[ET Net News Agency, 13 June 2019] HSBC lowered its target price for CKH Holdings
(00001) to HK$95 from HK$97 and maintained its "buy" rating.
The research house said CKH's share price has declined 22% since Jan 2018, implying its
valuation has retreated to a level prior to its reorganisation in June 2015. This implies
the equity market has discounted most of the value created over the past four years,
including the streamlining of businesses through group reorganisation, merger of the
Italian telecoms business Wind Tre and the acquisition of infrastructure projects.
CKH's share price weakness, in their view, reflects several risk factors. These include
(1) geopolitical risks in the UK and Australia, potentially affecting utility regulation;
and 2) the threat from the recent entry of Iliad in the Italian telecoms market.
In their view the stock is undervalued. The new TP of HKD95 implies the cyclical
businesses are in almost for free. (RC)
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00001 CKH HOLDINGS
Nominal 
42.850 +0.950 (+2.267%) Others
13/06/2019 09:13
[I-bank focus]HSBC lowers CKH Holdings (00001) to HK$95
| Remark: | Real time quote last updated: 17/09/2024 17:59 |
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