CK ASSET(HK:01113) Zhi Tong Cai Jing·2025-11-20 06:40Core Viewpoint - Morgan Stanley's report indicates that the Hong Kong residential market may have bottomed out, while the office market is expected to take a longer time to recover due to oversupply [1] Group 1: Residential Market - The management of Cheung Kong (01113) expressed that the Hong Kong residential market might have reached its lowest point [1] - The Centaline City Leading Index has increased by 3% year-to-date, but pricing power has not yet recovered [1] Group 2: Office Market - The office market is facing oversupply issues, leading to a prolonged recovery period [1] - Cheung Kong's rental rate for the second phase of the Cheung Kong Center is currently close to 30% [1] Group 3: Company Strategy - Due to limited land reserves, Cheung Kong may wait for the right timing to launch the Kai Tak "Flower Sea" project and is inclined to retain more cash on hand [1] - Morgan Stanley maintains a "market perform" rating for Cheung Kong with a target price of HKD 39 [1] Group 4: Retail Market - Luxury retail rents are still under pressure for downward adjustments, while retail properties in areas with stable foot traffic are expected to perform more steadily [1]