Goldman Sachs lowered its target price for CK Asset Holdings (CKA)(01113) to HK$74 from HK$75 and maintained its "buy" rating.
The research house sees strong support for earnings from CKA's recurring income segments (including rentals, hotels, aircraft leasing, and infrastructure/utility asset operations), which together contributed an annualized HK$16bn (HK$4/share) in 1H 2019, accounting for 51% of total profit, as key to supporting solid growth in its distribution, with management commenting that they look for a steady increase in DPS over time.
Goldman revised its EPS forecast by up to -4% on lower sector growth assumptions.
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