According to a research report, Goldman Sachs stated that CK ASSET (01113) is not considered expensive on valuation, maintaining a "Neutral" rating. After updating the company's latest property progress schedule and accounting for the realized gains from the sale of its UK rail business, Goldman Sachs revised its earnings per share forecasts for CK ASSET for this year and next, keeping the current year estimate unchanged while lowering the next year's forecast by 2%. The target price was maintained at HK$53.

The report expressed a preference for Sun Hung Kai Properties (00016), Henderson Land (00012), and Sino Land (00083), assigning them "Buy" ratings.

The report indicated that CK ASSET's 2025 results fell short of expectations, primarily due to lower recognition of property development revenue in the second half of the year. Excluding an investment property revaluation loss of HK$1.1 billion, underlying profit was HK$12 billion, representing a 2% year-on-year increase. This figure was below both Goldman Sachs' and market consensus estimates of approximately HK$13 billion, mainly attributed to delays in the completion of the Hong Kong Wong Chuk Hang project, Blue Coast.

Given that some investors may have expected CK ASSET to return a portion of the sale proceeds through dividends or share buybacks, the report suggested that the current management's lack of commitment in this regard could be viewed as slightly negative.