CK Asset climbs on offer to buy UK social housing firm

CK Asset Holdings

10/05/2023 04:55

** Shares of CK Asset Holdings Ltd  1113.HK  climb as much
as about 1% to HK$46.50, on track to snap two straight sessions
of declines after property group offers to buy a UK social
housing provider 
    ** Stock biggest pct gainer in Hang Seng Property Index
 .HSNP  
    ** The co is offering 80 pence per share for the entire
share capital of Civitas Social Housing PLC  CSH.L  for 485
million pounds ($612.1 million) 
    ** "We view the deal as accretive with an estimated net
yield of 6.4%," UBS said in a research note, adding immediate
earnings impact will be immaterial to CK Asset 
    ** Hang Seng Property Index  .HSNP  and Hang Seng Index
 .HSI  both slip 0.7%, while the Hang Seng Composite Index on
properties and construction stocks  .HSCIPC  eases 0.6% 
    ** As of last close, stock down 4.2% so far this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))