UBS Upgrades CK ASSET (01113) to "Buy", Raises Target Price to HK$42.9

Stock News10-08

UBS has released a research report upgrading CK ASSET (01113) from "Neutral" to "Buy" based on attractive risk-return characteristics, while raising the target price from HK$31 to HK$42.9. The valuation is based on a comprehensive approach, though the firm has lowered its 2025-2027 earnings forecasts by 18-24% following the latest announced development progress.

Despite CK ASSET's 24% year-to-date stock price appreciation, UBS notes that the company maintains the lowest valuation among major property developers. The investment bank identifies several value-unlocking catalysts, including potential acquisitions of local distressed commercial real estate (CRE) assets, continued profitability improvements in the Hong Kong hotel business, student accommodation redevelopment projects, divestment of UK railway assets, and enhanced foreign exchange gains driven by US interest rate cuts. Additionally, potential share buyback programs could provide further stock price support.

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