We believe CK Asset Holdings (CKA) is well positioned in a challenging Hong Kong property market, with its defensive qualities underpinned by diversified recurrent income, strong financials (latest net gearing ratio 1.4%), land purchases in Hong Kong, share buybacks, and acquisitions. At a time when most of its peers are focusing on financial discipline due to high interest rates, CKA has leveraged its strong balance sheet to fund acquisitions. Its latest major acquisition is Civitas Social Housing (CSH), a care home provider based in UK. While its earnings are expected to see some weakness in 2023e due to lower property sales, we think earnings will pick up from 2024e onwards; we forecast a 2023-25e net profit CAGR of 11%. Property business – faster asset turnover.