CK Hutchison: Stock Seems Cheap, But Could Be A Value Trap [Seeking Alpha]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
ckh.com.hk/en/ir
Company Research
Source: Seeking Alpha
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 ( OTCPK: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. The share price is down 53% over 5 years, against the Hang Seng Index falling 43% over the same period. Lower and lower share prices are occurring in Hong Kong while the U.S. stock market is reaching record high levels on a "regular basis". Does CKHUY, and Hong Kong deserve such
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