Citigroup Initiates Coverage on CTF SERVICES with "Buy" Rating, Highlights Hong Kong Insurance Growth Momentum

Stock News04-27 11:26

Citigroup has issued a research report initiating coverage on CTF SERVICES (00659) with a "Buy" rating and a target price of HK$10.6. The report views the company favorably due to its consistent and stable dividend policy, with an estimated dividend yield of approximately 7% for the 2026 fiscal year. It also highlights the strong annual turnover growth achieved through CTF Life Insurance and the company's ongoing positive capital recycling initiatives.

The report notes that trading liquidity for the stock has improved significantly since it became eligible for the Stock Connect program, which should attract greater investor attention. The attractive dividend and the promising growth prospects of the insurance business are seen as factors that help mitigate downside risks for investors.

Furthermore, the report states that the management of CTF SERVICES continues to actively pursue capital recycling strategies. Management has indicated that over HK$300 million was generated from the divestment of non-core assets in the first half of the 2026 fiscal year, with potential future sales possibly bringing in an additional HK$3 to 4 billion. The recent acquisition of a logistics property is expected to contribute to the company's share of operating profit growth within the current year.

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