# CK Asset Holdings (1113.HK)

Canonical: https://gigainvestors.com/s/1113.HK

Analysis as of: 2026-10-16T07:34:45.483Z. Financial observations: FY2012–FY2025.

Listing currency: HKD. Reporting currency: HKD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 43.90 per share; close as of 2026-10-15.

Estimated value: low HKD 79.96 per share, central HKD 88.37 per share, high HKD 99.56 per share. Buy at or below the central value HKD 88.37 per share. Valuation as of 2026-10-16T07:34:45.483Z; scenarios are not confidence intervals.

Expected annual return: 23.4% at the stated quote. About 23.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.37×

- FY2017: 0.44×

- FY2018: 0.43×

- FY2019: 0.41×

- FY2020: 0.43×

- FY2021: 0.43×

- FY2022: 0.32×

- FY2023: 0.31×

- FY2024: 0.26×

- FY2025: 0.21×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.6%

- ROIC, second-lowest year: 2.6%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 52.8%

- Recent gross margin (lower of latest and 3-year median): 53.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.0%

- ROIC including acquisitions, ten-year median: 5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.8%

- FY2017: 6.4%

- FY2018: 5.0%

- FY2019: 7.6%

- FY2020: 4.6%

- FY2021: 4.5%

- FY2022: 4.1%

- FY2023: 3.1%

- FY2024: 2.6%

- FY2025: 2.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: HKD 79B

- Net income, five-year total: HKD 86B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 2.2 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 254.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.94×

- FY2022: 0.93×

- FY2023: 0.91×

- FY2024: 0.90×

- FY2025: 0.91×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.4% vs 2.6%

- Per-share earnings: 5.05 to 3.97 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: HKD -45B

- Cumulative retained earnings: HKD 72B

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.0%

- Per-share value change: HKD -1.09

- Per-share value, starting three-year median: HKD 5.05

- Per-share value, ending three-year median: HKD 3.97

- Buybacks concentrated in cheaper years (correlation): -0.33

- Average buyback yield: 3.4%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: HKD 33B

- Cumulative net income, 10 years: HKD 223B

- ROIC, first three-year median: 6.4%

- ROIC, last three-year median: 2.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: HKD 5.05

- FY2017: HKD 8.15

- FY2018: HKD 11.00

- FY2019: HKD 8.03

- FY2020: HKD 4.56

- FY2021: HKD 5.90

- FY2022: HKD 6.05

- FY2023: HKD 4.94

- FY2024: HKD 3.97

- FY2025: HKD 3.18

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 0.73×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.3%

- FY2018: 5.6%

- FY2019: -2.3%

- FY2020: -1.2%

- FY2021: -0.7%

- FY2022: 3.0%

- FY2023: 3.4%

- FY2024: 0.4%

- FY2025: -1.5%

## Holders

## Price story

Down 21% since Jun 2022 · sales +31.4%

Story as of 2026-10-16T10:00:02.308Z; price observation 2026-10-15.

Price needs cash profits to shrink 12.1% a year for ten years

### Sales · FY2024–2025

sales +31.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: HKD 69B 

- FY2017: HKD 58B 

- FY2018: HKD 50B 

- FY2019: HKD 87B 

- FY2020: HKD 58B 

- FY2021: HKD 62B 

- FY2022: HKD 56B 

- FY2023: HKD 47B 

- FY2024: HKD 46B 

- FY2025: HKD 60B 

### Gross margin · FY2025

gross margin 96.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 44.7% 

- FY2017: 53.9% 

- FY2018: 54.8% 

- FY2019: 41.7% 

- FY2020: 44.6% 

- FY2021: 56.8% 

- FY2022: 50.2% 

- FY2023: 53.2% 

- FY2024: 52.5% 

- FY2025: 96.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate development; annual sales are HKD 59.8 billion.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2025-12-31 (filed 2026-10-16T07:34:45.483Z); FY2025: revenue 59840000000; grossProfit 57641000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1113.HK: 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.

### Why customers stay

Margins ranged from 52.5% to 96.3% during 2023–25; it earns 4.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2023-12-31 (filed 2026-10-16T07:34:45.483Z); FY2023: grossProfit / revenue = 53.2%.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2024-12-31 (filed 2026-10-16T07:34:45.483Z); FY2024: grossProfit / revenue = 52.5%.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2025-12-31 (filed 2026-10-16T07:34:45.483Z); FY2025: grossProfit / revenue = 96.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.483Z); 10-year return on capital observations [[2016,0.06825775007414499],[2017,0.06396073803875577],[2018,0.050221703391115556],[2019,0.07552557159893875],[2020,0.04606553752449285],[2021,0.04503755867912298],[2022,0.040635803866128264],[2023,0.031006457461614335],[2024,0.026045985498303274],[2025,0.023018609003677477]]; median 0.045551548101807914. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 3.1% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2016-12-31 (filed 2026-10-16T07:34:45.483Z); FY2016: growth capex 6901000000; upkeep 779000000; owner earnings 19415000000. Growth capex / owner earnings = 0.35544681946948237.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2017-12-31 (filed 2026-10-16T07:34:45.483Z); FY2017: growth capex 0; upkeep 3735000000; owner earnings 27963000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2018-12-31 (filed 2026-10-16T07:34:45.483Z); FY2018: growth capex 0; upkeep 5034000000; owner earnings 37394000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2019-12-31 (filed 2026-10-16T07:34:45.483Z); FY2019: growth capex 2031000000; upkeep 2192000000; owner earnings 28281200000. Growth capex / owner earnings = 0.07181449160573102.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2020-12-31 (filed 2026-10-16T07:34:45.483Z); FY2020: growth capex 0; upkeep 1324000000; owner earnings 16358000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2021-12-31 (filed 2026-10-16T07:34:45.483Z); FY2021: growth capex 1002000000; upkeep 2186000000; owner earnings 20261200000. Growth capex / owner earnings = 0.049454129074289775.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2022-12-31 (filed 2026-10-16T07:34:45.483Z); FY2022: growth capex 0; upkeep 2460000000; cash acquisitions 0; owner earnings 20439800000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2023-12-31 (filed 2026-10-16T07:34:45.483Z); FY2023: growth capex 0; upkeep 2403000000; cash acquisitions 6506000000; owner earnings 15979800000. Growth capex plus acquisitions / owner earnings = 0.40713901300391747.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2024-12-31 (filed 2026-10-16T07:34:45.483Z); FY2024: growth capex 0; upkeep 2276000000; cash acquisitions 1804000000; owner earnings 12609800000. Growth capex plus acquisitions / owner earnings = 0.14306333169439642.

- Source: https://eodhd.com/api/fundamentals/1113.HK.json#2025-12-31 (filed 2026-10-16T07:34:45.483Z); FY2025: growth capex 269000000; upkeep 2199000000; cash acquisitions 46000000; owner earnings 10083200000. Growth capex plus acquisitions / owner earnings = 0.031240082513487782.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.483Z); Dividend observations: [[2016,5499000000],[2017,5844000000],[2018,6471000000],[2019,7203000000],[2020,7091000000],[2021,6886000000],[2022,8080000000],[2023,8171000000],[2024,7053000000],[2025,6090000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 48.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1113.HK SharesStats.PercentInsiders = 48.902 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 12.1% yearly over ten years; actual decline was 4.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.483Z); Ten-year compound average after fade. Initial solved rate -0.18175837406374123. Price 43.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.4558115397435305 → FY2025 2.8810967554498546. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 57.45 per share

- 2016-11: HKD 53.10 per share

- 2016-12: HKD 47.55 per share

- 2017-01: HKD 51.40 per share

- 2017-02: HKD 52.80 per share

- 2017-03: HKD 52.35 per share

- 2017-04: HKD 55.80 per share

- 2017-05: HKD 58.50 per share

- 2017-06: HKD 61.15 per share

- 2017-07: HKD 63.25 per share

- 2017-08: HKD 68.70 per share

- 2017-09: HKD 64.65 per share

- 2017-10: HKD 64.15 per share

- 2017-11: HKD 65.75 per share

- 2017-12: HKD 68.30 per share

- 2018-01: HKD 74.65 per share

- 2018-02: HKD 67.70 per share

- 2018-03: HKD 65.85 per share

- 2018-04: HKD 68.05 per share

- 2018-05: HKD 65.50 per share

- 2018-06: HKD 62.30 per share

- 2018-07: HKD 60.05 per share

- 2018-08: HKD 55.95 per share

- 2018-09: HKD 58.75 per share

- 2018-10: HKD 50.90 per share

- 2018-11: HKD 56.35 per share

- 2018-12: HKD 57.30 per share

- 2019-01: HKD 65.75 per share

- 2019-02: HKD 65.15 per share

- 2019-03: HKD 69.80 per share

- 2019-04: HKD 63.00 per share

- 2019-05: HKD 56.70 per share

- 2019-06: HKD 61.15 per share

- 2019-07: HKD 59.35 per share

- 2019-08: HKD 53.25 per share

- 2019-09: HKD 53.10 per share

- 2019-10: HKD 54.70 per share

- 2019-11: HKD 52.05 per share

- 2019-12: HKD 56.25 per share

- 2020-01: HKD 50.20 per share

- 2020-02: HKD 48.70 per share

- 2020-03: HKD 42.45 per share

- 2020-04: HKD 49.00 per share

- 2020-05: HKD 42.15 per share

- 2020-06: HKD 46.20 per share

- 2020-07: HKD 43.05 per share

- 2020-08: HKD 42.10 per share

- 2020-09: HKD 37.75 per share

- 2020-10: HKD 35.90 per share

- 2020-11: HKD 42.45 per share

- 2020-12: HKD 39.80 per share

- 2021-01: HKD 38.95 per share

- 2021-02: HKD 45.55 per share

- 2021-03: HKD 47.20 per share

- 2021-04: HKD 48.75 per share

- 2021-05: HKD 51.40 per share

- 2021-06: HKD 53.60 per share

- 2021-07: HKD 52.95 per share

- 2021-08: HKD 50.70 per share

- 2021-09: HKD 45.10 per share

- 2021-10: HKD 48.05 per share

- 2021-11: HKD 44.60 per share

- 2021-12: HKD 49.15 per share

- 2022-01: HKD 51.85 per share

- 2022-02: HKD 49.35 per share

- 2022-03: HKD 53.70 per share

- 2022-04: HKD 53.40 per share

- 2022-05: HKD 51.25 per share

- 2022-06: HKD 55.50 per share

- 2022-07: HKD 55.45 per share

- 2022-08: HKD 53.10 per share

- 2022-09: HKD 47.20 per share

- 2022-10: HKD 43.40 per share

- 2022-11: HKD 46.55 per share

- 2022-12: HKD 48.05 per share

- 2023-01: HKD 50.10 per share

- 2023-02: HKD 49.20 per share

- 2023-03: HKD 47.65 per share

- 2023-04: HKD 46.30 per share

- 2023-05: HKD 42.20 per share

- 2023-06: HKD 43.40 per share

- 2023-07: HKD 45.00 per share

- 2023-08: HKD 43.30 per share

- 2023-09: HKD 41.25 per share

- 2023-10: HKD 39.10 per share

- 2023-11: HKD 37.05 per share

- 2023-12: HKD 39.20 per share

- 2024-01: HKD 35.25 per share

- 2024-02: HKD 36.15 per share

- 2024-03: HKD 32.20 per share

- 2024-04: HKD 33.65 per share

- 2024-05: HKD 30.85 per share

- 2024-06: HKD 29.25 per share

- 2024-07: HKD 29.90 per share

- 2024-08: HKD 31.55 per share

- 2024-09: HKD 34.20 per share

- 2024-10: HKD 31.85 per share

- 2024-11: HKD 31.80 per share

- 2024-12: HKD 31.90 per share

- 2025-01: HKD 32.45 per share

- 2025-02: HKD 33.80 per share

- 2025-03: HKD 31.45 per share

- 2025-04: HKD 31.75 per share

- 2025-05: HKD 32.50 per share

- 2025-06: HKD 34.60 per share

- 2025-07: HKD 36.05 per share

- 2025-08: HKD 36.72 per share

- 2025-09: HKD 37.72 per share

- 2025-10: HKD 38.44 per share

- 2025-11: HKD 39.92 per share

- 2025-12: HKD 39.32 per share

- 2026-01: HKD 45.84 per share

- 2026-02: HKD 49.78 per share

- 2026-03: HKD 44.46 per share

- 2026-04: HKD 48.86 per share

- 2026-05: HKD 47.34 per share

- 2026-06: HKD 44.18 per share

- 2026-07: HKD 47.84 per share

- 2026-08: HKD 45.30 per share

- 2026-09: HKD 46.74 per share

- 2026-10: HKD 43.90 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 155.69 per share, central HKD 174.99 per share, high HKD 200.70 per share

- FY2017: low HKD 97.07 per share, central HKD 108.47 per share, high HKD 123.64 per share

- FY2018: low HKD 87.13 per share, central HKD 97.11 per share, high HKD 110.40 per share

- FY2019: low HKD 99.55 per share, central HKD 111.09 per share, high HKD 126.45 per share

- FY2020: low HKD 70.94 per share, central HKD 78.54 per share, high HKD 88.66 per share

- FY2021: low HKD 77.83 per share, central HKD 86.21 per share, high HKD 97.37 per share

- FY2022: low HKD 71.94 per share, central HKD 79.58 per share, high HKD 89.74 per share

- FY2023: low HKD 58.82 per share, central HKD 65.32 per share, high HKD 73.98 per share

- FY2024: low HKD 56.21 per share, central HKD 62.58 per share, high HKD 71.06 per share

- FY2025: low HKD 72.57 per share, central HKD 80.97 per share, high HKD 92.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.