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CK Asset Holdings Ltd (1113) Fair Value & Analysis

Real Estate · HK · Market cap HK$156B (≈ $19.8B) · ISIN KYG2177B1014

What is CK Asset Holdings Ltd really worth?

CA CK Asset Holdings Ltd 1113 · HK
PriceHK$47.34
Fair ValueHK$68.85
Upside+45.4%
Quality74/100

A solid business, trading 31% below our fair value of HK$68.85.

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Strengths

Solidly profitable · 19.2% net margin
Low debt · generates free cash flow
Ranks above peers (11/15)

Risks

!Weak Growth (revenue 5y +0.8 %/yr)
!Moderate moat 46/100
!Weak on past: 11 out of 100

For context

·3.68% dividend yield
Evidence: High Range HK$48.50 – HK$68.85

Fair value as of: Sep 5, 2026

From 14 valuation models · updated today

Share price −1.7% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (HK$48.50). The market is more pessimistic than our downside scenario.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

HK$50.74 HK$26.50 Fair Value HK$68.85 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range HK$26.50 – HK$50.74 · fair‑value band HK$48.50 – HK$68.85 · the HK$47.34 price screens below the HK$68.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

CK Asset Holdings Ltd (1113) currently trades at HK$47.34, while our model-based Fair Value estimate is HK$68.85, implying the stock looks roughly 31.2% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of HK$78.73 per share, and 13 of the 14 models we run sit above the HK$47.34 price. Bear case: the Multiples group reads lowest at HK$54.08, and 1 of the 14 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, CK Asset Holdings Ltd generated revenue of HK$57.9B at a net margin of 19.2%. Revenue grew 38.4% year over year. It earns a return on equity of 2.8%. Net debt stands at HK$22.8B. Fundamentals as of Sep 5, 2026

Our scenario range runs from HK$48.50 (bear case) to HK$68.85 (bull case); at HK$47.34, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 45%, 1113 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.0406 per share, which is 0.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence HK$49.01 HK$69.00 HK$96.93 81
Growth DCF HK$50.60 HK$69.48 HK$94.89 79
Residual Income HK$81.56 HK$78.73 HK$65.58 76
All 14 models by family
DCF Models
FCF DCF best evidence HK$49.01 HK$69.00 HK$96.93 81
5Y Revenue Exit HK$37.66 HK$53.53 HK$72.65 73
5Y EBITDA Exit HK$48.01 HK$71.67 HK$97.64 75
10Y Revenue Exit HK$40.60 HK$55.42 HK$72.93 68
10Y EBITDA Exit HK$47.95 HK$67.59 HK$90.90 69
Multiples
P/S Multiple HK$40.56 HK$54.08 HK$67.60 58
P/B Multiple HK$40.56 HK$54.08 HK$67.60 55
EV/EBIT HK$59.81 HK$79.55 HK$99.29 66
EV/EBITDA HK$54.36 HK$72.28 HK$90.21 67
EV/Revenue HK$33.24 HK$47.24 HK$61.24 53
Asset-Based
NCAV (Graham) HK$56.64 HK$75.90 HK$113.28 54
Growth DCF
Growth DCF HK$50.60 HK$69.48 HK$94.89 79
Rev-Margin DCF HK$37.66 HK$54.29 HK$71.88 73
Economic Profit
Residual Income HK$81.56 HK$78.73 HK$65.58 76

Widest divergence: Economic Profit (HK$78.73) versus Multiples (HK$54.08). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 14.3 as of Jul 2, 2026
P/S ratio 2.67 P/E × margin
EPS (TTM) HK$1.80 price ÷ EPS = P/E 14.3
Dividend yield 3.7% payout 96.7%
Net margin 18.6% FY2025
Return on equity 2.8% TTM
More key figures
Profitability
Return on assets (EBIT) 3.2% avg 5y
Operating margin 16.0% TTM
Growth
Revenue (TTM) HK$57.9B TTM
Revenue growth (YoY) +38.4% 3y avg +2.0%
EPS growth (YoY) −10.1%
Balance sheet & cash flow
Free cash flow HK$16.2B FY2025
Net debt HK$22.8B FY2025 · ≈ 1.4 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 72 · Market factors (momentum, volatility) 70

Profitability 30
Margins and returns on capital today
Quality Growth 81
Are margins and returns improving?
Cashflow 91
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

CK Asset Holdings Limited operates as a property developer in Hong Kong, the Mainland, Singapore, the United Kingdom, continental Europe, Australia, and Canada.

Full company description

CK Asset Holdings Limited operates as a property developer in Hong Kong, the Mainland, Singapore, the United Kingdom, continental Europe, Australia, and Canada. The company engages in the development and investment in residential, commercial, and industrial properties; operation of hotels, serviced suites, and pubs; and investment in infrastructure and utility asset operation. It also provides property and project management, finance, and property agency services. The company was formerly known as Cheung Kong Property Holdings Limited and changed its name to CK Asset Holdings Limited in September 2017. CK Asset Holdings Limited was incorporated in 2015 and is headquartered in Central, Hong Kong.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CK Asset Holdings Ltd reported revenue of HK$59.8B in FY2025 versus HK$62.1B in FY2021, a compound −0.9%/yr. Reported net income was HK$11.1B in FY2025, compounding −15.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$59.8B
Latest YoY
+31.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.0%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.8%
Avg. revenue growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
−9.3% (−13.0 + 3.7)
Revenue −0.9%/yr
FY21 HK$62.1B
FY22 HK$56.3B
FY23 HK$47.2B
FY24 HK$45.5B
FY25 HK$59.8B
Net income −15.2%/yr
FY21 HK$21.5B
FY22 HK$22.0B
FY23 HK$17.6B
FY24 HK$13.9B
FY25 HK$11.1B
Character of growth · EPS growth decomposed (2014-2025) −1.5 % p.a.
Revenue per share +1.1 %

of which total revenue +0.1 % · buybacks/dilution +1.0 %

EBIT margin −4.2 %
Tax rate +1.0 %
Residual (interest, one-offs) +0.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "CK Asset Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1113

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Real Estate - Development · 567 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 75 · Top 25%
Fair Value upside +45% · Above median
Return on equity (TTM) 3% · Above median
Return on assets 1% · Above median
Net margin (TTM) 19% · Above median
Operating margin (TTM) 16% · Above median
Revenue growth 38% · Top 25%
Dividend yield (TTM) 3.7% · Above median
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 14.3× · Pricier than median
P/B 0.39× · Cheaper than median
P/S (TTM) 2.69× · Pricier than 75% of peers
P/FCF 1.2× · Pricier than median
EV/EBITDA 11.9× · Pricier than median
PEG 0.68× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE94 · sector 45
FUTURE100 · sector 0
PAST11 · sector 11
HEALTH95 · sector 85
DIVIDEND74 · sector 53

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 80016 HK$109.70 HK$88.93 −19%
China Resources Land Limited 1109 HK$35.24 HK$72.16 +105%
Vinhomes Joint Stock Company VHM 71,700 VND 109,431 VND +53%
Hongkong Land Holdings H78 $8.20 $1.52 −81%
DLF Limited DLF ₹667.10 ₹170.24 −74%
China Overseas Land & Investment Limited 0688 HK$13.76 HK$22.92 +67%
Macrotech Developers Limited LODHA ₹1,244 ₹583.42 −53%
Sino Land Company 0083 HK$10.33 HK$6.99 −32%
PT Pantai Indah Kapuk Dua Tbk, PANI 5,925 IDR 1,325 IDR −78%
CTP N.V CTPNV €14.36 €13.00 −9%

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Frequently asked questions

Is CK Asset Holdings Ltd (1113) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of HK$68.85 versus a price of HK$47.34, about +45% upside (undervalued).
What is the fair value of 1113?
Our model-based fair value for CK Asset Holdings Ltd is HK$68.85 (as of Sep 5, 2026), built from audited fundamentals. The current price: HK$47.34.
What is the quality score of 1113?
CK Asset Holdings Ltd has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CK Asset Holdings Ltd (1113)?
CK Asset Holdings Ltd reported trailing-twelve-month revenue of about HK$57.9B (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 1113?
The net profit margin of CK Asset Holdings Ltd is about 19.2%, meaning it keeps roughly 19.2% of revenue as net income. Based on the latest reported figures.
Does CK Asset Holdings Ltd pay a dividend?
CK Asset Holdings Ltd currently shows a dividend yield of about 3.68% relative to its recent price (as of Sep 5, 2026).
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