CK Asset (former Cheung Kong Property) 1113

Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Fri Mar 20, 2020 9:44 am

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CK Asset Holdings (1113 HK)
2019: Results Slightly Beat Our Expectations


2019 underlying profit of HK$28,729m (+19.0% yoy) was slightly above our expectation.

CKA announced a 2019 full-year dividend of HK$2.10/share, representing a respectable 10.5% yoy increase.

The recent acquisition of UK pub operator Greene King will boost recurrent income this year with a full-year contribution.

A volatile market may bring M&A opportunities for CKA which has a net gearing of 5.7%.

Maintain BUY with a lower target price of HK$52.28.

Source: UOBKH

https://research.uobkayhian.com/content ... 74497118d1
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Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Tue Aug 11, 2020 8:09 am

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Li Ka-shing, Victor Li raise stake in CK Asset

Tycoon Li Ka-shing and his son Victor Li Tzar-kuoi bought 800,000 shares of CK Asset (1113) through a subsidiary of Li Ka Shing Foundation last Friday at an average price of HK$41.3669.

After the acquisition, Li Ka-shing raised his shareholding in CK Asset to 35.32 percent, while Victor Li's stake rose to 35.39 percent.

Source: The Standard

https://www.thestandard.com.hk/breaking ... n-CK-Asset
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Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Tue Aug 11, 2020 1:12 pm

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Aug 10, 2020

<Research Report>M Stanley Cuts CK ASSET (01113.HK) TP to $49; Rated Equalweight

CK ASSET (01113.HK) was rated Equalweight by Morgan Stanley with target price cut to $49 from $55.

The broker forecast a potential final dividend cut by the company.

CK ASSET had expected over $7 billion of China development revenue to be booked in 2H20, which had not included the $8 billion disposal of Chengdu project recently.

Thus, the broker brought forward 2021E earnings to 2H20 and chopped the company's 2021E EPS by 6%.

Source: AAStocks Financial News
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Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Tue Aug 11, 2020 1:14 pm

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Aug 7, 2020

<Research Report>HSBC Research Downgrades CK ASSET (01113.HK) to Hold, TP Cut to $49.6

CK ASSET (01113.HK) delivered weak 1H20 results, where underlying profit of $8.4 billion (-36%) was well-expected given earlier profit warning, reported HSBC Global Research.

However, the firm axed DPS by 35% YoY for the first time in 21 years, a key disappointment to the market.

CK ASSET was downgraded from Buy to Hold, with target cut from $58.1 to $49.6.

Source: AAStocks Financial News
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Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Tue Aug 11, 2020 1:18 pm

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Aug 7, 2020

<Research Report>C Suisse Retains CK ASSET (01113.HK) at Outperform with $51.9 TP

CK ASSET (01113.HK)'s 1H20 underlying profit faded 35.6% to $8.4 billion, weighed down by loss from the UK pub operation and the significant hit on its hotel business amid pandemic.

The interim dividend ebbed 34.6% YoY to 34 cents, missing consensus.

The broker lowered the FY20E profit estimate on CKA by 8% to reflect lower forecast on the hotel and pub operation, as well as aircraft leasing; and cut FY21-22E earnings estimate by 1%.

The target price was kept at $51.9 with rating of Outperform.

Source: AAStocks Financial News
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Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Tue Aug 11, 2020 1:20 pm

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Aug 7, 2020

<Research Report>Citi Downgrades CK ASSET (01113.HK) to Sell, DPS Cut Disappointing

CK ASSET (01113.HK) is significantly impacted by the pandemic in segments like Central office and luxury retail, Hong Kong hotels, luxury home market, Chinese investment portfolio, UK pubs and aircraft leasing, reported Citigroup.

CK ASSET was downgraded from Neutral to Sell, with target cut from $37.4 to $34.3.

The firm's 1H20 results were a miss, especially a surprisingly disappointing DPS cut of 35%.

Source: AAStocks Financial News
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Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Tue Aug 11, 2020 1:24 pm

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Brokers' Latest Views, TPs on CK ASSET (01113.HK) Post Interim Results (Table)

Brokers│Ratings│TPs (HK$)
Daiwa│Buy│68.3
JPMorgan│Overweight│60.4
Goldman Sachs│Buy (CL Buy)│61.5->60
Morgan Stanley│Equalweight│55
Credit Suisse│Outperform│51.9
UBS│Neutral│48.6
Citigroup│Neutral->Sell│37.4->34.3
---------------------------

Brokers│Views

Daiwa│Property sales margin cushions coronavirus crisis
JPMorgan│Underlying recurring income unaffected; dividend cuts deeper than expected
Goldman Sachs│1H20 results in-line; disappointed with dividend cuts
Morgan Stanley│Disappointed with dividend cuts
Credit Suisse│1H20 results dampened by bar operation, hotel biz
UBS│Disappointed with dividend cuts
Citigroup│Disappointed with dividend cuts

Source: AAStocks Financial News
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Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Wed Aug 12, 2020 5:07 pm

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CK Asset Holdings (1113 HK) - Dividend cut the key miss

CKA’s 1H20 EBIT declined 12% y/y to HKD13.6bn as hotel (EBIT -96%) and pub operations in the UK (turned to negative EBIT of HKD1.9bn) suffered from COVID-19.

The aircraft leasing business however, held up relatively well due to disposal gain of aircraft and a fleet mix comprising largely of narrow-body aircraft, which was impacted relatively less than the wide-body fleet.

Despite its low gearing of 4.7% and resilient EBIT from its infrastructure and utility business, interim dividends were cut by 35% y/y to HKD0.34 (1H19: HKD0.52) on prudent capital management and preserving war chest for potential acquisitions during the downturn.

While this is understandable, management’s consistent emphasis on balance sheet strength and returns to shareholders resulted in disappointment to the market.

Given the lingering impact from the pandemic, we cut the FY20/21e core profits by 18%/23% and lowered our price target to HKD48.3 (from HKD55.9).

Trading at an undemanding valuation of 0.5x P/B and with the strongest balance sheet among peers, we believe the recovery of its recurring income business in 2H20 could drive a re-rating. BUY.

Source: OCBC
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Re: CK Asset (former Cheung Kong Property) 1113

Postby winston » Mon Dec 07, 2020 8:54 am

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Better HK property sales; weak UK business

CKAH’s property sales in HK are gearing up in 2H20, with the launch of two projects, Sea to Sky and El Futuro.

With another round of lockdowns in UK, Greene King’s pub operations will likely remain challenging; further impairment of its assets is possible.

We upgrade CKAH to Hold. Our higher TP of HK$44 is based on a narrowed 55% discount to NAV.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... FE2386413F
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Re: CK Asset (former Cheung Kong Property) 1113

Postby behappyalways » Thu Jan 14, 2021 4:30 pm

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