[ET Net News Agency, 7 August 2020] Credit Suisse lowered its target price for CK
Hutchison Holdings (00001) to HK$74 from HK$90 and maintained its "outperform" rating.
The research house said the negative impact of the COVID-19 lockdown has been felt by
CKH across all segments, especially the retail and ports divisions. Husky was hit hard by
the sharp fall in oil prices. The infrastructure business was largely unaffected, yet the
result was hurt by the regulatory resets and deferred tax charge.
Credit Suisse sees improving trends in 2H as the economies gradually bottom out of
COVID-19 and commodity prices stabilise. The retail division started to see positive EBIT
growth in July and the management reshuffle in 3 UK should help in cost discipline and
improve margins.
Credit Suisse reduced its 2020/21 earnings forecasts by 22%/16% to reflect the COVID-19
impact. (KL)
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00001 CKH HOLDINGS
Nominal 
35.850 +0.100 (+0.280%) Others
07/08/2020 17:47
{I-bank focus}Credit Suisse lowers CKH Holdings to HK$74
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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