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<Research>JPM: CK ASSET (01113.HK) Unlikely to Make Large-scale Investments in ST; Rating Kept at Neutral
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CK ASSET (01113.HK)'s FY2025 results were largely in line with expectations, with EPS/ DPS increasing by 2.7%/ 2.3% YoY, respectively, JPMorgan said. The pre-revaluation profit of investment properties was $11.96 billion, 13% below market consensus but 1% ahead of the broker's forecast, mainly due to higher-than-expected impairment from the UK beer and catering group, Greene King. However, its full-year DPS of $1.78 was 1% higher than the estimations of both the broker/ market. Based on CK ASSET's cautious global macro outlook, JPMorgan believed that there may not be large-scale re-investment in the short term, as the Group is satisfied with its current net cash position. Therefore, the broker kept rating at Neutral for the Group. AASTOCKS Financial News Website: www.aastocks.com |
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