[ET Net News Agency, 16 April 2020] BofA Global Research lowered its target price for
CK Hutchison Holdings (00001) to HK$72 from HK$78 and maintained its "buy" rating.
Despite accounting for only 2% of CKH's NAV, energy should be a 10% drag on CKH's
earnings growth in FY2020, the research house estimated. BofA cut We cut FY20-21E core
profit by 9-13%, mostly to reflect much sharper energy losses, but also slightly weaker
F/X forecasts. It believes CKH's remaining businesses should be resilient in a recession.
BofA also believes CKH is positioned to weather the downturn and gain market share from
weaker competitors, given its strong balance sheets. Recent share purchases by controlling
shareholders also represent a vote of confidence. (KL)
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00001 CKH HOLDINGS
Nominal 
38.200 +0.400 (+1.058%) Research Report
16/04/2020 17:29
{I-bank focus}BofA trims CKH Holdings (00001) to HK$72
| Remark: | Real time quote last updated: 25/04/2024 16:40 |
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