Latest Forum Topics /
HongkongLand USD
Last:7.36
-0.09
|
 Post Reply
|
|
Hongkong Land USD
|
|||||
|
slingshotpro
Senior |
04-Aug-2024 07:41
|
||||
|
x 0
x 0 Alert Admin |
I read there is a potential disposal of the below from Mandarin Oriental but have not heard or read about disposing this one causeway bay also. Hong Kong Excelsior Hotel Redevelopment Project Located in a prime waterfront location in the heart of Hong Kong?s commercial district of Causeway Bay, the iconic Excelsior Hotel has stood as a proud landmark for the past 46 years.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Alignment
Elite |
03-Aug-2024 23:45
|
||||
|
x 0
x 0 Alert Admin |
I know One Causeway Bay belongs to Mandarin Oriental. The point though is that they intend to sell it so the question is who the buyer will be. HKL an obvious candidate but one would expect an auction to be run to see if there are other bidders out there. Given Jardine owns 80% of Mandarin Oriental but only 53% of HKL its interest is best served by maximising the price received by Mandarin rather than doing a sweetheart deal for HKL.
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
slingshotpro
Senior |
03-Aug-2024 09:07
|
||||
|
x 0
x 0 Alert Admin |
One causeway bay belongs to MANDARIN ORIENTAL, and hkland is the leasing manager
|
||||
| Useful To Me Not Useful To Me | |||||
|
Alignment
Elite |
02-Aug-2024 20:48
|
||||
|
x 0
x 0 Alert Admin |
I wonder if HKL will be the buyer for 1 Causeway Bay, or whether it will be a third party? | ||||
| Useful To Me Not Useful To Me | |||||
|
MrBear12
Supreme |
02-Aug-2024 08:16
Yells: "Cast all our anxieties on Jesus for He cares for us" |
||||
|
x 0
x 0 Alert Admin |
A sigh of relief! At least Jardine has other businesses to prop up its empire
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Joelton
Supreme |
02-Aug-2024 08:08
|
||||
|
x 0
x 0 Alert Admin |
Hongkong Land posts H1 underlying loss of US$7 million on non-cash provisions to China properties
Excluding the impact of the provisions, underlying profit is US$288 million, down 32 per cent from H1 FY2023
PROPERTY developer Hongkong Land : H78 +0.31% on Thursday (Aug 1) posted an underlying loss of US$7 million for the six months ended Jun 30, compared with an underlying net profit of US$422 million in the corresponding year-ago period.
This was attributed to a non-cash provision of US$295 million in the carrying value of some projects in its China development properties, said the group in a bourse filing.
Excluding the impact of the provision, underlying profit was US$288 million, down 32 per cent from the same period the year before, said Hongkong Land.
The group uses underlying profit in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as its management considers this to be a key measure that provides additional information on the group&rsquo s underlying business performance.
The board is recommending an interim dividend of US$0.06 per share, unchanged from the same period a year ago.
Revenue for the first half was US$972.4 million, up 45.1 per cent from US$670.3 million, year on year.
Net loss attributable to shareholders for the period widened to US$833 million, from a loss of US$333 million in H1 FY2023.
This figure reflected unrealised net non-cash losses arising primarily from revaluations of its investment properties portfolio of US$826 million in H1 FY2024 and US$755 million in H1 FY2023, said the group.
&ldquo The 2024 net revaluation loss is principally attributable to the Hong Kong office portfolio, following a modest decrease in market rents,&rdquo it added. The loss was partially offset by a valuation gain for the Hong Kong retail portfolio driven by expected rental uplifts resulting from an investment in Hong Kong shopping mall Landmark.
The underlying loss per share for H1 FY2024 was US$0.0031, from an underlying earnings per share of US$0.1902 in H1 FY2023.
Loss per share for the first half was US$0.3775, compared with a loss per share of US$0.15 in the corresponding year-ago period.
As at Jun 30, the group had undrawn committed facilities and cash of US$3 billion, with an average debt tenor of 6.2 years.
Commenting on the results, chief executive Michael Smith said: &ldquo Contributions from the investment properties (portfolio) were stable, despite market headwinds. Excluding provisions, development properties&rsquo contributions were lower than the first half of FY2023 due to the phasing of project completions.&rdquo
The group noted that it is undergoing a comprehensive strategic review of its overall business strategy and commercial properties, which is expected to be completed before end-2024. The group will present a strategy update after its completion.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
27-May-2024 12:50
|
||||
|
x 0
x 0 Alert Admin |
DBS keeps ' buy' on Hongkong Land despite impending writedown
No thanks to the poor sentiment of the mainland property market, Hongkong Land is expected to book a write-down of between US$200 million and US$300 million.
Even so, DBS Group Research, citing its already " unjustifiably low valuation" , is keeping its " buy" call on this counter and has even raised its target price to US$4.05 from US$3.98.
" The current valuation is unjustifiably low even allowing for continued office market headwinds in Hong Kong and property impairment in China," state analysts Jeff Yau, Percy Leung and Cherie Wong.
Hongkong Land now trades at a discount of 69% off the RNAV of US$11.1 per share estimated by the DBS analysts.
In their May 24 note, DBS points out that market sentiment in China has continued to deteriorate with lower sales and pricing.
In 1QFY24 ended March, attributable contracted sales fell 36% y-o-y to US$262 million, which means contracted for the whole of 2024 might be lower than in 2023 with lower selling prices to dent the profit margins.
See also: Singtel' s higher dividends keep analysts positive, target prices increase
The company is undertaking an " extensive review" of its projects in China and expects with the impairment charge of US$200-300 million which should lead to lower earnings when it reports its 1HFY2024 results.
Next, the company, as a key landlord in Hong Kong, continues to suffer from pressures felt by the office market.
No thanks to new capacity in the Central business district, overall vacancy increased by 0.7 ppts q-o-q to 10.6% in March.
Yet, Hongkong Land' s own vacancy improved slightly to 7.1% in Mar from 7.4% last December.
DBS notes that the company has concluded the renewal for a number of leases expiring in 2024. In March, just 7% of the portfolio remains subject to expirations towards the end of the year, which implies relatively lower occupancy risk.
" That said, negative rental reversion continued to work its way through the portfolio which resulted in lower office income," says DBS.
The company' s retail tenants in Hong Kong, on the other hand, enjoyed improved sales in the quarter to March, even taking into account slower-than-expected tourist spending recovery.
" Coupled with mildly positive base rent reversions, retail income should continue to recover," says DBS, noting that vacancy stayed low at 1.8% in March, versus 1.5% in December.
" The overall performance of luxury malls in Beijing and Macau remained stable," adds DBS.
Hongkong Land' s Singapore office portfolio remains the bright spot. Thanks to tight supply and " flight to quality" , the company was able to extract higher revised rental rates.
For more stories about where money flows, click here for Capital Section
This segment' s physical and committed vacancy stood low at 2% and 1% respectively in March, similar to December&rsquo s 1.9% and 0.9%.
" Improved income from luxury retail and Singapore office portfolios should offset the shortfall from the Hong Kong office portfolio, pointing to resilient rental income," says DBS.
All in, DBS has lowered its FY2024 earnings for Hongkong Land by 35%.
Nonetheless, the DBS analysts point out that at current levels, Hongkong Land' s share price is trading at a 69% discount off its appraised current NAV, which is 1.5 sd below its ten-year average NAV of 49%.
The stock' s estimated dividend yield for FY2024 stands at 6.4%, and DBS' s target price of US$4.05 is based on a target discount of 63% to the analysts' June 2025 NAV estimate.
DBS notes that the company' s new CEO, Michael Smith has come on board in April. Smith was previously with Mapletree Investments, known for its portfolio of separately listed REITs.
" Investors would watch for any fine-tuning of its corporate strategy. Any initiative that unlocks its asset values for shareholders should improve sentiment towards the stock," says DBS.
|
||||
| Useful To Me Not Useful To Me | |||||
|
MrBear12
Supreme |
24-May-2024 09:28
Yells: "Cast all our anxieties on Jesus for He cares for us" |
||||
|
x 0
x 0 Alert Admin |
Just do an order at $3, valid for 6 months. I think will get.
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Rover88
Member |
24-May-2024 09:26
|
||||
|
x 0
x 0 Alert Admin |
This counter dropped to $2.82 on 17 Apr 2024. A sure buy when it revisit this low again ) |
||||
| Useful To Me Not Useful To Me | |||||
|
MrBear12
Supreme |
24-May-2024 09:10
Yells: "Cast all our anxieties on Jesus for He cares for us" |
||||
|
x 0
x 0 Alert Admin |
I guess around closer to USD 3 is a good entry price. Consistent in its dividends. |
||||
| Useful To Me Not Useful To Me | |||||
|
Rover88
Member |
24-May-2024 09:08
|
||||
|
x 0
x 0 Alert Admin |
The recent price increase was artificially pushed by internal buys, imho. There is no solid news / announcement that warrants the rise. Hence, when the results is out, price corrected and rightly so as your comments, it will trend further southwards as their over exposure in China. Will their SE Asian business is able to soften the situation, that is the question which the Management did not mention at all. Again, just imho... |
||||
| Useful To Me Not Useful To Me | |||||
|
MrBear12
Supreme |
24-May-2024 07:42
Yells: "Cast all our anxieties on Jesus for He cares for us" |
||||
|
x 0
x 0 Alert Admin |
This one will languish for awhile. | ||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Joelton
Supreme |
24-May-2024 07:33
|
||||
|
x 0
x 0 Alert Admin |
Hongkong Land expects &lsquo significantly lower&rsquo H1 profits amid weak buyer sentiment in China
SINGAPORE &ndash Property developer Hongkong Land said that it expects its underlying profit for H1 FY2024 to be &ldquo significantly lower&rdquo than the previous financial year as it faces slower sales in China.
In its interim management statement on May 23, the group, which is a member of the Jardine Matheson Group, said that buyer sentiment in China towards the residential sector has continued to deteriorate, with reduced sales and pricing.
The group said that its attributable interest in contracted sales was US$262 million (S$353.33 million) in Q1, down 36 per cent compared with the same period in FY2023.
Therefore, contracted sales for FY2024 are expected to be lower than FY2023 levels, with profit margins affected by reductions in sales prices across a number of projects.
Meanwhile, its total contributions from the investment and development properties businesses was &ldquo broadly unchanged&rdquo .
For investment properties, better performance from the luxury retail portfolio across the region and Singapore office offset lower contributions from the Hong Kong office.
Nevertheless, the group is undertaking an &ldquo extensive review&rdquo of the group&rsquo s projects as a result of deteriorating market conditions, it said.
Where projected sales prices are lower than development costs, the investment carrying value will be impaired. It expects a non-cash impairment charge of US$200 million to US$300 million to be reflected in H1 results as at June 30, 2024.
The company does not expect the review to have a material impact on its financial position.
Its gearing stood at 16 per cent and its committed liquidity was US$3.1 billion as at Mar 31.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Boatman
Master |
20-May-2024 14:47
|
||||
|
x 0
x 0 Alert Admin |
lets chiong | ||||
| Useful To Me Not Useful To Me | |||||
|
MrBear12
Supreme |
22-Apr-2024 22:17
Yells: "Cast all our anxieties on Jesus for He cares for us" |
||||
|
x 0
x 0 Alert Admin |
What a business dynasty!
|
||||
| Useful To Me Not Useful To Me | |||||
|
Alignment
Elite |
22-Apr-2024 21:02
|
||||
|
x 0
x 0 Alert Admin |
Understood. But in the scheme of things US$137k a person is not too much for them. And in any case, none of those guys actually have a significant degree of control over the company anyway. The power lies entirely with the Keswicks.
|
||||
| Useful To Me Not Useful To Me | |||||
|
MrBear12
Supreme |
22-Apr-2024 18:42
Yells: "Cast all our anxieties on Jesus for He cares for us" |
||||
|
x 0
x 0 Alert Admin |
Stable company. Confident to give such high dividends even when in the red. Pity I have not much USD. Otherwise it could be my retirement income stock. |
||||
| Useful To Me Not Useful To Me | |||||
|
cmengchan
Senior |
22-Apr-2024 18:37
|
||||
|
x 0
x 0 Alert Admin |
It felt like its required for them to buy the shares, and demonstrate support. Thats a bit unusual. However, it will align the management interests to shareholders.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Alignment
Elite |
22-Apr-2024 18:10
|
||||
|
x 0
x 0 Alert Admin |
US$137k a person. Not nothing. But unfortunately for the company there are bigger dynamics at play that can' t be covered over by a management incentive plan. |
||||
| Useful To Me Not Useful To Me | |||||
|
cmengchan
Senior |
22-Apr-2024 17:43
|
||||
|
x 0
x 0 Alert Admin |
The following notification dated 22nd April 2024 in respect of Hongkong Land Holdings Limited was lodged with the Financial Conduct Authority in the United Kingdom today: &ldquo HONGKONG LAND HOLDINGS LIMITED UPDATES ON EXECUTIVE SHAREHOLDINGS BY MANAGEMENT Hongkong Land Holdings Limited (the &lsquo Company&rsquo ) announces that Craig Beattie, the Company' s Chief Financial Officer, together with the executive directors of Hongkong Land Limited, Alvin Kong, Ling Chang Feng, John Simpkins, Kenneth Foo, Raymond Wong, and Yolice Wu (together as the &lsquo Management&rsquo ), would acquire about USD960,000 worth of the Company' s shares in the open market between April to June 2024. The acquisition of the Company&rsquo s shares re-affirms Management&rsquo s commitment and confidence in the value and long-term development of the Company. In accordance with the Executive Directors&rsquo Shareholding Policy, approved by the Company&rsquo s Remuneration Committee on 10th April 2024, Management will increase their shareholdings in the Company annually to meet the shareholding level required for Management, subject to compliance with the applicable laws and regulations. Jonathan Lloyd, Jardine Matheson Limited For and on behalf of Hongkong Land Holdings Limited 22nd April 2024&rdquo |
||||
| Useful To Me Not Useful To Me | |||||