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CK Asset Holdings Limited

1113.HK
57
Real Estate - Development · Real Estate
Price
HK$45.36
-0.54 (-1.18%)
Market Cap
HK$158.75B
Exchange
Hong Kong Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
11/30
Growth
Good
11/20
Cash Flow
Exceptional
10/10
Stability
Strong
8/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Mixed
2/5

57 of 100 counted points = Winston Score 57.

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Share count falling — buybacks

−4.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 3.68B (2021) → 3.50B (2025)

§Winston Score History

The full picture

CK Asset Holdings is a large Hong Kong-based company that buys land, builds homes, offices, and shopping centers, then sells or rents them out. Its main customers are homebuyers and businesses looking for office or retail space, primarily in Hong Kong and mainland China. The company also owns hotels, serviced apartments, and infrastructure assets like pubs and aircraft leasing businesses, making it more diversified than a typical property developer.

The company earns money by selling completed properties, collecting rent from tenants, and generating income from its non-property businesses. It operates mainly in Hong Kong, mainland China, the United Kingdom, and other international markets, and its large land bank and diversified asset base give it some protection against downturns in any single market. The biggest risk it faces is Hong Kong's prolonged property market slowdown, where falling home prices and weak buyer demand have pressured sales volumes and profit margins in recent years.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+61.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+37.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

HK$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

45.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

HK$306.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

CK Asset Holdings Limited grew revenue 62% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
25.6%
Modest — 25.6% gross margin
Profit after running costs
Operating Margin
13.0%
Healthy — 13.0% operating margin
Return on the money invested
ROCE
2.5%
Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+52.4%
Fast-growing sales (+52.4% YoY)
Profit growth
EPS YoY
+18.1%
Earnings growing fast (+18.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
176%
Turns 176% of profit into real cash
Spare cash per sale
FCF Margin
28.6%
Converts sales into free cash efficiently (28.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.13
Conservative — low debt load (0.13)
Covers its interest
Interest Cover
6.16x
Adequate interest coverage (6.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.0x
Attractive valuation — P/E 12.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.53%
Moderate income — 3.53% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-17.5%
Dividend cut (-17.5% YoY) — warning sign

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