[ET Net News Agency, 11 August 2020] Morgan Stanley lowered its target price for CK
Hutchison Holdings (00001) to HK$65 from HK$68 and maintained its "overweight" rating.
The research house said the price target cut was mainly driven by a 6% lower estimate
for 2020 3G Europe EBITDA as 3G Europe 1H EBITDA was 7% lower than expected, dragged by UK
operation. However, Morgan's total 2020 EBITDA is 1% lower only due to higher EBITDA
estimates for Infrastructure (better-than-expected 1H) and Husky (smaller-than-expected 1H
underlying EBITDA).
Morgan noted CKH's diversified business with a global footprint and less cyclical, its
defensive and strong FCF-generative business segments, and the potential optionality for
deals could drive upside. The stock is trading at 40% discount to NAV (10-year average of
25%). (KL)
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00001 CKH HOLDINGS
Nominal 
38.250 +0.050 (+0.131%) Others
11/08/2020 16:48
{I-bank focus}Morgan lowers CKH Holdings (00001) to HK$65
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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