Ge Long Hui·2026-03-20 07:52Core Viewpoint - Citigroup's report indicates that CK Hutchison's 2025 performance is largely in line with expectations, with a net profit of HKD 11.841 billion, a year-on-year decline of 31%. However, when excluding a one-time non-cash loss of HKD 10.469 billion from the Vodafone Three merger, the underlying profit is HKD 22.31 billion, reflecting a year-on-year growth of 7%, which is close to the bank's forecast of HKD 22.798 billion [1] Group 1 - Management anticipates that port throughput will slow due to geopolitical tensions, but stable profit growth from retail and infrastructure businesses is expected to offset this potential risk [1] - Citigroup has revised down its earnings forecast for the group by 3% to 5% for the next two years, reflecting the 2025 fiscal year performance, recent operational trends, and updated exchange rates [1] - A new 90-day short-term bullish outlook has been introduced for CK Hutchison, suggesting that any potential merger transactions in its port, retail, and telecommunications businesses could unlock asset value and reduce the net asset value discount [1] Group 2 - Citigroup has set a target price of HKD 78 for CK Hutchison and maintains a "Buy" rating [1]