# CK Hutchison Holdings (0001.HK)

Canonical: https://gigainvestors.com/s/0001.HK

Analysis as of: 2026-10-16T07:34:16.325Z. Financial observations: FY1996–FY2025.

Listing currency: HKD. Reporting currency: HKD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 65.00 per share; close as of 2026-10-15.

Estimated value: low HKD 90.56 per share, central HKD 99.23 per share, high HKD 110.76 per share. Buy at or below the central value HKD 99.23 per share. Valuation as of 2026-10-16T07:34:16.325Z; scenarios are not confidence intervals.

Expected annual return: 16.8% at the stated quote. About 16.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.14×

- FY2018: 0.15×

- FY2019: 0.17×

- FY2020: 0.13×

- FY2021: 0.12×

- FY2022: 0.10×

- FY2023: 0.37×

- FY2024: 0.38×

- FY2025: 0.36×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.7%

- ROIC, second-lowest year: 6.4%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 58.7%

- Recent gross margin (lower of latest and 3-year median): 58.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.7%

- ROIC including acquisitions, ten-year median: 3.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.5%

- FY2017: 8.0%

- FY2018: 10.4%

- FY2019: 10.0%

- FY2020: 6.9%

- FY2021: 6.4%

- FY2022: 4.6%

- FY2023: 19.0%

- FY2024: 18.8%

- FY2025: 15.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: HKD 97B

- Net income, five-year total: HKD 123B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 10.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.66×

- FY2022: 1.02×

- FY2023: 1.04×

- FY2024: 0.52×

- FY2025: 0.38×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.5% vs 18.8%

- Per-share earnings: 9.10 to 4.46 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: HKD -136B

- Cumulative retained earnings: HKD 119B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -8.5%

- Per-share value change: HKD -4.64

- Per-share value, starting three-year median: HKD 9.10

- Per-share value, ending three-year median: HKD 4.46

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.2%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: HKD 411B

- Cumulative net income, 10 years: HKD 299B

- ROIC, first three-year median: 9.5%

- ROIC, last three-year median: 18.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: HKD 8.55

- FY2017: HKD 9.10

- FY2018: HKD 10.11

- FY2019: HKD 10.33

- FY2020: HKD 7.56

- FY2021: HKD 8.72

- FY2022: HKD 9.57

- FY2023: HKD 6.14

- FY2024: HKD 4.46

- FY2025: HKD 3.09

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.71×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.7%

- FY2017: -1.7%

- FY2018: -1.4%

- FY2019: -2.4%

- FY2020: -3.5%

- FY2021: -1.5%

- FY2022: -1.7%

- FY2023: -2.4%

- FY2024: -3.3%

- FY2025: -4.4%

## Holders

## Price story

Price needs cash profits to shrink 7.3% a year for ten years · sales -0.5%

Story as of 2026-10-16T09:59:59.941Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.3% a year for ten years

- 2026-03-19: CK Hutchison Misses Profit Estimates, Signals Major Deal Push ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ck-hutchison-misses-profit-estimates-191438266.html))

### Sales · FY2024–2025

sales -0.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: HKD 260B 

- FY2017: HKD 249B 

- FY2018: HKD 277B 

- FY2019: HKD 299B 

- FY2020: HKD 266B 

- FY2021: HKD 281B 

- FY2022: HKD 262B 

- FY2023: HKD 276B 

- FY2024: HKD 281B 

- FY2025: HKD 280B 

### Gross margin · FY2025

gross margin 58.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 60.8% 

- FY2017: 59.2% 

- FY2018: 59.6% 

- FY2019: 24.5% 

- FY2020: 20.0% 

- FY2021: 20.4% 

- FY2022: 17.2% 

- FY2023: 60.1% 

- FY2024: 60.8% 

- FY2025: 58.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are HKD 280 billion.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2025-12-31 (filed 2026-10-16T07:34:16.325Z); FY2025: revenue 280036000000; grossProfit 162703000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0001.HK: CK Hutchison Holdings Limited, an investment holding company, primarily operates in ports and related services, retail, infrastructure, and telecommunications businesses in Hong Kong, Mainland China, Europe, Canada, Asia, Australia, and internationally. The company operates through four segments: Ports and Related Services, Retail, Infrastructure, and Telecommunications. It invests in, develops, and operates ports, which operate 295 berths in 53 ports spanning 24 countries; and provides logistics and transportation-related services, such as cruise ship terminals, distribution centers, rail services, and ship repair facilities. It also operates retail brands with stores that offer personal care, health and beauty products, food and fine wines, consumer electronics, and electrical appliances, as well as operates supermarkets under Watsons, PARKnSHOP, and FORTRESS brands; and manufactures and distributes water and other beverages under the Watsons Water and Mr. Juicy brands. In addition, the company invests in energy infrastructure, transportation infrastructure, water infrastructure, waste management, waste-to-energy, household infrastructure, and other infrastructure related businesses. Further, the company provides mobile telecommunications and data services, as well as operates as an integrated energy company. Additionally, it researches, develops, manufactures, commercializes, markets, and sells nutraceuticals, pharmaceuticals, and agriculture-related products; provides marine construction and ship repair yard, water supply and sewerage, electricity generation and distribution, and gas distribution. CK Hutchison Holdings Limited was founded in 1828 and is based in Central, Hong Kong.

### Why customers stay

Margins ranged from 58.1% to 60.8% during 2023–25; it earns 9.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2023-12-31 (filed 2026-10-16T07:34:16.325Z); FY2023: grossProfit / revenue = 60.1%.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2024-12-31 (filed 2026-10-16T07:34:16.325Z); FY2024: grossProfit / revenue = 60.8%.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2025-12-31 (filed 2026-10-16T07:34:16.325Z); FY2025: grossProfit / revenue = 58.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.325Z); 10-year return on capital observations [[2016,0.09477909488849191],[2017,0.08035277907633662],[2018,0.1044207752580725],[2019,0.10003859263542557],[2020,0.06899130879031523],[2021,0.0641612051873417],[2022,0.04577417607214264],[2023,0.19007102518144678],[2024,0.1875494615195405],[2025,0.15500189540365814]]; median 0.09740884376195874. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2016-12-31 (filed 2026-10-16T07:34:16.325Z); FY2016: growth capex 4448000000; upkeep 15598000000; owner earnings 33008000000. Growth capex / owner earnings = 0.13475521085797382.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2017-12-31 (filed 2026-10-16T07:34:16.325Z); FY2017: growth capex 0; upkeep 23521000000; owner earnings 28256000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2018-12-31 (filed 2026-10-16T07:34:16.325Z); FY2018: growth capex 8225000000; upkeep 19315000000; owner earnings 39000000000. Growth capex / owner earnings = 0.2108974358974359.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2019-12-31 (filed 2026-10-16T07:34:16.325Z); FY2019: growth capex 0; upkeep 36293000000; owner earnings 22928400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2020-12-31 (filed 2026-10-16T07:34:16.325Z); FY2020: growth capex 0; upkeep 29574000000; owner earnings 22374000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2021-12-31 (filed 2026-10-16T07:34:16.325Z); FY2021: growth capex 0; upkeep 39643000000; owner earnings 22081200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2022-12-31 (filed 2026-10-16T07:34:16.325Z); FY2022: growth capex 0; upkeep 25852000000; cash acquisitions 0; owner earnings 37288434824.43482. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2023-12-31 (filed 2026-10-16T07:34:16.325Z); FY2023: growth capex 0; upkeep 25301000000; cash acquisitions 0; owner earnings 24431474064.020657. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2024-12-31 (filed 2026-10-16T07:34:16.325Z); FY2024: growth capex 0; upkeep 20365000000; cash acquisitions 6072000000; owner earnings 8962155603.068798. Growth capex plus acquisitions / owner earnings = 0.6775155742576977.

- Source: https://eodhd.com/api/fundamentals/0001.HK.json#2025-12-31 (filed 2026-10-16T07:34:16.325Z); FY2025: growth capex 0; upkeep 18743000000; cash acquisitions 0; owner earnings 4444073402.168302. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.325Z); Dividend observations: [[2016,9977000000],[2017,10512000000],[2018,11341000000],[2019,12225000000],[2020,11238000000],[2021,9627000000],[2022,10353000000],[2023,10885000000],[2024,9433000000],[2025,8518000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 30.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0001.HK SharesStats.PercentInsiders = 30.482 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 7.3% yearly over ten years; actual decline was 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.325Z); Ten-year compound average after fade. Initial solved rate -0.1153286229848372. Price 65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 9.866932699297623 → FY2025 1.1603189994707115. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 95.95 per share

- 2016-11: HKD 94.50 per share

- 2016-12: HKD 87.90 per share

- 2017-01: HKD 93.45 per share

- 2017-02: HKD 95.90 per share

- 2017-03: HKD 95.60 per share

- 2017-04: HKD 97.15 per share

- 2017-05: HKD 101.60 per share

- 2017-06: HKD 98.00 per share

- 2017-07: HKD 102.90 per share

- 2017-08: HKD 102.40 per share

- 2017-09: HKD 99.85 per share

- 2017-10: HKD 99.05 per share

- 2017-11: HKD 98.30 per share

- 2017-12: HKD 98.10 per share

- 2018-01: HKD 105.60 per share

- 2018-02: HKD 98.00 per share

- 2018-03: HKD 93.90 per share

- 2018-04: HKD 93.10 per share

- 2018-05: HKD 88.55 per share

- 2018-06: HKD 83.20 per share

- 2018-07: HKD 85.30 per share

- 2018-08: HKD 90.45 per share

- 2018-09: HKD 90.20 per share

- 2018-10: HKD 78.95 per share

- 2018-11: HKD 81.80 per share

- 2018-12: HKD 75.20 per share

- 2019-01: HKD 78.95 per share

- 2019-02: HKD 83.55 per share

- 2019-03: HKD 82.45 per share

- 2019-04: HKD 82.40 per share

- 2019-05: HKD 74.05 per share

- 2019-06: HKD 77.00 per share

- 2019-07: HKD 73.65 per share

- 2019-08: HKD 68.30 per share

- 2019-09: HKD 69.20 per share

- 2019-10: HKD 72.50 per share

- 2019-11: HKD 71.10 per share

- 2019-12: HKD 74.30 per share

- 2020-01: HKD 69.30 per share

- 2020-02: HKD 67.85 per share

- 2020-03: HKD 52.30 per share

- 2020-04: HKD 57.40 per share

- 2020-05: HKD 47.40 per share

- 2020-06: HKD 49.80 per share

- 2020-07: HKD 50.55 per share

- 2020-08: HKD 50.75 per share

- 2020-09: HKD 46.60 per share

- 2020-10: HKD 46.70 per share

- 2020-11: HKD 56.25 per share

- 2020-12: HKD 54.10 per share

- 2021-01: HKD 53.70 per share

- 2021-02: HKD 58.60 per share

- 2021-03: HKD 61.95 per share

- 2021-04: HKD 63.70 per share

- 2021-05: HKD 60.75 per share

- 2021-06: HKD 60.50 per share

- 2021-07: HKD 56.80 per share

- 2021-08: HKD 56.75 per share

- 2021-09: HKD 51.95 per share

- 2021-10: HKD 52.35 per share

- 2021-11: HKD 48.85 per share

- 2021-12: HKD 50.30 per share

- 2022-01: HKD 55.20 per share

- 2022-02: HKD 54.75 per share

- 2022-03: HKD 57.55 per share

- 2022-04: HKD 55.20 per share

- 2022-05: HKD 55.70 per share

- 2022-06: HKD 53.05 per share

- 2022-07: HKD 52.05 per share

- 2022-08: HKD 50.75 per share

- 2022-09: HKD 43.40 per share

- 2022-10: HKD 39.00 per share

- 2022-11: HKD 45.30 per share

- 2022-12: HKD 46.85 per share

- 2023-01: HKD 49.80 per share

- 2023-02: HKD 46.80 per share

- 2023-03: HKD 48.70 per share

- 2023-04: HKD 52.50 per share

- 2023-05: HKD 47.35 per share

- 2023-06: HKD 47.85 per share

- 2023-07: HKD 48.10 per share

- 2023-08: HKD 42.75 per share

- 2023-09: HKD 41.90 per share

- 2023-10: HKD 39.55 per share

- 2023-11: HKD 39.15 per share

- 2023-12: HKD 41.85 per share

- 2024-01: HKD 40.40 per share

- 2024-02: HKD 39.75 per share

- 2024-03: HKD 37.80 per share

- 2024-04: HKD 38.25 per share

- 2024-05: HKD 38.10 per share

- 2024-06: HKD 37.40 per share

- 2024-07: HKD 41.00 per share

- 2024-08: HKD 43.05 per share

- 2024-09: HKD 44.70 per share

- 2024-10: HKD 40.90 per share

- 2024-11: HKD 40.50 per share

- 2024-12: HKD 41.50 per share

- 2025-01: HKD 39.20 per share

- 2025-02: HKD 38.85 per share

- 2025-03: HKD 43.75 per share

- 2025-04: HKD 43.80 per share

- 2025-05: HKD 44.15 per share

- 2025-06: HKD 48.30 per share

- 2025-07: HKD 51.40 per share

- 2025-08: HKD 51.35 per share

- 2025-09: HKD 51.25 per share

- 2025-10: HKD 51.50 per share

- 2025-11: HKD 54.95 per share

- 2025-12: HKD 52.95 per share

- 2026-01: HKD 63.25 per share

- 2026-02: HKD 64.40 per share

- 2026-03: HKD 59.60 per share

- 2026-04: HKD 65.05 per share

- 2026-05: HKD 70.45 per share

- 2026-06: HKD 66.25 per share

- 2026-07: HKD 73.60 per share

- 2026-08: HKD 70.50 per share

- 2026-09: HKD 68.65 per share

- 2026-10: HKD 65.00 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 1,154.02 per share, central HKD 1,307.73 per share, high HKD 1,512.36 per share

- FY2017: low HKD 201.56 per share, central HKD 223.80 per share, high HKD 253.39 per share

- FY2018: low HKD 159.08 per share, central HKD 196.57 per share, high HKD 224.16 per share

- FY2019: low HKD 141.67 per share, central HKD 156.52 per share, high HKD 176.28 per share

- FY2020: low HKD 124.91 per share, central HKD 136.75 per share, high HKD 152.51 per share

- FY2021: low HKD 105.61 per share, central HKD 114.87 per share, high HKD 127.20 per share

- FY2022: low HKD 91.96 per share, central HKD 100.62 per share, high HKD 112.16 per share

- FY2023: low HKD 90.79 per share, central HKD 99.90 per share, high HKD 112.02 per share

- FY2024: low HKD 89.07 per share, central HKD 98.37 per share, high HKD 110.75 per share

- FY2025: low HKD 84.88 per share, central HKD 93.55 per share, high HKD 105.08 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.