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<Research>UBS: CKA Upholds Prudent View on HK Residential Mkt; Special Div. May Be Decided at Interim Results Announcement
UBS published a research report on CK ASSET (01113.HK), which maintained a prudent view on the Hong Kong residential market at the "Asian Investment Conference (AIC)" on ...
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<Research>UBS: CKA Upholds Prudent View on HK Residential Mkt; Special Div. May Be Decided at Interim Results Announcement
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UBS published a research report on CK ASSET (01113.HK)  +0.600 (+1.271%)    Short selling $102.70M; Ratio 38.233%   , which maintained a prudent view on the Hong Kong residential market at the "Asian Investment Conference (AIC)" on May 26.

Although residential demand in Hong Kong remains resilient, supported by local pent-up demand and a steady inflow of mainland buyers, overall momentum is unlikely to accelerate radically, management underscored. Property prices continued to edge up moderately, but transaction volumes in the mid- to high-end segment declined, while demand for luxury homes remained weak.

Management highlighted macro uncertainties, including geopolitical risks and persistent inflationary pressure, reinforcing its view that the market is stabilizing rather than entering a strong upcycle. On development, CK ASSET expected Hong Kong property development margins to remain under pressure, as recognized projects are mainly those sold in previous years.

UBS noted that following the completion of the sale of UKPN, CK ASSET will shift to a net cash position and maintain high discipline in capital allocation. With current government bond yields at 4-6%, management saw limited urgency to redeploy capital into lower-return development projects and maintained a high double-digit margin threshold for Hong Kong development projects, focusing on defensive, income-generating assets.

The board will discuss on a potential special DPS at the 1H26 results announcement, reflecting the substantial disposal gain from the UKPN transaction. UBS gave CK ASSET a Buy rating with a TP of HKD62. CK ASSET closed at HKD46.92 at midday, down 2.8%, with turnover of 2.7668 million shares, involving HKD132 million.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-02 16:25.)

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