Source: Bobby Marks on Twitter
#Breakdown
| Washington Wizards | Los Angeles Lakers | Brooklyn Nets | Indiana Pacers | San Antonio Spurs |
|---|---|---|---|---|
| Kyle Kuzma | Russell Westbrook | 2nd Round Pick (2024) | Isaiah Jackson (#22) | Chandler Hutchison |
| Kentavious Caldwell-Pope | - | 2nd Round Pick (2025) | - | 2nd Round Pick (2022) |
| Montrezl Harrell | - | $11.5M Trade Exception | - | - |
| Spencer Dinwiddie | - | - | - | - |
| Aaron Holiday | - | - | - | - |
| Isaiah Todd (#31) | - | - | - | - |
#Notes
- Isaiah Jackson (going to Pacers) was selected 22nd overall this year.
- Isaiah Todd (going to Wizards) was selected 31st overall this year.
- The second round pick in 2022 that the Spurs received is via Washington.
- The second round pick in 2025 that the Nets received can be swapped with the Warriors or Wizards.
#More
- Bobby Marks: Because there is no salary incoming, Brooklyn does not have to match salary. The Dinwiddie money was added to Kuzma, KCP, Harrell, Holiday to match the Westbrook contract. $49.7M to WASH, $44.1M to LAL. That falls within 125%
Hello
CK Hutchison, based in Hong Kong, is a unique business with a very global and mostly western world earnings base.
It trades at a 5.6 PE ratio and 5 to 6 % dividend yield. (It is a holding company).
It is a $24B market capitalisation and I did not find the company to have a hidden earnings stream or anything that would make me question the current PE ratio, which is accurate to me. It trades at a nearly 20% earnings yield.
It must be distressed? Indebted? Cyclical?
Lets dive in.
The company has 5 segments.
The EBIT, underlying and pro rata is
- Infrastructure 36%
- Telecoms 23%
- Retail 19%
- Ports & Related Services 18%
- Finance, Investments and others 4%
Geographically we have, for EBIT
- Europe 59%
- Asia, Australia and others 22%
- China 8%
- Hong Kong 5%
- Canada 2%
- **Investments without classification 4%**CK Hutchison, based in Hong Kong, is a unique business with a very global and mostly western world earnings base.
It trades at a 5.6 PE ratio and 5 to 6 % dividend yield. (It is a holding company).
It is a $24B market capitalisation and I did not find the company to have a hidden earnings stream or anything that would make me question the current PE ratio, which is accurate to me. It trades at a nearly 20% earnings yield.
It must be distressed? Indebted? Cyclical?
Lets dive in.
The company has 5 segments.
The EBIT, underlying and pro rata is
- Infrastructure 36%
- Telecoms 23%
- Retail 19%
- Ports & Related Services 18%
- Finance, Investments and others 4%
Geographically we have, for EBIT
- Europe 59%
- Asia, Australia and others 22%
- China 8%
- Hong Kong 5%
- Canada 2%
- Investments without classification 4%
Conclusion
- The telecom business is a bad one but capital allocation skills and consolidation makes it pretty good. You got to give them consideration for the Italy consolidation then sale of tower assets, the combination in Indonesia, etc.
- The other businesses are good, not great.
- The capital position is good, some further deleverage of the gross debt would be nice but the company is robust enough.
- The dividend is nice.
- The buyback is too slow, but at least it is there as a start.
full analysis on my blog
https://emergingvalue.substack.com/p/ck-hutchison-holdings-solid-company
Sharing this article from the Dateline newsletter regarding ramp closures and a detour at the Hutchison/113 interchange. If you drive and access the 113 ramps to/from Hutchison, know that that area will get hairy to traverse when Phase 2 of the Hutchison Drive improvement project begins next week.
We wanted to draw attention to this update on this channel for those interested in learning more about this project and how it may affect your (driving) commute. This construction project may also affect those commuting to/from West Village as there is sure to be an increase in vehicular traffic.
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