Despite a not-too-impressive 10% EPS growth.
According to Nomura, Hutch’s 10% recurring EPS growth in FY12 (in line) was a very solid performance despite extremely challenging global economic conditions.
"We expect 2013F recurring EPS growth to accelerate to 18% as most global economies improve sequentially," Nomura said.
Here's more from Nomura:
While news flows from Europe macro front might remain an occasional swing factor to Hutch’s share price, we view these as buying opportunities since Hutch has proven over the last two years that it could still deliver growth, even for its Europe operations.
Share price in the range of HKD75-80 (representing 35%-40% NAV discount) offers attractive risk-reward, in our view.
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