DBS: Lowers Longfor's target price to HKD 41.7 and maintains a "Buy" rating, citing attractive valuation.

Jin10 data, April 24, reports that DBS published a research report stating that CK Asset Holdings (01113.HK) has acquired infrastructure projects in the UK and Northern Ireland, and last year acquired a series of elderly care housing projects in Germany. These projects will strengthen CK Asset’s recurring profit base and diversify its assets. The group’s debt-to-asset ratio is 4.3%, which means it is well-positioned to pursue more acquisitions with value-added potential in Hong Kong and overseas. The bank believes that as CK Asset’s recurring profit base strengthens and diversifies, the quality of earnings is expected to improve, which should drive stock valuations to rise. Moreover, if the response to the Victoria Blossom residential project in Kai Tak under the group is positive, it is expected to improve the stock price atmosphere. The bank has lowered CK Asset’s target price from HKD 43.15 to HKD 41.7, maintaining a “buy” rating, believing the valuation is attractive.