Realizing Its Potential Breakup Value Lifts Our CK Hutchison FVE to HKD 120

No Major Surprises (Not Even Mr. Li Ka Shing's Exit) From CK Hutchison, FVE Rises to HKD 124

CK Hutchison Doubling Down in Italy as VEON Exits at a Good Valuation

StubWorld: Mobis & Glovis Spinoff Merger

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Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/132" target="_blank" data-smartkarma-citation="entities:132:1">CK Hutchison Holdings Ltd (1 HK)</a>'s, or CKHH's, purchase of the remaining 50% of its Italian telco joint venture, Tre Wind, is positive for the company giving it access to a free cash flow-generating business that it is already familiar with at a fair price. We estimate that the EUR 2.45 billion (HKD 23 billion) purchase should lift CKHH's operating profit by around HKD 8 billion in 2019. However, we only raise our earnings estimates by less than 2% because we have incorporated in a stronger Hong…</p>

CK Hutchison Holdings Ltd (1 HK)'s, or CKHH's, purchase of the remaining 50% of its Italian telco joint venture, Tre Wind, is positive for the company giving it access to a free cash flow-generating business that it is already familiar with at a fair price. We estimate that the EUR 2.45 billion (HKD 23 billion) purchase should lift CKHH's operating profit by around HKD 8 billion in 2019. However, we only raise our earnings estimates by less than 2% because we have incorporated in a stronger Hong…

CK Hutchison Buys Balance of Italian Telco, Positive Move Is Fairly Priced, Stock Is Attractive