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<Research>Citi Trims CK ASSET (01113.HK) TP to $33.5; Recurring Profit Mix Resilient
Recommend 8 Positive 15 Negative 15 |
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Citi Research commented in a report that it expected to see more DPS volatility in the future for CK ASSET (01113.HK) after it signalled that DPS will be linked to EPS in the future. The broker said investors may be disappointed with the dividend at the moment and see buybacks as a less predictable return. However, the company's total shareholder return for 1H24, including $1.5 billion of buybacks, was actually up 0.6% YoY, and the broker identified resilience in the company's recurring profit mix. Citi expected CKA's earnings in 2024-2025 to be weighed down by property development projects, and margins on several projects in Hong Kong may be under pressure. The broker maintained a Neutral rating on the company and lowered its target price from $36 to $33.5. AAStocks Financial News |
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