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CK Hutchison Holding(1 Equity Market Hong Kong Equity Morning note Martin Ma (SFC CE:BOB758) (852) 3519 1055 Friday, September 25,2020 Market Wrap HSI▼1.82% HSCEI▼1.96% Turnover HK$117.16 bn ▼9% (30-day average) SSE Composite▼1.72% SZSE Component ▼2.24% Sector tracking Stock tracking 1D ▲% 1Y ▲% 1D ▲% 1Q ▲% Utilities 0.5 Automobiles 88.6 SOLARGIGA ENERGY(757) 38.0 NEXION TECHNOLOG(8420) 339.6 Real Estate 1.0 Durable & Tech 54.9 GOLDWAY EDUCATIO(8160) 21.4 HAINAN MEILAN IN(357) 286.2 GOLDWAY EDUCATIO HAINAN MEILAN IN Consumer Goods Health Care IN TECHNICAL PRO(8446) 1.4 49.8 CORNERSTONE FINA(8112) 20.0 227.1 CORNERSTONE FINA IN TECHNICAL PRO Capital Goods 1.4 Consumer Goods 29.2 CHINA ALUMINUM C(6898) 19.5 KNK HOLDINGS LTD(8039) 222.8 Telecom Services 1.6 Materials 25.6 ROYALCHINA CENTURY ALUMINUM RE(8125) C 18.2 YTOKNK EXPRESS HOLDINGS HOLD LTD(6123) 220.9 MarketROYAL CENTURY Highlight RE YTO EXPRESS HOLD Hong Kong Utilities Series 4 – CKGOLDWAY Hutchison EDUCATIO Holding(1 HK): CORNERSTONE FINA CK Hutchison Holding Limited is a CHINA ALUMINUM C Hutchison Telecommunications HK Holding multinational conglomerate that ROYAL CENTURY RE (0215 HK) operate variety sector of business in around 50 countries and have over CK Infrastructure Holding 300,000 employees around the world. (01038 HK) The business involve including Ports and related services, retail, infrastructure, Energy and Li Ka-shing Telecommunications. CK Hutchison Holding For the year 20201H, Hutchison Group (0001 HK) reported HK$ 189,942 million revenue, with YoY changes of -12%, HK$28,619 of total EBIT, with YoY changes of -21%. 33.37% The decline was primary caused by the Power Assets Holding Ltd negative impact of collapse in crude oil (0006 HK) HK Electric (02638 HK) price to the energy sector and the Li Tzar-kuoi negative impact of Covid-19 to the retail sector Port and Retail Infrastructure Energy Telecommunications This division services The Retail division consists the infrastructure the energy division of the A.S. Watson (ASW) division comprises the comprises the Group's consolidatates the 3 The company major group of companies which group's 75.67% interest 40.19% interest in Husky Group business in division as its own the operate 12 retail brands in CK infrastructure Energy ("Husky") which Europe and 66.9% world's leading port with 15,794 stores in 25 holdings Limited("CKI") is an integrated energy network. The company interest in HTHKH and markets worldwide in 2019. and10% of the benefit company listed on the has interests in 52 ports Hutchison Asia The business provide high deriving from the Toronto Stock Exchange comprising 290 Telecommunications. quality personal care, Group's direct holdings and major business in operational berths within HTHKH holders the health and beauty product in six co-owned crude oil, NGL, and 27 counties mobile operations in with 138 million loyalty infrastructure Natural Gas production customer base investment with CKI. Hong Kong and Macau, and the HAT mainly operating in Indonesia Vietnam and Sri Lanka Orient Securities (Hong Kong) Limited 1 September 25, 2020 Development Milestone Plastics manufacturing：In 1950, after Entered real estate market：In learning how to operate a plant, Li 1958, believing rents would founded a plastic manufacturing company continue to rise, Li decided to in Hong Kong with personal savings and purchase a site and develop his funds borrowed from relatives. Li avidly own factory building. An Before Before read trade publications and business news opportunity to acquire more land arrived after the 1967 before deciding to supply the world with riots when many people fled Hong Kong, and, as a result, high quality plastic flowers at low prices. Li Ka Shing at 199 property prices plummeted. Li believed the political crisis After retooling his shop and hiring the best his 30’s would be temporary and property prices would eventually 5 technicians he could find, he prepared the rise, and bought land from the fleeing residents at low plant for a visit from a large foreign buyer. Impressed with prices. In 1971, Li officially named his real estate the quality of Li's plant, the buyer development company Cheung placed a large order. A few years Kong (長江實業). Cheung Kong later, Li grew to be the largest Holdings was publicly listed supplier of plastic flowers in Asia in Hong Kong Stock Exchange in and made a fortune selling them. 1972. Purchased a major stake in Hutchison Whampoa through Cheung Kong in 1979: Hutchison Whampoa Took over HK electric in originated as two separate companies, both founded in the 1985: The Hongkong Electric 19th century. Hong Kong and Company is one of Hong Kong's Whampoa Dock was established in two main electricity generation 1863 and Hutchison companies, the other 1 International was formed in 1877. 975 being China Light & Power. - Although Hutchison Whampoa had a 2000 Hongkong Land (HKL), which owned a 34% stake in the large portfolio of valuable real estate interests, in docks and company, underwent a restructuring in January 1985 retail ventures, the company eventually ran into trouble. It whereby it was forced to sell its stake in the company for was rescued by The HSBC, with HSBC taking a 22% stake in HK$3 billion to reduce debt levels. the company and ensuring that Clague was replaced. On 25 September 1979, at the close of trade in London, HSBC The company is now controlled by Li Ka-shing's Cheung announced that it was selling its stake in Hutchison Kong Holdings as part of listed company Power Assets Whampoa to Cheung Kong for HK$639 million. Holdings Limited, which before February 2011 was known as "Hongkong Electric Holdings Limited". Restructuring: Li’s business empire In January 2015, Li Ka Shing confirmed the business would be restructured and its property Energy business spun- Telecom off as a Retail separately listed company, Cheung Kong 2000 Property - Property.[5] Under the plans, Cheung Kong Holdings will 2020 purchase the shares in Hutchison Whampoa that it does not already own, and merge the companies under a new Port single holding company, CK Hutchison Holdings. The new holding company was established on 18 March 2015, based in the Cayman Islands, but listed in Hong Kong. Life Sciences Source: Cushman & Wakefield, Wikipedia, Orient Securities (Hong Kong) Orient Securities (Hong Kong) Limited 2 September 25, 2020 Past Ten Years Performance and Share Price 150 Past Ten Year Share Price 100 50 （HKD） 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Years 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 EBIT over 10 years 50.00% 30000 Port and service After the 2008 economy crisis, the recovery of The growth of trading The international trading continue to growth steady 30.00% 25000 the economy leads to frequently international trend to be stable. during this period. However the port sector business was 20000 10.00% trading. In 2011, the company achieve a 16% Company’s sector 2015 facing additional risks such as the trade war tension 15000 -10.00% growth in EBIT and for 2012 and 2013 the EBIT performance was mainly between the US and China escalated, the additional FX 10000 -30.00% slightly decline was mainly influence by the influence by unfavorable rate risk as UK was withdrawing from the EU and also the 5000 -50.00% 0 unstable FX rate FX Rate to HKD Covid-19 virus causing the deglobalization trending 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 30.00% 30000 The retail sector achieved a consistence double-digit The company focus its investment in the Europe and Asia area and Retail 10.00% growth of EBIT during the period by expanding its store achieve a significant sales growth. By the end of year 2019, the A.S. -10.00% 10000 globally. The A.S. Watson had over 2000 store opened in Watson had over 12 retail brands and 15,794 stores over 25 country -30.00% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Europe from 2010 to 2014. worldwide. The European market contribute over 50% of the revenue. -50.00% -10000 50.00% 30000 Infrastructure The Infrastructure revenue directly coming from the CK infrastructure company (CKI). During the The profit decline is cause by the 30.00% year 2010 to 2012, the company initiate a series of huge merge and acquisition with the energy Economic Benefits Agreements 20000 EBIT company in UK. In 2013, the CKI had become one of the largest energy company in UK and after signed by CKAH, CKI and PAH in 10.00% -10.00% this; the company continue to acquire some of the energy company in Australia. In 2014 after 2018, asking to divesture 90% of 10000 -30.00% acquired the Envestra Australia, since then the CKI had become the largest gas distributor the benefit in the six co-owned -50.00% 0 company in the nation. investment. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 50.00% 30000 In 2011, the husky energy Since 2012 the energy sector performance started to declining and trend to be unstable mainly cause Energy 30.00% sector enjoy a rapid growth by the declining and low international crude oil price. In 2015 the company record a 65% decline in EBIT 20000 10.00% 10000 in EBIT due to the increase in since the company recognized an after-tax property, plant and equipment impairment charges, -10.00% production volume and the goodwill impairment charges, exploration and evaluation asset write-downs and inventory write-downs -30.00% 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 growth of crude oil price.
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