UBS Global Research lowered its target price for CK Hutchison Holdings (CKH)(00001) to HK$61 from HK$62 and maintained its "buy" rating.
CKH is due to report 1H results on 6-August. The research house expects recurring net profits to come in at HK$13bn, down 29%. It expects COVID-19 to have impacted on Retail, Ports and Energy operations, with Infrastructure and Telecom remaining resilient.
UBS cut its earnings forecasts across all divisions by 19% in 2020, to factor in larger
than previously expected impact from COVID-19, and by 9% for 2021 on a slower assumed rate of recovery in Retail, Ports and 3 Group. It now forecast earnings to decline 29% in 2020, and rebound by 28% in 2021.
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