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<Research>UBS Upgrades CK ASSET (01113.HK) to Buy, Elevates TP to $42.9
Recommend 9 Positive 13 Negative 9 |
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Although CK ASSET (01113.HK) has surged 24% YTD, the Group's valuation remains the lowest among major developers, UBS released a research report saying. The broker identified several catalysts for unlocking value, including the acquisition of local distressed commercial real estate (CRE) assets, continuous improvement in the profitability of its Hong Kong hotel business, rebuild of student dormitories, sale of UK railway assets and enhanced foreign exchange gains driven by US interest rate cuts. Potential share buybacks could also support its share price. Based on an attractive risk-reward profile, the broker upgraded CK ASSET from Neutral to Buy, and elevated its target price from $31 to $42.9, valuing it on a composite basis. However, due to the latest announced development progress, UBS lowered its 2025-2027 earnings forecasts by 18-24%. AASTOCKS Financial News Website: www.aastocks.com |
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