UBS: Maintains "Buy" rating on CK ASSET (01113) with a target price of HK$62.

UBS released a research report stating that it maintains a target price of HKD 62 for CK Asset (01113) and a "buy" rating. The bank expects that Henderson Land will have relatively stable cash profit (excluding disposal gains) in the first half of 2026. They anticipate a slight increase in EBIT contribution from property development. Rental income in Hong Kong is expected to decrease slightly, but this will be offset by the growth in rental income from overseas social housing. In addition, an increase in room rates will support profit contribution from the hotel business. On the other hand, the EBIT contribution from infrastructure business and the British pub operator Greene King is expected to decrease due to recent sales and cost increases. The report stated that in order to reflect the substantial disposal gains of UKPN (HKD 8.4 billion), it is expected that Henderson Land will announce a special dividend of HKD 0.39-0.82 per share in the first half of 2026, with a dividend payout ratio of 16%-34%. Considering the bank's forecast of an organic EPS of HKD 1.78 for the 2026 fiscal year (relatively stable), the total dividend yield is expected to reach 5%-6%.