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<Research>M Stanley: CK ASSET (01113.HK) Projects HK Home Mkt May Have Bottomed out
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At Morgan Stanley's recent 24th Annual Asia Pacific Summit, CK ASSET (01113.HK) management indicated that they believe the Hong Kong residential market may have bottomed out, with the CCL Index rising 3% YTD, but pricing power has not yet recovered, Morgan Stanley said in a research report. The office market, due to oversupply, was projected to require a longer recovery period. CKA noted that the occupancy rate of its CKC II is currently close to 30%. Morgan Stanley believed the property's excellent location allows the group to wait for right pricing before leasing it. Due to limited land reserves, CKA may wait for the right opportunity to launch its Victoria Blossom in Kai Tak, while also tending to retain more cash on hand. Morgan Stanley gave CKA an Equal-weight rating with a target price of HK$39. AAStocks Financial News |
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