[ET Net News Agency, 3 February 2021] DBS Group Research cut its target price for CK
Asset Holdings (01113) to HK$49.8 from HK$53.65 and maintained its "buy" rating.
The research house said the stock is trading at a 62% discount to DBS's appraised
current NAV. Valuation is by no means expensive. The Li family continues to raise its
stake in the company, casting a vote of confidence over its long-term future. Investors,
however, are keeping an eye on the dividend outlook, following the interim dividend cut.
DBS said the prolonged global pandemic has impacted its pub and aircraft leasing
businesses significantly. On the other hand, the launches of residential projects in Hong
Kong, such as Sea to Sky and El Futuro, received a favourable market response. (KL)