CK Hutchison Remains Poised for Gradual Improvement, our FVE Raised to HKD 112
CK Hutchison Holdings, or CKH, continues to plod along. There are enough positive developments to help shake off some disappointments so that our earnings forecast is largely unchanged following the company’s interim results release. First-half EBITDA grew 2.4% despite currency headwinds that probably knocked off 5% of profit and is the main reason for a 70 basis points slide in EBITDA margin to 23.8%. The good news is that we expect a better second half with currency headwinds expected to dimin...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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