Raising Our Growth Outlook for CK Hutchison but Lowering Our FVE to HKD 118
No-moat CK Hutchison, or CKHH, posted a decent interim performance, with a welcome improvement in its retail operations leading to a 13% rise in EPS. Coupled with the acquisition of the remaining 50% in Wind Tre, its Italian mobile telco asset, we expect CKHH’s free cash flow to grow at a five-year average 5.4%, an improvement over our prior forecast of 5% growth. The company raised its interim DPS by 11.5% and can well afford to increase its payout, although we've kept this at 31% for 6.6% aver...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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