CKH Holdings (former Cheung Kong Hutchison) 0001

[winston]

not vested

CKH HOLDINGS (00001.HK) Cascades 4% in Early Stages; Interim Earnings Drop with Reduced DPS

The group reported that, over the first half of the year, the reported earnings of the group tumbled 41% YoY to $11.208 billion.

The interim dividend likewise contracted by 10% YoY to HKD0.756 per share.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

vested

CK Hutchison shares drop on biggest loss since 2015

The group’s net income tumbled 41 percent from a year earlier to HK$11.2 billion ($1.4 billion) in the six months through June, it said Thursday, amid a strong dollar and higher operating costs.

Revenue fell to HK$223.9 billion from HK$229.6 billion a year earlier.

Announced an interim dividend of HK$0.756 per share, compared with HK$0.84 a year before.

China's growth is losing momentum amid a property market slump, weakening consumption and falling exports. Elsewhere, Europe’s outlook remains gloomy as inflation pressures persist.

The company’s ports business was hit by stagnant global demand for consumer goods, weak Chinese exports to major Western markets and elevated inventories in the US and Europe. That overstocking is likely to continue to hinder the recovery in cargo demand in the second half, but volumes are expected to increase in late 2023 as global demand rebounds, it said.

The telecom unit saw a 20 percent drop in earnings before interest, taxes, depreciation, and amortization, partly due to foreign currency revaluation of some monetary assets. But CK Hutchison also said it faces rising energy costs and higher capital requirements to expand existing mobile networks especially in Europe.

CK Hutchison has been reducing its exposure in the region’s telecommunications sector. In June, its Britain-based carrier Three UK agreed to merge with Vodafone Group Plc’s unit, in a deal that will create the biggest wireless company in the country if it gets approval from authorities. Vodafone will have the right to acquire the entire merged business after three years, if it reaches a value of at least £16.5 billion including debt.

The conglomerate also cut holdings in its Italian mobile and fixed network business, forming a partnership with Swedish private equity group EQT AB, which will see CK Hutchison hold 40 percent of a newly formed firm that will own and operate the business.

Retail was a rare bright spot in the earnings report, posting a 17 percent increase in Ebitda. That was driven by gains in Europe and Asia, particularly the robust recovery in demand for health and beauty products in mainland China at the start of the year, it said.

Source: Bloomberg

https://www.thestandard.com.hk/breaking ... since-2015

[winston]

vested

UBS Lowers CKH HOLDINGS (00001.HK) TP to $45.3, Expects 2023 Profit to Fall 35%

2024/02/27

UBS expected in a research report that CKH HOLDINGS (00001.HK) would report a 35% YoY drop in net profit (post-IFRS 16) to $23.9 billion last year.

Full-year dividend is forecasted at $2.58 per share, down around 12% YoY.

The broker predicted the company's profit to improve in 2H23 compared with 1H23, mainly due to more favourable foreign exchange movements, improved margins in the telecommunications business and continued improvement in the retail sector.

This will be partly offset by a lower contribution from Cenovus as oil prices and refining margins fell in 2H23.

UBS lowered its target price for CKH by about 3% to $45.3 and rated the company Neutral.

The broker also lowered its profit forecast on CKH for last year by 18%.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

vested

CKH 2023 NP Sinks 36% to $23.5B; Underlying Earnings Fall 9%; Final DPS Cut to $1.775

CKH HOLDINGS (00001.HK) announced its annual results for the year ended December 2023, with turnover of $461.558 billion, up 0.9% YoY.

It recorded a net profit of $23.5 billion, down 35.9% YoY.

Excluding the one-off gain in 2022, underlying earnings decreased by 9%.

EBITDA dropped 10% to $127.309 billion.

EPS was $6.14.

A final dividend of $1.775 was declared, compared to $2.086 a year earlier. The full-year dividend totaled $2.531 per share, down 13.5% YoY.

Dividend History
Announce Date Event Particular
2023/08/03 Interim D:HKD 0.756
2023/03/16 Final D:HKD 2.0860
2022/08/04 Interim D:HKD 0.8400
2022/03/17 Final D:HKD 1.8600

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

vested

March 22, 2024

G Sachs Lifts CKH HOLDINGS (00001.HK) TP to $56; Results In Line

CKH HOLDINGS (00001.HK) 's 2023 results were in line, with net profit down 36% YoY to $23.5 billion, and underlying earnings excluding one-time gains down 9% YoY, mainly on higher finance charge amid higher interest rate.

The group declared a final DPS of $1.78, adding up to $2.53 for the full year, down 13% YoY.

CKH HOLDINGS did not mount any share buybacks in the open market last year to retain capital amid macro uncertainties and operational challenges in its various businesses.

The company yet remains open to buybacks and will continue to assess its liquidity and market conditions, though without making any commitment as other conglomerates.

CKH HOLDINGS's YTD performance led to an upward revision by Goldman Sachs of its FY2024-26 EPS forecasts by 3%-10%.

The broker raised its TP from $54 to $56, and maintained CKH HOLDINGS as its top pick among Hong Kong conglomerates under its coverage.

Rating of Buy was maintained with undemanding valuation and a 7% dividend yield.

The broker said the company's post-pandemic earnings are still far from a full recovery and are 40% lower than the FY2019 level, dented mainly by the European telecoms business.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

vested

<Research>CLSA Drops CKH HOLDINGS (00001.HK) TP to $57, Rating Outperform

CLSA released a report, covering CKH HOLDINGS (00001.HK), which was forecast to post YoY growth in 1H24 recurring profit, with energy prices in Europe and the UK ailing during the period, and expected healthy revenue in its AS Watson.

CLSA raised its operating profit and finance cost estimates, and lowered its net profit forecast by 3% for 2024 but lifted it by 3% for 2025.

CKH's current share price is trading at 54% discount to its NAV, and risk/reward has improved.

Catalysts, such as potential disposals, may take time.

The current price reflects an annual dividend yield of 6.4%-7.2% for the period in 2024-26.

The TP was adjusted downward from $58 to $57, with an Outperform rating maintained.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

HKG: CK Hutchison Holdings Ltd (1) – Weakening resistance

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... fc1f0c23a2

[winston]

vested

<Research>BofAS Trims CKH HOLDINGS (00001.HK) TP to $55 on Fundamental Improvement, Some Div. Uncertainty

BofA Securities released a research report reiterating rating at Buy on CKH HOLDINGS (00001.HK) but trimming its target price by 5% to $55.

BofA Securities believed that the Company's operation is recovering this year after a difficult FY2023. However, its results growth may be dragged down by 2023 one-off gains.

Related News: CLSA Drops CKH HOLDINGS (00001.HK) TP to $57, Rating Outperform

BofA Securities broadly maintained its 2024/ 2025 earnings estimations for the Company at +4%/ +12% respectively, and cautiously anticipated the Company to lower its interim/ full-year dividend by 10% to a full-year dividend yield of 36%.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

<Research>M Stanley Expects CKH HOLDINGS (00001.HK) 1H EPS Down 3% YoY With Flat DPS

Morgan Stanley has released a research report estimating that CKH HOLDINGS (00001.HK) 's 1H24 EPS will fall 3% YoY, but its DPS may remain unchanged from the same period last year.

Morgan Stanley explained that CKH HOLDINGS' EPS was dragged down primarily by the weakened performance of its financial and other businesses, the soft performance of Hong Kong's retail sector, and the group's higher tax expense.

Conversely, its port and telecommunications businesses recorded an improvement in the same period.

Morgan Stanley lowered its FY24/25/26 EPS estimates for CKH HOLDINGS by 2%/10%/13%, along with the DPS estimates cut to $2.61/$2.78/$2.89.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

vested

Global Headwinds hit CKH

1H net profit drop 9 percent year-on-year to HK$10.2 billion

It cut the interim dividend by 9 percent to 68.8 HK cents.

The group will not be too pessimistic about China's retail market although the business has been a bit tough.

China's economic slowdown remains a challenge for the group while weak consumer spending also weighed on retailers in Europe, the company's biggest market, contributing half of its income.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... ds-hit-CKH