Financial Data and Key Indicators Changes - The GDP growth forecast for 2024 has been adjusted to 4.8%, reflecting stronger-than-expected exports and the impact of policy measures, including additional support for the real estate sector and increased fiscal spending [70] - The nominal income growth for residents in the first quarter was only 6.8%, below the pre-pandemic average of 8.0% [13] - The reported non-performing loan (NPL) balance for commercial banks increased by 8.1% year-on-year, reaching 3.2 trillion RMB, with an NPL ratio of 1.6%, remaining stable compared to 2022 [35] Business Line Data and Key Indicators Changes - The real estate sector continues to face challenges, with new home sales down 47.2% from the peak in July 2021, and new housing starts declining by 24.6% year-on-year in the first four months of 2024 [21] - The automotive sector is experiencing a structural shift towards electric vehicles, with electric vehicle sales growing by 38.2% year-on-year, while internal combustion engine vehicle sales stagnated with a growth of only 0.1% [58] Market Data and Key Indicators Changes - The overall fiscal revenue in China decreased by 3.4% year-on-year in the first four months of 2024, primarily due to a decline in domestic value-added tax reflecting weak domestic demand [62] - The import volume in the first quarter of 2024 increased by an average of 3.6% year-on-year, supported by robust industrial activity and improved exports [19] Company Strategy and Development Direction and Industry Competition - The government has implemented measures to stabilize the real estate market, including easing purchase restrictions and lowering down payment ratios, but these have not yet effectively revived the sector [46] - Structural approaches are needed to manage the decline in the real estate sector and restore consumer confidence, emphasizing the urgency of implementing supply-side measures [46] Management's Comments on Operating Environment and Future Outlook - The management highlighted that while external demand has supported short-term economic growth, the Chinese economy may still be affected by global growth slowdowns and tightening financial conditions [45] - The management noted that the aging population and high debt levels are expected to drag down domestic GDP growth in the medium term, with GDP growth forecasted to slow to an average of 4.1% in 2025-2026 [39] Other Important Information - The overall producer price index (PPI) continued to face deflationary pressure, with a year-on-year decline of 2.6% in the first four months of 2024, reflecting supply-demand imbalances in certain industries [55] - The fiscal deficit as a percentage of GDP was 1.4% at the end of April, indicating potential risks of budget execution [62] Q&A Session Summary Question: What are the expectations for GDP growth in 2024? - The GDP growth for 2024 is expected to be 4.8%, up from previous forecasts due to stronger exports and supportive policy measures [70] Question: How is the real estate sector performing? - The real estate sector is struggling, with new home sales down 47.2% from the peak in July 2021, and new housing starts declining significantly [21] Question: What measures are being taken to support the economy? - The government has introduced measures to stabilize the real estate market, including easing restrictions and providing liquidity support, but these have yet to yield significant results [46]

Core Viewpoint - CK Hutchison Holdings Limited (CKHUY) is a diversified conglomerate with operations in 50 countries, focusing on four main business segments: ports and related services, retail, infrastructure, and telecommunications [3][4][5][6][7]. Business Segments - **Ports and Related Services**: CKHUY operates 53 ports across 24 countries, providing services such as distribution centers and ship repair, making it the world's leading port network [4]. - **Retail**: The AS Watson Group, a subsidiary of CKHUY, is the largest health and beauty retailer globally, with operations in 28 markets, including health and beauty products, supermarkets, and luxury perfumeries [5]. - **Infrastructure**: CKHUY invests in energy, water transportation, waste management, and other infrastructure-related businesses, primarily in Hong Kong, Mainland China, the UK, Europe, Australasia, and North America [6]. - **Telecommunications**: The company serves over 175 million customers across Europe and Asia, providing mobile and Wi-Fi services [7]. Financial Performance - **EBITDA**: In 2023, CKHUY's EBITDA remained steady, with a slight underlying change of -1%, primarily due to declines in the ports and related services segment [13][14]. - **Free Cash Flow**: Underlying free cash flow increased by 12% year-over-year, indicating strong cash generation capabilities [16][17]. - **Debt Reduction**: CKHUY reduced gross debt by HKD 41.7 billion and net debt by HKD 35 billion, strengthening its balance sheet [21]. - **Valuation Metrics**: The stock trades at a trailing P/E ratio of approximately 6.0, with a dividend yield of 6.8% and a payout ratio of 40% [23]. Market Position and Outlook - **Credit Rating**: CKHUY's credit rating is on the verge of an upgrade, supported by its diversified business model and stable cash flows [23]. - **Stock Valuation**: The stock is considered undervalued, with estimates suggesting it could triple to reach fair value, driven by strong fundamentals and potential management actions [23].

Industry Overview - Global eCommerce sales are expected to grow at a +7% CAGR between 2023 and 2028, reaching $5.0tn by 2028, up from $3.6tn in 2023 [7][8] - China and the US are the largest regions, expected to drive 2/3 of global eCommerce growth, with smaller regions like India (+19%) and ASEAN (+9%) growing faster [8] - eCommerce penetration is projected to increase from 30% in 2023 to 34% in 2028, with an average annual increase of +80bps/yr [8] Regional Insights United States - US eCommerce sales are forecasted to grow at a +7% CAGR through 2028, reaching $1.6tn, with online penetration rising to 32% [27] - Discretionary categories are under pressure, with consumers shifting spending towards essentials, benefiting companies like Amazon [32][33] China - China's eCommerce sales are expected to grow by 8% in 2024, driven by promotional events, better shopping experiences, and leading fulfillment speeds [48] - Platforms like Alibaba, JD, and PDD are focusing on price competitiveness and expanding SKU selections to cater to value-conscious consumers [51] ASEAN - ASEAN eCommerce GMV is expected to grow +16% YoY in 2024, driven by platform investments and the rise of livestream and short-form video shopping formats [68] - Indonesia is the largest market in ASEAN, accounting for 47% of the region's eCommerce TAM [68] Latin America - LatAm eCommerce is expected to grow at a +10% CAGR through 2026, with online penetration reaching 27% by 2026 [79] - Cross-border competition is intensifying, with Temu and TikTok Shop entering markets like Brazil and Mexico [85][86] Europe - Europe accounts for 16% of global eCommerce sales, with penetration expected to reach 30% by 2028 [96] - The UK leads in online penetration, with non-food retail online penetration stabilizing at 37% in 2023 [97][98] Korea - Korea's eCommerce market is expected to grow at a high-single-digit rate in 2024, with online penetration reaching 33% by 2026 [117] - Retail market growth is lukewarm, with eCommerce penetration growth picking up since Q4 2023 [117][120] India - India's eCommerce market is forecasted to grow at a 20% CAGR through 2026, reaching $92bn, driven by beauty and fashion/apparel categories [123] - Quick commerce platforms are rapidly expanding, with Zomato achieving store-level profitability in this segment [124] Competitive Landscape - The top 5 eCommerce platforms (Amazon, Alibaba, PDD, JD, Shopify) held a combined 63% market share in 2023, with further consolidation expected [21][22] - Asia-based platforms like Temu and TikTok Shop are gaining share globally, with Temu expected to reach $45bn in GMV in 2024 [9] Key Trends - Platforms are focusing on price competitiveness, expanding SKU selections, and promoting second-hand goods to cater to value-conscious consumers [51] - Adtech upgrades are driving higher take rates, with platforms shifting from CPC to CPS models [56] - Social commerce, including livestream and short-form video shopping, is becoming a significant driver of eCommerce growth, particularly in ASEAN [73]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 7 June 2024 | 10:06PM HKT China Ports: Consumer & Leisure Corp Day: 3-4% volume growth and stable ASP guidance unchanged, potential upside from storage income We hosted China Merchants Port (0144.HK, Buy) and COSCO Shipping Ports Herbert Lu +852-2978-0726 | herbert.lu@gs.com (1199.HK, Buy) at our GS Greater China Consumer & Leisure Corporate Day on Jun Goldman Sachs (Asia) L.L.C. 6-7. Key takeaways include: 1) YTD volume performance was in line with China’s Simon Cheung, CFA +85 ...

A pedestrian walks past a Vodafone store in central London on May 16, 2023. British mobile giant Vodafone is to axe 11,000 jobs over three years in the latest cull to hit the tech sector, as new boss Margherita Della Valle slammed recent performance.Britain's competition watchdog on Friday said it is opening an investigation into the proposed merger between Vodafone and the Three UK mobile network owned by CK Hutchison.This is a breaking news story. Please check back for more. ...

Conference Call Participants Operator Good afternoon. Welcome to the live webcast of CK Hutchison 2022 Final Results Presentation. Today, our speakers are Mr. Victor Li, our Chairman and Group Co-Managing Director; Mr. Canning Fok, Group CoManaging Director; Mr. Frank Sixt, Group Finance Director and Deputy Managing Director; Mr. Dominic Lai, Deputy Managing Director of CK Hutchison and Group Managing Director of A.S. Watson Group; and Malina Ngai, CEO of Asia and Europe of A.S. Watson and Group COO of A.S. ...

CK Hutchison Holdings Ltd (OTCPK:CKHUY) Q2 2022 Earnings Conference Call August 4, 2022 5:00 AM ET Company Participants Canning Fok - Group Co-MD & Executive Director Frank Sixt - Group Finance Director, Deputy MD & Executive Director Dominic Lai - Deputy MD & Executive Director Victor Li - Chairman & Group Co-MD Conference Call Participants Operator Ladies and gentlemen, thank you very much for attending the live webcast of CK Hutchison's 2022 Interim Results Presentation. Today, our speakers are Mr. Victo ...

Stock code: 1 (Incorporated in the Cayman Islands with limited liability) 有限公司 ON HOLDINGS LIMITED 2022 Interim Results Operations Analysis 2022 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

SON HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) | --- | --- | --- | |---------------|-------|-----------------------------------------| | | | | | Stock code: 1 | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 Annual Results Operations Analysis | Disclaimer The information, statements and opinions contained in this Presentation and subsequent discussion do not constitute an offer to sell or solicitation of any offer to subscribe for or purchase any securities or other ...

CK Hutchison Holdings Limited (OTCPK:CKHUY) Q3 2021 Earnings Conference Call March 17, 2022 5:15 AM ET Company Participants Victor Li – Chairman and Group Co-Managing Director Kin Ning Fok – Group Co-Managing Director Frank Sixt – Group Finance Director and Deputy Managing Director Dominic Lai – Deputy Managing Director and Group Managing Director of A.S. Watson Group Conference Call Participants Operator Good morning. Welcome to the live webcast of CK Hutchison 2021 Final Results Presentation. Today, our s ...