CK Asset (former Cheung Kong Property) 1113

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Li Ka-shing Raises Stake in CK PROPERTY (01113.HK) to 30.1%

CK PROPERTY (01113.HK) chairman Li Ka-shing purchased 300,000 shares of the company at the average price of $66.332 through on-floor Trading on Monday (8 June), involving the turnover of $19.8996 million, according to HKEX's shareholding disclose.

Upon completion, Li's stake increased from 30.09% to 30.1%.

Source: AAStocks Financial News

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<Research Report>JP Morgan Keeps CK PROPERTY (01113.HK) at Overweight with Target at $84

JP Morgan believed the technical overhang on CK PROPERTY (01113.HK)'s shares is largely done with its trading volume normalizing to its peers level.

Even though CK PROPERTY has a lower recurrent income base compared with other developers, the research house is of the opinion that it should not derail from its
re-rating path since there is no evidence that companies with higher recurrent earnings will have a valuation premium.

JP Morgan believes that investors can now return the focus on the company's fundamentals which are mainly driven by the positive momentum of its underlying businesses.

The rating was maintained at Overweight with a target price of $84


Source: www.aastocks.com

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HSBC Initiates CK PROPERTY(01113.HK) at Buy with Target Price $83

HSBC Global Securities initiated CK PROPERTY(01113.HK) 0.000 (0.000%) Short selling $42.88M; Ratio 9.572% at Buy with a target price of $83 (a discount of 20% to its NAV).

It is one of the broker's most preferred local developers. CK PROPERTY had a robust performance on the residential property sales in both China and Hong Kong and it generated a recurring income of over $12 billion in 2014.

The broker estimated that was the third-highest among Hong Kong peers. The group is developing well in its Singapore and the UK businesses.

The broker considered current CK PROPERTY's current NAV discount is too much and has yet to reflect its demonstrated strong execution in residential sales, proven track record in monetization of assets at the right time and the potential asset value to be unlocked from its local investment properties.


Source: AAStocks Financial News

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July 14, 2015

BofA Merrill Lynch Initiates CK PROPERTY (01113.HK) at Buy with Target of $80

Bank of America Merrill Lynch in a report initiated CK PROPERTY (01113.HK) 0.000 (0.000%) Short selling $42.88M; Ratio 9.572% a Buy rating with a target price of $80, based on a 15% discount to 2015 estimated NAV of $95.

The research house commented that the stock's current price at 33% discount is unjustified, given the company's good management team and focus on shareholders' returns (such as rising dividend payout and potential asset sale to unlock value), a land reserve with suitable margins built which can help deal with a possible downturn in the industry.

It also viewed CK PROPERTY as one of the top picks for Hong Kong property shares.

Source: AAStocks Financial News

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<Research Report>G Sachs Initiates CK PROPERTY at Buy with Target Price of $81

Goldman Sachs initiated CK PROPERTY(01113.HK) at Buy with target price of $81, which is equivalent to a 20% discount to FY15 NAV of $101.22.

As stated by the research house, after internal asset restructuring, CK PROPERTY is one of the largest property holdings among major real estate developers in Hong Kong.

Over the years, the management has demonstrated a high commitment to raise shareholder returns.

Goldman Sachs believed that the restructuring will unlock holding company discount.

Longer term, the company is likely to engage in larger scale M&A activity.

The company's 2015-17 EPS forecast is estimated to be $4.34, $4.61 and $5.11 respectively, with expected annual dividend payout of $1.74, $1.84 and $2.04 as well as payout ratio of 40% during the period.

Source: AAStocks Financial News

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CK PROPERTY (01113.HK) Said to Sell Shanghai Commercial Property

CK PROPERTY (01113.HK) intends to dispose of Century Link Tower in Lujiazui, Shanghai, according to the The Paper.

Reportedly, a number of large-scale international institutional investors are interested in the bid, proposing for a bidding price as high as RMB20 billion (equivalent to HK$25 billion).

Source: AAStocks Financial News

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Li Ka-shing’s Cheung Kong Property Plans to Sell Shanghai Project

A sale would mark the latest China property divestment by the investor, one of Asia’s richest

By ESTHER FUNG

SHANGHAI—A property developer backed by Hong Kong billionaire Li Ka-shing has put an office and retail property project in Shanghai up for sale, according to two people familiar with the matter.

A sale would mark the latest China property divestment by the investor, one of Asia’s richest, who is closely watched for signs of how he sees markets shifting.

In June, Mr. Li’s Cheung Kong Property Holdings Ltd. put up for sale Century Link and Century Link Tower, a shopping mall and twin office towers currently under construction in the Pudong Lujiazui area, said people briefed on details of the offer.

A Cheung Kong spokeswoman didn’t respond to requests on Sunday for comment.

The asking price is around 60,000 yuan per square meter, the people said. According to Cheung Kong Property’s website, the shopping mall and office project occupies a total of about 269,000 square meters, which would bring the total asking price to more than 16 billion yuan ($2.6 billion).

Full details of the potential sale weren’t available. The proposed sale was reported on Friday by local media.

Over the past two years, companies backed by Mr. Li and his family have sold five office and shopping mall projects in Shanghai, Beijing, Nanjing and Guangzhou.

Many investors eye moves by his companies for hints on the tycoon’s view of the property market.

His companies, including Hutchison Whampoa and ARA Asset Management Ltd., have been offloading their real-estate assets as China’s economy decelerates to its slowest growth in more than two decades.

The proposed sale comes amid a slump in China’s property market, including in the commercial sector where overbuilding has been rampant in recent years.

While there are signs of improving sales and prices of homes after the country’s regulators loosened individuals’ purchase restrictions and lowered interest rates, investment and construction activity has remained weak.

Source: WSJ

http://www.wsj.com/articles/li-ka-shing ... 1438511434

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CK PROPERTY (01113.HK) Unrecognised Contracted Property Sales Equal $33.233B at End June

CK PROPERTY (01113.HK) +1.350 (+2.655%) Short selling $71.58M; Ratio 6.421% announced that the group had contracted property sales but not yet recognised of $33.233 billion as at the end of June 2015.

In particular, Hong Kong and China contracted sales accounted for $12.063 billion and $17.377 billion.

The rest were from Singapore and the U.K..

As at the end of June, the group had a development land bank of approximately 14.9 million sq.m. (excluding agricultural land and properties completed but including developers’ interests in joint development projects), of which approximately 0.7 million sq.m., 13.8 million sq.m. and 0.4 million sq.m. were in Hong Kong, the Mainland and overseas respectively.

Source: AAStocks Financial News

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CK PROPERTY Interim Net Profit $6.89B; Div 35 Cents

CK PROPERTY (01113.HK) +1.350 (+2.655%) Short selling $71.58M; Ratio 6.421% registered net profit of $6.89 billion for the six months ended 30 June 2015, 22% higher than the profit of the property businesses reported by the Cheung Kong Group for the same period last year.

Profit before investment property revaluation added 9% to $5.536 billion.

Investment property revaluation (after tax) escalated 155% to $1.354 billion. EPS equaled $1.79.

Interim dividend amounted to 35 cents. During the period, turnover gained 24% year-on-year to $19.049 billion.

Turnover of property sales (including share of joint ventures) recognised for the period was $15.765 billion.

Property sales contribution for the second half year will mainly be derived from the sale of residential units of Stars by the Harbour in Hong Kong, Hupan Mingdi in Shanghai, La Grande Ville Phase 3 in Beijing, Emerald City Phase 1 in Nanjing, Millennium Waterfront Phase 1B in Wuhan, Thomson Grand in Singapore, and a few others scheduled for completion.

Source: AAStocks Financial News

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Profit up 22pc at real estate arm

Cheung Kong Property Holdings (1113), the newly formed company pooling Li Ka-shing's real estate assets, saw its first half-year profit climb 22.3 percent to HK$6.89 billion compared to the property arm of the former Cheung Kong Holdings.

But profit from property sales in Hong Kong and the mainland fell 18 percent to HK$3.82 billion.

Taking into account a gain from selling Chongqing Metropolitan Plaza, the segment reported a profit of HK$5.18 billion. Profit before investment property revaluation grew 9 percent to HK$5.54 billion.

Profit from selling homes in the SAR dropped 29 percent to HK$2.72 billion, partly due to a decline in gross profit margin by 13 percentage points to 26 percent.

The management said this was because MTR Corp Ltd (0066) demanded a higher share of profit from sales of Hemera in Tseung Kwan O. "Declining margin for all [local] developers is the norm now," said Gerald Ma Lai-chee, a manager at CKPH.

Also logged in were City Point, Mont Vert Phases I and II, and DIVA. Contracted sales yet to be dialed in during the period total HK$12.06 billion in Hong Kong and HK$17.38 billion in mainland China.

"The overall market conditions in Hong Kong and the mainland will remain stable in the second half year," said chairman Li. "Housing policies will continue to be a major factor in determining the direction of the long-term development of the property market."

The management said it has obtained positive credit ratings from major agencies, allowing the developer to capture any business opportunities that come along.

The stock rose 2.66 percent to HK$52.20 yesterday. ADAM XU