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

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Equity Bottom-Up

<p>A shift in our valuation of <a href="https://www.smartkarma.com/entities/132" target="_blank" data-smartkarma-citation="entities:132:1">CK Hutchison Holdings Ltd (1 HK)</a>--from a DCF-only methodology to one that incorporates a sum-of-the-parts total value--lifts our fair value estimate to HKD 120 from HKD 110. We believe a total value approach better reflects CKHH’s potential value, given its varied parts that are not fully reflected in its cash flow. We also incorporate more optimistic ports growth as we factor in a stronger recovery in global trade. While we expect China’s GDP growth to slow, healthy…</p>

A shift in our valuation of CK Hutchison Holdings Ltd (1 HK)--from a DCF-only methodology to one that incorporates a sum-of-the-parts total value--lifts our fair value estimate to HKD 120 from HKD 110. We believe a total value approach better reflects CKHH’s potential value, given its varied parts that are not fully reflected in its cash flow. We also incorporate more optimistic ports growth as we factor in a stronger recovery in global trade. While we expect China’s GDP growth to slow, healthy…

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