[ET Net News Agency, 31 July 2020] UBS Global Research lowered its target price for CK
Hutchison Holdings (CKH)(00001) to HK$61 from HK$62 and maintained its "buy" rating.
CKH is due to report 1H results on 6-August. The research house expects recurring net
profits to come in at HK$13bn, down 29%. It expects COVID-19 to have impacted on Retail,
Ports and Energy operations, with Infrastructure and Telecom remaining resilient.
UBS cut its earnings forecasts across all divisions by 19% in 2020, to factor in larger
than previously expected impact from COVID-19, and by 9% for 2021 on a slower assumed rate
of recovery in Retail, Ports and 3 Group. It now forecast earnings to decline 29% in 2020,
and rebound by 28% in 2021. (KL)