Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> has announced a 7% increase in underlying profit in 2025 of HK$22.3bn. </li>
<li>Factoring in a one-off ⁠non-cash loss of HK$10.9bn relating to the UK telcos merger of 3UK with Vodafone, net profit declined ⁠31% to HK$11.8bn.  </li>
<li>Chairman Victor Li Tzar-kuoi added the group’s businesses will face "new and perhaps unforeseen challenges in 2026"; and is under “absolutely no pressure” to sell any assets.</li>
</ul>



CK Hutchison Holdings (1 HK) has announced a 7% increase in underlying profit in 2025 of HK$22.3bn. 
Factoring in a one-off ⁠non-cash loss of HK$10.9bn relating to the UK telcos merger of 3UK with Vodafone, net profit declined ⁠31% to HK$11.8bn.  
Chairman Victor Li Tzar-kuoi added the group’s businesses will face "new and perhaps unforeseen challenges in 2026"; and is under “absolutely no pressure” to sell any assets.


CK Hutchison (1 HK): "New And Perhaps Unforeseen Challenges"

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

Orient Overseas (International) / Equity Bottom-Up

<ul>
<li>Deep-Sea container rates turned weaker again in Jan-Feb, likely obliterating carrier profits</li>
<li>Another round of US tariff uncertainty should dampen near-term NAM demand further</li>
<li>Excess supply, Suez re-opening, now US tariff chaos? SHORT deep-sea container carriers</li>
</ul>


Deep-Sea container rates turned weaker again in Jan-Feb, likely obliterating carrier profits
Another round of US tariff uncertainty should dampen near-term NAM demand further
Excess supply, Suez re-opening, now US tariff chaos? SHORT deep-sea container carriers


Monthly Container Shipping Tracker | Weak Price in Jan-Feb | Softer NAM Demand | Now US Tariff Mess

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Port of Tauranga (POT) will likely report a strong 1H26 result on Friday, 27 February 2026.</li><li>Recent initiatives, including the contract renewal with key shipping line customer Maersk, the exit from operational control of Metroport, and the doubling of the infrastructure levy, all took effect from 1 December 2025.</li><li>With volume growth constrained until completion of the berth extension, we view pricing as the primary earnings lever over the medium term.</li></ul>

Port of Tauranga (POT) will likely report a strong 1H26 result on Friday, 27 February 2026.Recent initiatives, including the contract renewal with key shipping line customer Maersk, the exit from operational control of Metroport, and the doubling of the infrastructure levy, all took effect from 1 December 2025.With volume growth constrained until completion of the berth extension, we view pricing as the primary earnings lever over the medium term.

Port Of Tauranga - 1H26 Preview—Piering Ahead

<ul>
<li>Investors see value in <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>. Many are concerned TICO and TM will deliberately engage in bad corporate governance to punish minorities if the Offer doesn't go through.</li>
<li>It's doubtful an international tribunal has the clout to overturn <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CKH (1 HK)</a>'s Supreme Court decision. The safe takeaway here is that this entire construct won't be concluded anytime soon.</li>
<li>
<a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a>'s divergence with <a href="https://www.smartkarma.com/entities/melco-crown-entertainme-adr" target="_blank" data-smartkarma-citation="entities:810:1" rel="noopener">Melco Resorts &amp; Entertainment (MLCO US)</a> is a curious thing. Is a statutory merger in the wings?</li>
</ul>


Investors see value in Toyota Industries (6201 JP). Many are concerned TICO and TM will deliberately engage in bad corporate governance to punish minorities if the Offer doesn't go through.
It's doubtful an international tribunal has the clout to overturn CKH (1 HK)'s Supreme Court decision. The safe takeaway here is that this entire construct won't be concluded anytime soon.

Melco International Development (200 HK)'s divergence with Melco Resorts &amp; Entertainment (MLCO US) is a curious thing. Is a statutory merger in the wings?


Last Week In Event SPACE: CKH, Toyota Industries, Melco, Rio/Glencore, Guoco

<ul>
<li>It was a sure bet Panama's highest court would annul <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>'s  Panama Ports Company (PPC) port contracts. Less clear are the next steps. </li>
<li>The Panamanian government has tapped <a href="https://www.smartkarma.com/entities/ap-moeller-maersk-a-s" target="_blank" data-smartkarma-citation="entities:22428:1" rel="noopener">AP Moeller - Maersk A/S (MAERSKB DC)</a>'s APM Terminals as the temporary administrator - or "neutral stabiliser" - via a phased handover of the ports.</li>
<li>PPC has already indicated it will seek a "clarification" of the ruling. And CKH can still sue the Republic of Panama in international tribunals.</li>
</ul>


It was a sure bet Panama's highest court would annul CK Hutchison Holdings (1 HK)'s  Panama Ports Company (PPC) port contracts. Less clear are the next steps. 
The Panamanian government has tapped AP Moeller - Maersk A/S (MAERSKB DC)'s APM Terminals as the temporary administrator - or "neutral stabiliser" - via a phased handover of the ports.
PPC has already indicated it will seek a "clarification" of the ruling. And CKH can still sue the Republic of Panama in international tribunals.


CKH (1 HK): The Courts (Predictably) Annul The Panama Concessions. Now What?

Denmark

A.P. Moller - Maersk A/S operates as an integrated transport and logistics company. The Company offers container vessels, supply ships, special vessels, terminals, tug boat activities and reefer container box manufacturing. A.P. Moller-Maersk serves clients worldwide.

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AP Moller - Maersk A/S (MAERSKA DC)

CK Hutchison (1 HK): "New And Perhaps Unforeseen Challenges"

CKH-controlled Panama Ports Company announced it has widened its claims in an international arbitration case against the Republic of Panama,...

David Blennerhassett

Monthly Container Shipping Tracker | Weak Price in Jan-Feb | Softer NAM Demand | Now US Tariff Mess

January and February deep-sea container rates have softened noticeably, probably wiping out most carriers' profit margins altogether. Conditions...

Tracking Traffic

Port Of Tauranga - 1H26 Preview—Piering Ahead

With volume growth constrained until completion of the berth extension, we view pricing as the primary earnings lever over the medium term.

Forsyth Barr

Last Week In Event SPACE: CKH, Toyota Industries, Melco, Rio/Glencore, Guoco

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

CKH (1 HK): The Courts (Predictably) Annul The Panama Concessions. Now What?

At a ~48% NAV discount and forward P/B of 0.44x, CKH is not expensive. I see this court decision getting bureaucratically tangled. Near term,...

David Blennerhassett

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