Factoring in Lower Ports Growth Outlook, Our CK Hutchison FVE Falls to HKD 106
Given global trade tensions, risk of slower growth in China, and uncertainty about the near-term outlook for U.K. trade activity, we have cut our five-year growth projections for CK Hutchison’s ports activities, leading to a reduction in our sum-of-the-parts fair value estimate to HKD 106 per share from HKD 118. While 30%-owned associate Hutchison Ports Holdings Trust recently reflected a HKD 12 billion write-down of goodwill, we believe negative goodwill from the purchase of the balance stake i...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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