CLSA cuts Hutchison Whampoa target to HK$60 (ADR US$38.54) from HK$68 on widened 35% discount to NAV vs 30% previously. The House says any appreciation in CNY positive to the conglomerate’s landbank, investment properties, ports, and consumer businesses in China. However, the prevailing weakness in euro is negative for Hutchison given its exposure to retail assets in Europe, 3G in Italy, and ports in Netherlands. The House says 5% depreciation in euro will hit the company’s NAV by about 0.8%. It keeps Hutchison Outperform and it says tempted to upgrade the stock to Buy on attractive valuation of 42% discount to NAV, 0.7X P/B, but it refrains from doing so due to lack of clear catalysts. The House also says deep-value investors with long investment horizons should be accumulating the stock.