[ET Net News Agency, 7 August 2020] Nomura lowered its target price for CK Hutchison
Holdings (00001) to HK$64.7 from HK$68.6 and maintained its "buy" rating.
The research house said CKH's 1H net profit of HK$13bn was broadly in line with Nomura's
expectations. EBIT was weaker across all major divisions, given the impact of COVID-19,
with retail (-52%), telecom (-29%) and energy (losses) suffering the most.
Balance sheet management has been robust though, with net gearing improving 1.1pp to
25.1% as at end-June 2020, given prudent financial discipline to boost free cash flows
through reducing/deferring expenditure, improving working capital and lower financing
expenses.
It cut its 2020/21 EPS forecasts by 12%/14% to reflect lower profit contribution from
infrastructure, energy, retail but partly offset by net HK$7.8bn non-recurring items in
1H. (KL)
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00001 CKH HOLDINGS
Nominal 
35.850 +0.100 (+0.280%) Others
07/08/2020 14:41
{I-bank focus}Nomura trims CKH Holdings (00001) to HK$64.7
| Remark: | Real time quote last updated: 19/04/2024 16:54 |
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