CK Asset Holdings (1113 HK): Hold: Defensive and resilient

研报英文原文证据摘录

CK Asset Holdings (1113 HK): Hold: Defensive and resilient

tructure & Utilities

43.50

segment should continue to deliver steady growth, while the Hotels & Serviced Suites

business may benefit from improving ADRs. These positives could be partly offset by 07/25 01/26 07/2632.00

inflationary pressures in the UK pub business, where higher food and labour costs Target price: 46.50 High: 52.20 Low: 34.80 Current: 45.54

remain a headwind. Rental income may also remain under pressure due to negative Source: LSEG IBES, HSBC estimates

rental reversions in the retail portfolio, despite improving performance at prime

Central office assets such as CK Centre II. Raymond Liu*, CFA

Analyst, Asia Real Estate and Conglomerates

Property sales continue to pressure margins. We expect CKA’s property sales to The Hongkong and Shanghai Banking Corporation Limited

raymond.w.m.liu@hsbc.com.hk

benefit from a recovery in the housing market, both in terms of pricing and volumes. +852 2996 6743

Recent sales momentum at Blue Coast I & II has improved. However, we expect overall Michelle Kwok*

development margins to remain soft given relatively high land costs. Over the next few Head of Asia Real Estate and HK Equity Research

The Hongkong and Shanghai Banking Corporation Limited

months, CKA is expected to launch two key residential projects: Victoria Blossom (1,005 michellekwok@hsbc.com.hk

units) in Kai Tak and the Kam Tai Road project (327 units) in Yuen Long. +852 2996 6918

Ganesh Siva*

Maintain Hold rating and TP of HKD46.50. CKA currently trades at 7.8x 2026e PE, a Associate

Bangalore

56% NAV discount and 4.3% 2026e dividend yield. Key downside risks: Sales slippage

at CKA’s upcoming Victoria Blossom project in Kai Tak; economic recession; hawkish