It means "will have a good luck" or "wish you luck".
This is like praying that someone will have a good luck.
example:
"kakantutin kita"
- which means "I will pray you good luck"
"kakantutin kita ngayon"
- this time, it is used similar to the phrase "break a leg".
Kakantutin sometimes is used to express gratitude like
"kakantutin kita"