CK Hutchison Posts Solid 2018 Results with Retail Ops Resilient, Rumblings of a Positive Catalyst
CK Hutchison Holdings, or CKHH, posted a decent 2018 net profit of HKD 39 billion that beat our estimate by 9%. We think a largely resilient performance particularly from its retail segment and a telco outlook that has likely bottomed for the group, should prod some positive catalysts for this stock that has been out of favour. We lift our retail segment and ports margin assumptions leading to a rise in our five-year EPS CAGR estimate to 7.1% from 6.3%. There are concerns over the forthcoming re...CK Hutchison Holdings is an investment holding group based in Hong Kong. Co.'s businesses encompass such diverse areas as property development and investment, real estate agency and estate management, hotels, telecommunications and e-commerce, finance and investments, retail, ports and related services, energy, infrastructure projects and materials, media, and biotechnology. Co.'s core business are organized along four segments: Property (sales, leasing, property management and development); Hutchison Whampoa (ports, property and hotel, retail, infrastructure, energy and telecommunications); Life Sciences (health and agriculture related products) and Other Investments.
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