CK Hutchison dividend: history and cash
CK Hutchison paid HK$2.93 per share in 2022 and HK$2.20 in 2024, with the forecast rising from HK$2.40 to HK$2.60 per share. Its first-half free cash flow was HK$58,345 million including disposals, versus HK$7,705 million underlying, so disposal proceeds are not recurring cash.
How much does CK Hutchison pay per share?
Base dividends rise from HK$2.40 to HK$2.50 and HK$2.60 per share. This modest path follows management’s statement that the full-year dividend should reflect underlying earnings growth, while recognizing that DPS fell from HK$2.93 in 2022 to HK$2.20 in 2024. The bear case cuts DPS to HK$2.10 and then HK$2.00; the bull case reaches HK$2.50, HK$2.80 and HK$3.10. The wide cash-flow gap—HK$58,345 million including disposals versus HK$7,705 million underlying—supports caution.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Dividends per share | 2.40 (2.10 / 2.50) | 2.50 (2.00 / 2.80) | 2.60 (2.00 / 3.10) |
What this means. A price to net asset value below one means the shares are priced below the value of the company's assets after its debts are deducted.
Does CK Hutchison’s dividend come from recurring cash?
Cash flow needs the same separation. First-half free cash flow was HK$58,345 million, including HK$52,677 million from infrastructure disposals. Management’s underlying free-cash-flow measure was HK$7,705 million. A sale receipt is not repeatable operating cash, and a subsidiary may need its cash for debt, equipment or spectrum before paying the parent.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid | 8,518 | 9,433 | 10,885 | 10,353 | 9,627 |
| − Share buybacks | 0 | 0 | 0 | 197 | 1,239 |
| New shares sold | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 41 | 4,114 | 55 | 0 | 138 |
What this means. Acquisitions only counts buying whole subsidiary businesses, not investments in associates, joint ventures, or minority interests.
What could change CK Hutchison’s dividend?
The weighted case points to a 24% total return by October 2029, hinging on steady operating earnings, gradual discount narrowing and sensible deployment of sale proceeds. Management expects Ports earnings growth through 2026 and health-and-beauty sales growth of around 2% despite weaker consumer sentiment in some markets. It says the full-year dividend should reflect underlying earnings growth.
What is CK Hutchison’s dividend yield today?
At HK$65.90, CK Hutchison is a discounted portfolio whose balance sheet has improved faster than its recurring cash generation. The share price values shareholders’ claim at HK$252,399.93 million, not the cost of buying every business free of debt. Net debt—borrowings minus cash—was HK$63,681 million at 30 June 2026, while gearing was 8.1%.
The dividend yield measures cash distributed against the share price; it does not prove that recurring parent cash covers the payment. The table establishes today’s valuation starting point before the history is examined.
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 65.90 |
| Market value (every class) (calculated) | 252,399.93 |
| P/E, next 12 months (calculated) | 10.3x |
| Dividend yield (calculated) | 3.5% |
What this means. A price to book ratio of 0.4 means the shares cost less than half of the value of what the company owns after debts.