CKH Holdings (former Cheung Kong Hutchison) 0001

Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Wed May 15, 2019 6:13 am

CKH hiding $57b debt, says short seller

by Stella Zhai

Short seller GMT research said CK Hutchison Holdings (0001) may be concealing HK$57.7 billion of debt associated with assets held-for-sale.

The Hong Kong-based short seller also pointed out in the report that CKH's profit in 2018 surged 38 percent to HK$13.2 billion due to accounting adjustments from the acquisition of Italian telecom operator Wind Tre, plus the residual impact of its reorganization in 2015.

These non-cash adjustments explained why CKH's operating cash flows lagged cash profit, and why the company's capital expenditure consistently exceeded its depreciation and amortization, said GMT.

The short seller criticized that this aggressive accounting was being used to give CKH a higher market rating and access to cheaper credit.

CKH has recognized a nominal net gain of around HK$193 million from non-cash accounting movements in its 2018 annual report.

S&P Global Ratings has also raised CKH's rating by one notch to single-A during last year. The company has not yet responded to the short sell report.

Meanwhile, CK Asset (1113) is considering selling its Shanghai project - Upper West Shanghai - and may cash in almost 12 billion yuan (HK$13.7 billion), said Bloomberg. The sale of the entire project could be valued at about 20 billion yuan. CK Asset has a 60 percent interest.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0515&sid=2
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Wed Jun 05, 2019 10:26 am

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Canning Fok Increases CKH HOLDINGS' Stake for 4 Days

Canning Fok, Group Co-Managing Director of CKH HOLDINGS (00001.HK), increased 200,000 shares, 100,000 shares, 50,000 shares and 50,000 shares of the company for four consecutive days (27-30 May) at average prices of $74.0585, $74.4090, $74.1840 and $73.4150, as revealed by the interest disclosure of the Stock Exchange.

In four days, the company acquired 400,000 shares of the company, involving over $29.63 million. Fok's shareholding went up to 0.14%.

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

Postby winston » Wed Jun 05, 2019 11:25 am

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<Research Report>G Sachs Trims CKH HOLDINGS (00001.HK) TP to $104; Current Valuation Almost Priced In Worst Scenario

CKH HOLDINGS (00001.HK)'s share price has eased back 11% in the last three months (vs HSI decline of 7% over the same period), in wake of macro concerns of China-US trade war and Brexit, Goldman Sachs said in its report.

The group's current valuation has returned to the five-year low when the company restructured in 2015.

The rating on CKH HOLDINGS was Conviction Buy with target price down to $104 from $115, indicating a 40% upside.

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

Postby winston » Mon Jul 29, 2019 2:24 pm

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<Research Report>M Stanley Estimates CKH HOLDINGS Interim NP to Add 2%, Backed by Valuation, Div

Morgan Stanley estimated in its report that CKH HOLDINGS (00001.HK) will post 1H19 net income of $18.5 billion, up 2% only.

However, the stock price (P/BV at 0.6 times and P/E at 7 times) came in below the historical average, while the dividend yield (4.2%) was higher than the peers.

The broker restated Overweight on CKH HOLDINGS at the target price $106.

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

Postby winston » Fri Aug 02, 2019 11:25 am

CK Hutchison Holdings: Setting up tower assets co

CK Hutchison Holdings (CKH) turned in a 2% YoY rise in net profit to HK$18.3b in 1H19, weighed by weaker currencies across its overseas operations.

Besides updates on the group’s operations, the market has been focused on potential value-unlocking exercises.

Indeed, the group also announced that a new telecommunication infrastructure company, CK Hutchison Networks Holdings, will be set up to group the 28,500 tower asset interests into a separately managed wholly-owned subsidiary of CK Hutchison Telecom.

This plan brings to mind Vodafone’s towerco spinout plan that was announced last month.

Recall that Vodafone’s stock price saw a positive move following the news.

The board has declared an interim dividend of HK$0.87/share, which was the same in 1H18. On a past 12-month basis, the stock’s dividend yield is 4.0%, which is decent.

The stock is trading at 0.55x forward P/B and 6.5x forward P/E based on consensus earnings, which is actually close to a new low.

Based on a sum-of-the-parts valuation of the group’s various businesses, we derive a fair value estimate of HK$103 for CKH.

Source: OCBC
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Wed Dec 25, 2019 8:07 am

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BofAS Keeps CKH HOLDINGS (00001.HK) at Buy, Trims TP Slightly

2019/12/13

BofA Securities maintained CKH HOLDINGS (00001.HK) at Buy while cutting the target price to $95 from $96 due to lower NAV.

The broker said the uncertainty of Brexit that has been an overhang on the company's shares (mainly concern over forex rate), subject to the outcome of UK election, may clear up, and catalyze the share price.

The broker believed forex rate to be the biggest uncertainty of CKH HOLDINGS linked with Brexit, as 22% 1H19 EBIT of the company was in GBP.

Every 5% change in GBP forex affects EPS by 1%. Under base case of the broker, victory of Conservative Party will shepherd the UK out of the EU blog by end-January 2020, which could allow GBP/USD to rise to 1.35.

Source: AAstocks.com
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Wed Dec 25, 2019 8:25 am

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G Sachs Restates CKH HOLDINGS in CL Buy List; to Unlock Telecom Hidden Value

2019/11/06

Similar to 1H19 trends, CKH HOLDINGS (00001.HK) reaped steady performance across most businesses (including port, retail, and infrastructure) and good results from Italian telecom units.

With earnings growth hinging on forex movements, Goldman Sachs expected CKH HOLDINGS to see higher near-term visibility heading into the Brexit deadline in early 2020.

The Brexit overhang removal and the value-unlocking potential could help the market re-rate CKH HOLDINGS.

CKH HOLDINGS was kept at Buy (Conviction Buy list), with a target of $104.

Source: 0AAStocks Financial News
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Wed Jun 24, 2020 8:30 pm

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CK Hutchison Holdings (OTCPK:CKHUF)(OTCPK:CKHUY)

Investment thesis: If my buyings were to be limited to just one stock, this would be it. A genuine buy and hold proposition.

This diversified conglomerate trades at P/BV of 0.4x, a forward P/E below 6x, and offers a dividend that exceeds 6%.

The numbers compare favorably against a five years average P/BV of 0.7x, implying a significant discount to fair value.

This low-leveraged (A-rated balance sheet) fortress has diversified interests in telco, retail, utilities, infrastructure, and energy, with the ability to generate substantial cash flow throughout the cycle.

The actual exposure to Hong Kong is also very minimal as the company earns its revenues globally.

The company is the flagship holding of legendary corporate leader Li Ka-Shing, which controls about 30% of CKH.

In my mind, I see CK Hutchinson as a less financially-centered Chinese version of Berkshire Hathaway (BRK.B), and I have little doubt that Li Ka Shing’s son Victor is managing the company for the long term benefit of all shareholders.

Source: Seeking Alpha
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Tue Aug 11, 2020 2:06 pm

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CK Hutchison Holdings (1 HK) - Cuts interim dividend for 1H20

CK Hutchison is a diversified conglomerate whose many business segments lend relative stability.

However, the group has not been immune to Covid-19 and the impact was seen in its 1H20 results.

On a more positive note, the group is seeing some recovery in operations in recent times.

Increased transparency on the group’s digitalization strategies in the telco and retail divisions would be well-received by the investment community as well.

Asset disposals, restructuring and other M&A activities are potential catalysts for the stock. BUY.

Source: OCBC
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Re: CKH Holdings (former Cheung Kong Hutchison) 0001

Postby winston » Fri Mar 26, 2021 1:26 pm

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CK Hutchison Holdings (1 HK) - Still undervalued despite price appreciation

CK Hutchison’s stock has outperformed the market since early November last year as well as on a year-to-date basis, aided by recent corporation actions such as the spinning off of Towers, the global economic recovery and rotation into value/cyclical stocks.

Despite a close to 35% price appreciation since early November 2020, the stock remains undervalued at around 0.4x book, and we see further upside to our fair value estimate of HKD70.

The group recently reported its FY20 results, with net profit down 27% to HKD29b mainly due to Covid-related disruptions.

There was also a one-off impairment loss due to Husky.

On a more positive note, the group’s free cash flow profile improved, along with its gearing levels.

With regards to share buybacks, management said that they will continue evaluating the potential for such, especially after they receive the larger part of proceeds from the sale of towers subsequently. BUY.

Source: OCBC
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