[ET Net News Agency, 20 March 2020] UOB Kay Hian lowered its target price for CK Asset
Holdings (CKA)(01113) to HK$52.28 from HK$62.25 and maintained its "buy" rating.
The research house said CKA's 2019 underlying profit of HK$28,729m (+19%) was slightly
above its expectation. The recent acquisition of UK pub operator Greene King will boost
recurrent income this year with a full-year contribution. A volatile market may bring M&A
opportunities for CKA which has a net gearing of 5.7%.
UOBKH adjusted its 2020/21 EPS forecasts by -10%/+6%, to factor in changes in the timing
of property sales recognitions, the new income stream from CKA's investments. (KL)