CKH Holdings (former Cheung Kong Hutchison) 0001

Re: Cheung Kong Hutchison Holdings 0001

Postby winston » Fri Sep 02, 2016 11:14 am

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<Research Report>UBS Lifts CKH HOLDINGS Target to $117; Rated Buy

UBS, in its report, stated that EU approved merger between 3 Italia and Wind and CKH HOLDINGS (00001.HK) will hold half of the equity in the JV, equivalent to one-third of the entire telecom revenue in Italy.

The transaction can help fix the negative free cash flow problem in Italy and drive EPS to grow 10% next year.

The deal is expected to be completed in 4Q.

The research house predicted the JV project will begin to distribute dividend as from 2018.

CKH HOLDINGS is reiterated at Buy with target price lifted to $117 from $107.

Source: AAStocks Financial News
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Re: Cheung Kong Hutchison Holdings 0001

Postby winston » Fri Sep 02, 2016 11:15 am

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<Research Report>M Stanley: CKH HOLDINGS' 3 Italia Merger Approved to Raise Free Cash Flow; Target Lifted to $100


Morgan Stanley, in its report, said the European Commission approved the merger of Wind/3 Italia as the broker and market expected. Historical data showed that this will double 3G Europe's FCF of CKH HOLDINGS (00001.HK) and increase overall company 2015 FCF by 15% from HK$27 billion in 2015.

The combined entity should generate capex and opex synergies, in excess of EUR5 billion, according to the company.

The broker lifted the target price from $95 to $100, equivalent to 12.4x 2016 P/E (estimate), to reflect NAV accretion of $6.5 per share with rating Equalweight.

The broker lifted the EPS of CKH by 5%/6% in 2017/18 based on the 5% decline in Italy ARPU in each of 2017/18 (due to Iliad's entry); Italy EBITDA margin was 30%/35% in 2017/18, partially offset by incremental finance costs of EUR250 million.

Source: AAStocks Financial News
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Re: Cheung Kong Hutchison Holdings 0001

Postby winston » Tue Oct 11, 2016 3:40 pm

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<Research Report>UBS Expects Every 1% Move in GBP to Affect 40 bps in Earnings, NAV of CKH HOLDINGS

UBS, in its report, stated that GBP/ USD has dropped to 1.25 from 1.3 since EU referendum and projected that every 1% move in GBP will affect 40 bps in CKH HOLDINGS (00001.HK)'s NAV and earnings.

UBS estimated that the long-term cash flow improvement and its portfolio of operations have made CKH HOLDINGS possible to become a comprehensive conglomerate.

The share price of group not yet been fully factored in, target price was $117 and rating was kept at Buy.

Source: AAStocks Financial News
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Re: Cheung Kong Hutchison Holdings 0001

Postby winston » Tue Mar 21, 2017 3:18 pm

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<Research Report>G Sachs Expects CKH HOLDINGS 2016 Core Earnings Down 6% to $30.5B; Reiterated CL-Buy

Goldman Sachs, in its report, said it is unlikely to see surprising 2016 results of CKH HOLDINGS (00001.HK), which will be released tomorrow (22 March).

However, improved performance in ports, telco and Husky Energy should alleviate market concern about the impact of GBP depreciation.

The broker forecasted $31.5 billion headline net profit for CKH in FY16, including the $1.7 billion
attributable gain from Husky's disposal of select midstream assets to POWER ASSETS (00006.HK) and CKI HOLDINGS (01038.HK) and $600 million loss from Hutch Australia.

The broker expected the core net profit to fall 6% yearly to $30.5 billion, implying 12% yearly decline in 2H16, dragged by 17% depreciation in GBP.

The group disclosed that 39% of 1H16 group EBIT comes from UK operations.

The stock also looks attractively valued, still trading at a 35% NAV discount and 10.4x 2017 P/E (estimate).
Goldman Sachs reiterated CL-Buy on CKH with target price of $118.

Source: AAStocks Financial News
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Re: Cheung Kong Hutchison Holdings 0001

Postby behappyalways » Sat Jun 24, 2017 9:42 pm

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Re: Cheung Kong Hutchison Holdings 0001

Postby winston » Fri Aug 04, 2017 1:37 pm

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<Research Report>Deutsche Downgrades CKH HOLDINGS (00001.HK) to Hold with Target Price $115

Deutsche Bank, in its report, said while CKH HOLDINGS (00001.HK)'s 1H17 NPAT was 1% below the broker's forecast, with EBIT 4% below the broker's forecasts.

Deutsche Bank said the group's 2H17 will be tougher, due to significant asset sale gains in 2H16, and, while the broker's forecasts imply a reasonably large lift in 2H17 EBIT (7.6% yearly), this remains 3% below consensus for FY17.

Furthermore, the stock is now trading near the broker's target price and growth harder to come by, the broker has downgraded CKH to Hold from Overweight with target price kept at $115.

Deutsche Bank is feeling less confident about CKH's growth outlook.

On one hand, ports throughput growth is structurally challenged and tariff pressure coming from new shipping alliances.

On the other hand, European telecom growth is slowing and competition risk escalating in both Italy and the UK.

Besides, China retail is taking more time than expected to recover, and sales cannibalisation by new stores may become more of an issue over time as its scale grows, and there is also difficulty in finding transformational acquisitions, due to its size and more stretched balance sheet.

Source: AAStocks Financial News
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Wed Apr 18, 2018 2:16 pm

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Mar 19, 2018

<Research Report>M Stanley: CKH HOLDINGS (00001.HK) FCF Strong; Valuation Cheap

Morgan Stanley, in its report, said CKH HOLDINGS (00001.HK)'s 2017 EPS climbed 6% yearly to $9.1, mainly driven by merger with Wind Tre, new acquisitions of CKI HOLDINGS (01038.HK) and disposal gain of HUTCHTEL HK (00215.HK).

DPS and EBIT increased 6% and 7%, in line.

The research house opined the valuation of the company is enticing and FCF is resilient.

The target price is $109 with rating Overweight.

Source: AAStocks Financial News
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Mon May 28, 2018 1:32 pm

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<Research Report>M Stanley Reiterates CKH HOLDINGS (00001.HK) at Overweight, TP$109

Morgan Stanley predicted in its research report that CKH HOLDINGS (00001.HK) is set to show 16% growth in 2018 earnings.

Along with over 6% FCF yield, the stock price may start to outperform from now.

CKH HOLDINGS was reiterated Overweight at the target price $109.

Compared with peers (SWIRE PACIFIC A (00019.HK)'s 16x and MTR CORPORATION (00066.HK)'s 27x) based on 2018E PE ratio, Morgan Stanley thought CKH HOLDINGS' valuation (8.5x) is attractive.

Source: AAStocks Financial News
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Tue May 29, 2018 3:47 pm

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<Research Report>BofAML Cuts CKH HOLDINGS (00001.HK) Target to $116; Reiterated Buy

Bank of America Merrill Lynch, in its report, said CKH HOLDINGS (00001.HK) reported stable operating data in 1Q with defensive fundamentals.

The valuation (42% discount to NAV) was appealing.

The EPS was expected to resume to double-digit growth this year, boosted by FX tailwinds.

The target price was cut to $116 from $119 to price in lower valuation on Wind Tre.

CKH HOLDINGS was reiterated at Buy.

Source: AAStocks Financial News
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Wed Jul 18, 2018 11:05 am

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<Research Report>G Sachs Cuts CKH HOLDINGS (00001.HK) TP to $123; Kept on CL Buy List

Goldman Sachs said in its report that CKH HOLDINGS (00001.HK)'s share price has sunk back to the low level in 2016 when Britain voted for Brexit and its proposed acquisition of O2 was declined by the European Commission.

However, its EPS has improved from $7.6 in FY16 to $8.8 in FY17, which is expected to further climb to $10.7 in 2018.

CKH HOLDINGS was kept CL-Buy at the target price $123, trimmed from $128, while CKI HOLDINGS (01038.HK) was rated Neutral at the target price $70 unchanged.

Source: AAStocks Financial News
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