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CK Asset Holdings Ltd 01113

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Stock XHKG Rating as of
HK$45.90 −0.84 (1.80%)
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As of Delayed Price Closed

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CK Asset's Profitability Should Recover on Higher Margins From Residential Property Sales

Jeff Zhang

CK Asset Holdings has seen a shift in earnings exposure to recurring contributions from commercial properties, pub operations, and infrastructure investments from the volatile property development business. The company has diversified into businesses outside of the property sectors in Hong Kong and mainland China since 2017, which we view as conducive to buffering the elevated risks of new-home sales in both regions.

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Price vs Fair Value

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01113 is trading at a LOCK|R%< premium.
Price
HK$45.90
Fair Value
Zq
Uncertainty
LOCK|^Xjd
1-Star Price
LOCK|.<%G
5-Star Price
LOCK|.B$
Economic Moat
LOCK|CNF
Capital Allocation
LOCK|jMNn?^c

Bulls Say, Bears Say

Bulls

CK Asset could deliver stronger residential housing sales if the positive impact from interest rate reductions and the buyer sentiment shift in Hong Kong and mainland China are more significant.

Bears

A more prolonged home market slowdown in Hong Kong and mainland China will further weigh on CK Asset’s property sales.

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Trading Information

Previous Close Price
HK$46.74
Day Range
HK$45.70–46.18
52-Week Range
HK$36.66–52.35
Bid/Ask
HK$45.90 / HK$45.92
Shares Outstanding
3.50B
Market Cap
HK$160.64B
Volume/Avg
4M / 5M

Key Statistics

Price/Earnings (Normalized)
14.62
Price/Sales
2.25
Dividend Yield (Trailing)
3.92%
Dividend Yield (Forward)
3.92%
Dividend Payment Schedule
Jun, Sep
Total Yield
3.92%

Company Profile

CK Asset Holdings was the property business arm of the Cheung Kong Group before the spinoff in 2015. It was subsequently renamed CK Asset Holdings from CK Property in 2017. Li Ka-shing and his family have remained the largest shareholders of CK Asset over the years, with about a 48% equity stake. The company mainly engages in property development, property investment, and hotel management in Hong Kong and mainland China, while diversifying into social housing, pub operations, and infrastructure project management overseas in recent years.
Sector
Real Estate
Industry
Real Estate - Development
Stock Style Box
Large Core
Total Number of Employees
54,000
Website
https://www.ckah.com

Competitors

Valuation

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Metric
01113
00017
00016
Price/Earnings (Normalized)
 14.62—13.73
Price/Book Value
 0.410.090.50
Price/Sales
 2.250.793.34
Price/Cash Flow
 5.284.8711.53
Price/Earnings
01113
00017
00016

Financial Strength

Metric
01113
00017
00016
Quick Ratio
 2.540.570.64
Current Ratio
 5.841.723.28
Interest Coverage
 8.20−1.5213.99
Quick Ratio
01113
00017
00016

Profitability

Metric
01113
00017
00016
Return on Assets (Normalized)
 1.95%−0.83%—
Return on Equity (Normalized)
 2.50%−2.06%—
Return on Invested Capital (Normalized)
 2.33%0.08%—
Return on Assets
01113
00017
00016

Real Estate - Development Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Sun Hung Kai Properties Ltd
SUHJF
—LOCK|nY$39B
 Sun Hung Kai Properties Ltd ADR
SUHJY
—LOCK|jQ$39B
 China Resources Land Ltd ADR
CRBJY
—LOCK|TmL$27B
 CK Asset Holdings Ltd ADR
CNGKY
—LOCK|l>y$20B
 CK Asset Holdings Ltd
CHKGF
—LOCK|K@@$20B
 China Overseas Land & Investment Ltd ADR
CAOVY
—LOCK|!J$18B
 China Overseas Land & Investment Ltd
CAOVF
—LOCK|^<<$18B
 Hongkong Land Holdings Ltd
HKHGF
—LOCK|z#<v$17B
 Hongkong Land Holdings Ltd ADR
HNGKY
—LOCK|q%Tb$17B
 Daiwa House Industry Co Ltd
DWAHF
———$17B

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