Lowering CK Hutchison Fair Value Estimate to HKD 107 on Currency, Oil Price Adjustments
With around 93% of CK Hutchison Holdings' operating income derived from non-U.S. dollar-pegged sources, we have lowered our earnings estimates for the no-moat firm following recent strength in the U.S. dollar, and thus Hong Kong dollar, that has led to lower translated income. As a result, our fair value estimate for CKH is reduced to HKD 107 from HKD 118. We have also factored in changes in our Husky Energy contributions following a revision to our oil price forecasts and equity account 3 Itali...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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