[ET Net News Agency, 3 January 2020] Citi Research lowered its target price for CK
Asset Holdings (CKA)(01113) to HK$55 from HK$63.5 and maintained its "neutral" rating.
With a general direction of increasing non-property investments, the research house said
CKA is heading back to being a property conglomerate similar to its predecessor entity
Cheung Kong Holdings.
Citi concurred with CKA's corporate strategies of diversification into non-property
segments, but in order to narrow a relatively high conglomerate discount, it believes CKA
is required to be more active in capital management, including share buybacks and/or
higher DPS growth. (KL)