[ET Net News Agency, 1 June 2020] Goldman Sachs cut its target price for CK Hutchison
Holdings (CKH)(00001) to HK$75 from HK$76 and maintained its "buy" rating.
The research house noted that CKH sees no impact on its telecom businesses - which
represents close to half of its earnings - but its retail/port divisions could be more
vulnerable.
Goldman also noted that CKH's telco arm still saw a +1% gross profit increase on a -4%
revenue decline in 1Q, helped by its focus in the postpaid segment and increased wholesale
revenue received from Iliad or MVNOs (mobile virtual network operator).
Hutch Port's global throughput fell 6% year-to-date, due to weaker consumer demand and
supply chain disruption. Although Watson's sales in mainland China have recovered back to
80% of the prior level in FY2019 (versus 20% in February), its stores in Europe/Asia are
still impacted by the viral outbreak that has spread to other markets since March onward.
(KL)
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00001 CKH HOLDINGS
Nominal 
35.850 +0.100 (+0.280%) Research Report
01/06/2020 16:25
{I-bank focus}Goldman cuts CK Hutchison (00001) to HK$75
| Remark: | Real time quote last updated: 19/04/2024 17:30 |
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