recovery and
forecast HK$18bn net profit for the group overall (+14% yoy). It sees two other potential
catalysts emerging that could help re-rate the stock over the next 6-12 months: (1) asset
disposals or restructuring; (2) increased transparency on its digitalization strategies in
telco and retail divisions. (KL)
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00001 CKH HOLDINGS
Nominal 
38.250 +0.050 (+0.131%) Others
18/07/2018 18:01
[I-bank focus]Goldman lowers CKH Holdings (00001) to HK$123
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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