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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  CK Hutchison Holdings Limited    1   KYG217651051

CK HUTCHISON HOLDINGS LIMITED

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CK Hutchison, CK Asset profits slump in first half

08/06/2020 | 05:51am EST
FILE PHOTO: The company logo of CK Hutchison Holdings is displayed at a news conference in Hong Kong

CK Hutchison Holdings Ltd, the ports-to-telecoms arm of retired billionaire Li Ka-shing, posted a 29% fall in first-half net profit on Thursday, hurt by a collapse in crude oil prices and slumping global trade and retail demand due to the coronavirus pandemic.

Profit during the period was HK$13 billion ($1.7 billion), compared with HK$18.3 billion a year earlier, after accounting adjustments.

Its Canadian oil and gas producing arm Husky Energy Inc posted a third consecutive loss in the March-June quarter last week, compared with a year-earlier profit. It resulted in a HK$6.1 billion decline in contributions to the group in the first half, CK Hutchison said.

Chairman Victor Li said in a statement he expected the energy business will remain under pressure for the rest of 2020 and it will be "challenging" for its ports and retail businesses to achieve profitability similar to a year ago.

Infrastructure and telecommunication divisions, however, are relatively sheltered as they are considered essential and critical services, he added.

Sister company CK Asset, a major property developer in Hong Kong which also has interests in aircraft leasing, infrastructure and utility assets overseas, said its underlying profit in the first half dropped 36% to HK$8.4 billion, dragged by a drop in hotel income.

Commenting on the Hong Kong property market, CK Asset expected it to remain largely resilient over the longer term once the impact of the pandemic has receded, adding housing policies will be the determining factors, without further elaboration.

Two other Hong Kong landlords gave a downbeat outlook last week for commercial property in the Asian financial hub, saying they expect the pandemic and local factors to continue to weigh on consumer spending and business for the rest of the year.

Shares of CK Hutchison ended down 0.7% on Thursday ahead of the results, while CK Asset dropped 1.1%. The Hang Seng eased 0.7%.

(Reporting by Clare Jim; Editing by Kim Coghill)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CK ASSET HOLDINGS LIMITED -2.40% 40.75 End-of-day quote.2.39%
CK HUTCHISON HOLDINGS LIMITED -1.82% 56.5 End-of-day quote.4.44%
CK INFRASTRUCTURE HOLDINGS LIMITED -1.48% 43.35 End-of-day quote.4.08%
CK LIFE SCIENCES INT'L., (HOLDINGS) INC. -1.10% 0.9 End-of-day quote.2.27%
HANG SENG -1.66% 29441.63 Real-time Quote.8.12%
HK ELECTRIC INVESTMENTS AND HK ELECTRIC INVESTMENTS LIMITED 0.92% 7.69 End-of-day quote.0.79%
HUSKY ENERGY INC. 5.13% 6.76 Delayed Quote.7.30%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.8.61%
WTI -1.77% 52.063 Delayed Quote.10.00%
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Financials
Sales 2020 378 B 48 802 M 48 802 M
Net income 2020 30 383 M 3 919 M 3 919 M
Net Debt 2020 204 B 26 350 M 26 350 M
P/E ratio 2020 7,16x
Yield 2020 4,30%
Capitalization 218 B 28 104 M 28 106 M
EV / Sales 2020 1,12x
EV / Sales 2021 0,97x
Nbr of Employees 176 053
Free-Float 69,5%
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Technical analysis trends CK HUTCHISON HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 72,77 HKD
Last Close Price 56,50 HKD
Spread / Highest target 46,9%
Spread / Average Target 28,8%
Spread / Lowest Target 16,8%
EPS Revisions
Managers and Directors
NameTitle
Tzar Kuoi Li Chairman & Group Co-Managing Director
Kin Ning Fok Group Co-Managing Director & Executive Director
Frank John Sixt Executive Director & Group Finance Director
Hing Lam Kam Executive Director & Deputy Managing Director
Tak Chuen Ip Executive Director & Deputy Managing Director
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