2024-03-27 04:44:35 ET
Summary
- CK Hutchison Holdings' share price has fallen 53% over 5 years, despite only 3% of its EBITDA coming from Hong Kong and 4% from mainland China.
- The company's 2023 FY financial results showed a 1% improvement in revenue, a 9% decrease in underlying earnings, and an increase in underlying free cash flow.
- CK Hutchison's dividend was reduced by 13.5% despite higher free cash flow, and the company did not buy back any shares despite trading at a 70% discount to NAV.
Investment Thesis
CK Hutchison Holdings ( CKHUY ) is a large conglomerate with a diversified portfolio of businesses.
As we frequently point out, despite being headquartered and having its main listing in Hong Kong, only 3% of its EBITDA comes from Hong Kong and only 4% from mainland China.
However, the share price has been punished in line with other Hong Kong companies....
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CK Hutchison: Stock Seems Cheap, But Could Be A Value Trap