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<Research>UBS: CK ASSET (01113.HK) 2025 Results Beat; DPS Increased; TP Raised to HKD62
Recommend 1 Positive 7 Negative 4 |
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CK ASSET (01113.HK) announced its FY25 results yesterday, with profit before IP revaluation reaching HKD12 billion, representing a YoY rise of 2%, in line with UBS's expectations. The company declared a final DPS of HKD1.39, up 3% YoY, bringing the full-year DPS to HKD1.78, up 2% YoY. The DPS hike exceeded UBS's expectations and was broadly consistent with the change in profit before IP revaluation. UBS raised CKA's target price by 13%, from HKD54.9 to HKD62, with a Buy rating, mainly reflecting a higher net cash position following the UK Power disposal. It also adjusted the earnings forecasts for 2026 and 2027, lifting by 31% and cutting by 22%, respectively, primarily reflecting the UK Power and UK Rails disposals, as well as the latest development property completion schedule. AASTOCKS Financial News Website: www.aastocks.com |
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