HK Stock Market Move | CK ASSET (01113) once dipped nearly 8%, while core profit for the first half of the year rose 5% year-on-year. Bank of America stated that not issuing a special dividend may disappoint the market.

CK ASSET (01113) once fell nearly 8%, and as of the time of writing, it was down 6.57% at HKD 44.94, with a trading volume of HKD 196 million. In terms of news, CK ASSET announced that it achieved a revenue of HKD 40.306 billion in the first half of the year, a year-on-year increase of 58.77%; net profit reached HKD 8.683 billion, up 37.78% year-on-year; it intends to distribute an interim dividend of HKD 0.41, an increase of 5.13% year-on-year. During the period, the group's unaudited core profit was HKD 6.64 billion, a year-on-year increase of 4.9%. The fair value of the group's real estate investment trusts and investment properties decreased by HKD 255 million and HKD 1.466 billion, respectively. The impairment for joint ventures was HKD 6.023 billion. The sale of a UK joint venture generated a profit of HKD 9.787 billion. Bank of America Securities believes that CK ASSET's core profit in the first half of the year rose by 5% year-on-year to HKD 6.64 billion, slightly below its expectation by 3%, primarily affected by weak profit margins from property development in Hong Kong. Moreover, the decision not to distribute a special interim dividend disappointed the market, with management citing macroeconomic uncertainties as the reason. However, the group holds approximately HKD 22 billion in net cash, has a sound balance sheet, and is capable of navigating uncertain environments and seizing potential opportunities.