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<Research>UBS Removes CK ASSET/ HANG SENG BANK from Least Preferred List
Recommend 28 Positive 53 Negative 24 |
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UBS released a research report saying that its property team upgraded CK ASSET (01113.HK) from Neutral to Buy, citing it as the most undervalued among homebuilders under its coverage. The broker also removed CK ASSET and HANG SENG BANK (00011.HK) from its least preferred list. HSBC HOLDINGS (00005.HK) proposed privatizing HANG SENG BANK, offering a price equivalent to 1H25 PB ratio of 1.8x, with a valuation premium of 30%. Due to increased provisioning expenses for Hong Kong commercial real estate (CRE) exposure and the persistent risk of net interest margin contraction brought by a potential rate cut cycle, UBS maintained a neutral stance on Hong Kong banks but an overweight position to Hong Kong developers, the report added. UBS' latest most preferred companies include HENDERSON LAND (00012.HK), SHK PPT (00016.HK), LINK REIT (00823.HK), WYNN MACAU (01128.HK), GALAXY ENT (00027.HK) and CATHAY PAC AIR (00293.HK), all rated at Buy. MTR CORPORATION (00066.HK) is the least preferred stock , with rating at Sell. AASTOCKS Financial News Website: www.aastocks.com |
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