Core Viewpoint - UBS has upgraded the investment rating of Cheung Kong Holdings (01113) from "Neutral" to "Buy" based on attractive risk-reward dynamics, raising the target price from HKD 31 to HKD 42.9, although it has lowered the earnings forecast for 2025 to 2027 by 18% to 24% due to the latest development progress [1] Group 1: Investment Rating and Target Price - UBS upgraded Cheung Kong Holdings' investment rating from "Neutral" to "Buy" [1] - The target price was increased from HKD 31 to HKD 42.9 [1] Group 2: Earnings Forecast Adjustment - UBS has adjusted the earnings forecast for 2025 to 2027 downwards by 18% to 24% based on the latest development progress [1] Group 3: Valuation and Catalysts - Despite a 24% increase in the stock price year-to-date, Cheung Kong Holdings remains the lowest valued among major developers [1] - Several catalysts for value release are identified, including the acquisition of local distressed commercial real estate (CRE) assets, ongoing improvement in the profitability of Hong Kong hotel operations, redevelopment of student dormitories, sale of UK railway assets, and potential foreign exchange gains from US interest rate cuts [1] - Potential share buybacks could also support the stock price [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長江實業集團有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01113 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 1 | HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 8,000,000,000 | HKD | | 1 | HKD | | 8,000,000,000 | 本 ...

Core Points - The Hang Seng Index rose by 494.68 points, an increase of 1.89%, closing at 26,622.88 points [1] - The total turnover for the day on the main board was 309.096 billion HKD [1] - The Hang Seng China Enterprises Index increased by 151.02 points, closing at 9,454.12 points, a rise of 1.62% [1] - The Hang Seng Tech Index gained 129.14 points, closing at 6,324.25 points, reflecting a growth of 2.08% [1] Blue Chip Stocks - Tencent Holdings rose by 2.48%, closing at 660 HKD [1] - Hong Kong Exchanges and Clearing increased by 2.79%, closing at 442.2 HKD [1] - China Mobile decreased by 0.12%, closing at 84.9 HKD [1] - HSBC Holdings rose by 1.97%, closing at 108.8 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 3.58%, closing at 37.58 HKD [1] - Sun Hung Kai Properties rose by 1.69%, closing at 93.15 HKD [1] - Henderson Land Development increased by 2.06%, closing at 27.7 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.71%, closing at 4.23 HKD [1] - China Construction Bank increased by 1.36%, closing at 7.48 HKD [1] - Industrial and Commercial Bank of China rose by 0.53%, closing at 5.73 HKD [1] - Ping An Insurance increased by 2.1%, closing at 53.5 HKD [1] - China Life Insurance rose by 4.61%, closing at 22.22 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.74%, closing at 4.1 HKD [1] - China National Petroleum Corporation increased by 2.39%, closing at 7.28 HKD [1] - CNOOC Limited rose by 0.84%, closing at 19.28 HKD [1]

Core Viewpoint - Bank of America Securities reports that the Hong Kong property market has begun to recover, predicting a rebound in residential property prices from 2027 to the second half of 2026, with an expected increase of approximately 3% and a further 5% rise in 2027 [1] Summary by Category Market Outlook - The forecast for residential property price rebound has been advanced to the second half of 2026 from 2027, with an anticipated increase of about 3% in 2026 and an additional 5% in 2027 [1] - The recovery in property prices is expected to lead to a resurgence in profitability and dividends for local property developers by 2027 [1] Company Ratings and Target Prices - Average target prices for local property stocks have been raised by 3%, with earnings forecasts adjusted upwards by up to 4% from this year to 2027 [1] - Longfor Group (01113) and Sino Land (00083) are favored among developers, with Longfor's rating upgraded from "Neutral" to "Buy" and target price increased from HKD 39 to HKD 42 [1] - Sino Land is also given a "Buy" rating, with its target price raised from HKD 9.8 to HKD 10.8 [1] Rental Stocks - The report expresses a positive outlook on Hang Lung Properties (00101) and Swire Properties (01972), both receiving "Buy" ratings, with target prices adjusted to HKD 10 and HKD 24.5 respectively [1] - The rating for MTR Corporation (00066) is maintained at "Underperform" [1]

Core Insights - Hong Kong's homebuyers showed strong demand for apartments despite adverse weather conditions, with significant sales occurring after a reduction in prime lending rates by commercial banks [1][4] - New World Development and CK Asset Holdings successfully sold a combined total of 44 apartments, representing 23% of the 190 flats available during the sales event [1] - The average price for units sold by New World in the House Muse project was HK$18,251 (US$2,347) per square foot after discounts, while CK Asset's Blue Coast II units averaged HK$22,684 per square foot [2][3] Company Performance - New World Development sold 39 out of 120 units in the House Muse project, with five units sold via tender [2] - CK Asset sold five units from the remaining 70 in the Blue Coast II project, with prices ranging from HK$10.2 million to HK$20.2 million [3] Market Trends - The recent rate cut is viewed as the beginning of a downward trend in lending costs, which is expected to encourage more buyers to enter the market [5] - Analysts believe that government measures following the Chief Executive's policy address will help stabilize the property market, enhancing its absorption capacity [4][6]

Core Viewpoint - Recent rumors regarding Hong Kong tycoon Li Ka-shing attending the opening of the "Li Ka-shing Center" in London and donating $500 million to Ukraine have been confirmed as false by Cheung Kong Holdings [1] Group 1: Event Clarification - Li Ka-shing did not attend any opening ceremony for a building referred to as the "Li Ka-shing Center" in London [1] - The alleged "Li Ka-shing Center" does not exist, and there was no such event in early September [1] Group 2: Donation Rumors - The rumors about Li Ka-shing donating $500 million to Ukraine through a so-called "Panama Fund" are also untrue [1] - The mentioned "Panama Fund" does not exist, and no donation was made by Li Ka-shing to Ukraine [1]

Core Viewpoint - Recent rumors regarding Li Ka-shing and Cheung Kong Holdings have been clarified as "purely fictional" by the company, emphasizing the importance of not spreading unfounded claims [1][2]. Group 1: Rumors and Clarifications - Cheung Kong Holdings issued a statement denying rumors about Li Ka-shing attending the opening of a non-existent "Li Ka-shing Center" in London and donating 500 million yuan to Ukraine through a fictitious Panama fund [1]. - The company urged media and the public not to believe or disseminate these rumors, which have caused market disturbances [1][2]. Group 2: Property Sale Rumors - In early August, rumors circulated about Li Ka-shing planning to sell his historic residence at 79 Deep Water Bay Road for 5 billion HKD (approximately 4.57 billion RMB), which is significant as it is his former marital home [1]. - Li Ka-shing's son, Li Zeju, stated that there are no plans to sell the property, labeling the reports as fabricated and illogical [2]. Group 3: Financial Performance - Despite a 58.92% year-on-year increase in property sales revenue, reaching 7.366 billion HKD, Cheung Kong Holdings reported a 2.91% decline in profit, which fell to 1.768 billion HKD, resulting in a decrease in earnings per share to 1.8 HKD [2].

Group 1 - Recent rumors about Li Ka-shing attending the opening of the "Li Ka-shing Center" in London and donating $500 million to Ukraine through a Panama fund have been confirmed as false by Cheung Kong Holdings [2] - Cheung Kong Holdings clarified that the "Li Ka-shing Center" does not exist and that Li Ka-shing did not attend any such event in early September [2] - The company urged media and the public not to believe or spread these fabricated rumors [2] Group 2 - For the first half of the year, Cheung Kong Holdings reported revenue of approximately HKD 25.386 billion, a year-on-year increase of 15.3% [3] - The company's attributable profit to shareholders was HKD 6.302 billion, a significant decline of nearly 27%, primarily due to a substantial reduction in the valuation of investment properties [3] - Property sales revenue for the first half was HKD 7.366 billion, a substantial year-on-year increase of nearly 59%, with mainland property sales accounting for about 52% [3] - Mainland property sales reached HKD 3.83 billion, a year-on-year growth of approximately 117%, driven by completed residential projects in Shanghai and Beijing [3] - Despite increased revenue, the company experienced a decline in profit from the sales segment, with sales revenue of HKD 1.768 billion, down about 3%, and Hong Kong sales revenue plummeting over 92% to approximately HKD 74 million [3]

Core Viewpoint - The news article addresses the clarification issued by Cheung Kong Holdings regarding false rumors related to Li Ka-shing, specifically denying claims about his attendance at an event in London and alleged donations to Ukraine [1] Group 1: Rumors Clarification - Cheung Kong Holdings stated that the rumors about Li Ka-shing attending the opening of the "Li Ka-shing Center" in London are completely fabricated [1] - The company confirmed that the "Li Ka-shing Center" does not exist and that Li Ka-shing did not attend any such event in early September [1] - The claim regarding Li Ka-shing donating $500 million to Ukraine through a non-existent "Panama Fund" was also denied by the company [1] Group 2: Company Response - Cheung Kong Holdings urged media and the public not to believe or spread these unfounded rumors [1]

Group 1 - Recent rumors claimed that Hong Kong tycoon Li Ka-shing attended the opening of the "Li Ka-shing Center" in London and donated $500 million to Ukraine through a Panama fund [1] - Cheung Kong Holdings issued a clarification stating that the "Li Ka-shing Center" does not exist and that Li Ka-shing did not attend any such event in early September [1] - The company emphasized that both rumors are completely fabricated and urged media and the public not to believe or spread false information [1] Group 2 - On August 14, Cheung Kong Holdings reported a revenue of approximately HKD 25.386 billion for the first half of the year, representing a year-on-year increase of 15.3% [1] - The company's profit attributable to shareholders was HKD 6.302 billion, a significant year-on-year decline of nearly 27%, primarily due to a substantial reduction in the valuation of investment properties [1]