reports
- Phillip Zhong
Solid Interim Results for CKP on Strong Rental Income and New Business...
Cheung Kong Property, or CKP, reported solid interim 2017 results, underpinned by better-than-expected rental property income and margin, higher contributions from newly acquired businesses, including aircraft leasing and energy infrastructure. Core net income is up 14% year on year, ahead of our projection of 8%. Core EPS is 17% higher year on year, owing to share buybacks year to date. Interim dividend was HKD 0.42 per share, slightly below our estimate of HKD 0.44 per share due to a lower pa...
- Phillip Zhong
Another Nonproperty Acquisition Following the Name Change
Cheung Kong Properties, or CKP, has announced that it will form a joint venture with CKI to acquire Ista, a European company in the submetering business. CKP will account for 65% of the joint venture, with CKI contributing the remainder. This is CKP’s fourth acquisition outside the real estate sector since late 2016. We have adjusted our assumptions for the company’s land acquisitions in Hong Kong and China to reflect its continued migration away from its property development businesses. We ...
- Phillip Zhong
Name Change Signals More Nonproperty Acquisitions Ahead
Cheung Kong Properties, or CKP, has announced that it has proposed to change the company name from Cheung Kong Property Holdings to CK Asset Holdings. The proposal came on the heels of the completion of the company’s third acquisition outside the real estate sector since late 2016. We have adjusted our assumption of the company’s land acquisitions in Hong Kong and China to reflect its continued migration away from its property development businesses. We maintain our fair value estimate of HK...
- Phillip Zhong
Focusing on capital managment
The Hong Kong Monetary Authority announced its eighth round of prudential measures targeting mortgage lending. Two of the measures will directly impact borrowers’ ability to finance property purchases, affecting about 20% of the borrowers. The impact will be mostly felt in the secondary market where bank mortgages are the main source of funding. The impact on the primary market is less certain as borrowers are increasingly relying on developer financing. Fundamentally, we believe these demand-...
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