Latest Forum Topics /
HongkongLand USD
Last:5.61
+0.07
|
 Post Reply
|
|
Hongkong Land USD
|
|||||
|
Joelton
Supreme |
23-May-2025 13:08
|
||||
|
x 0
x 0 Alert Admin |
Hongkong Land&rsquo s underlying profit for 1QFY2025 ' in line' y-o-y, net debt reduced to US$4.9 bil
Hongkong Land Holdings says that its underlying profit in the quarter of 1QFY2025 ended March 31, 2025 was &ldquo in line&rdquo with the same period a year ago.
This is from lower contributions from its central portfolio in Hong Kong, offset by higher contributions from the build-to-sell business.
For Prime Properties Investments, performance in Hong Kong was impacted by negative rental reversions in the office portfolio, as well as temporary impact to retail rental income from the ongoing Tomorrow&rsquo s CENTRAL transformation.
Contributions from the build-to-sell business were higher due to the timing of sales completions, primarily on the Chinese mainland.
The group said that it generated net cash inflows in the first quarter, with net debt reducing to US$4.9 billion ($6.33 billion) as at end March.
For the quarter, net gearing was 16% and committed liquidity, which is cash and unused committed borrowing facilities, was US$3.2 billion. About 68% of the group&rsquo s interest rate on debt was at fixed rates.
The group&rsquo s Prime Property Investments saw physical vacancy at 8.3% at March 31, 2025, whilst vacancy on a committed basis was 7.3%, broadly unchanged from the end of 2024.
Vacancy for the overall Central Grade A office market was 11.5% at the end of March 2025, with just over 2% of the portfolio subject to expiry in the remainder of the year.
The group&rsquo s LANDMARK retail portfolio in 1QFY2025 was lower y-o-y. Vacancy was 4.5% as at end March compared to 3% as at end 2024, and base rent reversions were largely neutral.
In Singapore, rental reversions were positive, driven by tight supply and flight to quality demand. Physical vacancy was 2.0% at end March, and on a committed basis, vacancy was 0.8%, compared with 1.0% at the end of 2024.
Hongkong Land no longer invests in its build-to-sell segment, and is focused on accelerating the return of capital while completing committed projects to the same high standards.
The majority of its build-to-sell invested capital is on the Chinese mainland and in Singapore. In the first quarter, the Group&rsquo s attributable interest in contracted sales on the Chinese mainland and in Singapore were US$190 million and US$307 million respectively.
Hongkong Land&rsquo s full-year underlying earnings guidance remains unchanged, and contributions from the central portfolio in Hong Kong is expected to lower due to negative rental reversions for office, whilst lower contributions from luxury retail is anticipated as up to 40% of LANDMARK&rsquo s leasable floor area will be under renovation in 2025.
|
||||
| Useful To Me Not Useful To Me | |||||
|
SmallSmall
Supreme |
07-May-2025 09:37
|
||||
|
x 0
x 0 Alert Admin |
Company is still buying back their shares everday ! US$5.08 +0.12
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
SmallSmall
Supreme |
30-Apr-2025 10:34
|
||||
|
x 1
x 0 Alert Admin |
US$4.83 liao. Good interview with the CEO of HK Land where he said why it makes sense for the company to set aside US$200 mil of the sales proceeds from divestment of One Exchange Square to do Share Buy-backs. https://www.youtube.com/watch?v=l5bJls822OA |
||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
29-Apr-2025 11:43
|
||||
|
x 0
x 0 Alert Admin |
&lsquo Undervalued&rsquo Hongkong Land scores higher target prices from CGSI, Morningstar after HK$6.3 bil divestment news
The combination of Hongkong Land' s new share buyback programme and a partial disposal of One Exchange Square (OES) in Hong Kong - both announced last week - is accretive to both net asset value (NAV) and earnings per share (EPS), say CGS International Research analysts Will Chu, Raymond Cheng and Steven Mak.
Despite the " slightly positive impact" , the CGSI analysts are keeping " hold" on Hongkong Land with a higher target price of US$4.91 ($6.46) from US$4.82 previously. While they welcome the " value-unlocking activity" , they think the continued decline in office rents in Hong Kong " hinders its re-rating in the next 12 months" .
In an April 25 note, the CGSI analysts call it an opportunistic disposal Hongkong Land' s management has stated that the market " should not expect similar disposals of Hong Kong assets in the near future" .
The company, which has a secondary listing in Singapore, announced on April 24 that it would sell 147,025 sq ft of OES to Hong Kong Exchanges and Clearing (HKEX) for HK$6.3 billion ($1.07 billion). It includes the top nine floors, which is currently HKEX' s permanent headquarters, and a retail space on levels one and two.
The property represents 3.2% of the total value of Hongkong Land' s Central portfolio. Management emphasised in an analyst call that Hong Kong Central remains core to its portfolio, along with West Bund in Shanghai and Marina Bay in Singapore.
In addition, management says it remains committed to its US$400 million asset enhancement initiative for its retail asset in Central, which was announced last year.
The average selling price (ASP) for this transaction is 85% above the average ASP of comparable Grade A office transactions in Central in the past 12 months and translates into a 3.1% rental yield, based on CGSI' s calculations. " The ASP difference primarily reflects the passing rent differences between OES and [a] nearby Grade A office tower," say the analysts.
Hongkong Land intends to use up to 6.3% of the gross sale proceeds to provide enhancements to the property and use the remaining proceeds in two ways: 80% for the reduction of net debt, and 20% for a new US$200 million share buyback programme, effective until end-2025.
" Since the sale occurs at market value of OES as at end-2024, we expect minimal impact on Hongkong Land' s book value from the disposal alone," says CGSI. " However, on the back of its new buyback programme and considering the huge discount... we expect the buyback to be NAV-accretive. Moreover, as we expect interest expense savings from debt reduction to be slightly higher than loss of passing rent after disposal, we expect mild EPS accretion in FY2025-2027."
' Undervalued' Hongkong Land
Similarly, Morningstar Equity Research analyst Xavier Lee has raised his fair value estimate on " narrow moat" Hongkong Land by 7% to US$4.88 per share, with a three-star rating against Morningstar' s five-tier scale.
" We think the shares are undervalued, trading at a 14% discount to our valuation," says Lee in an April 25 note.
In addition to the nine floors of office space and two retail floors, HKEX is also signing a new long-term lease for the 63,000 sq ft it occupies in Two Exchange Square, " indicating a modest expansion of its footprint in Exchange Square" , says Lee.
Lee expects " minimal impact" on Hongkong Land' s revenue. " Any revenue decline should be offset by lower financing costs, as 80% of the net proceeds - after deducting Hongkong Land' s contribution to enhancement works on the assets being sold of up to HK$400 million - will be used to reduce debts. Consequently, we raise our net income forecast by 2% from 2026 onward."
Lee says he is " positive" about the deal as it allows the company to " crystallise portfolio value" . The sale price implies a passing yield of 2.9%, which compares " favourably" with the average Grade A office rental yield of 3.4%, according to Rating and Valuation Department data as of January.
In addition, Lee says the sale price is in line with the independent valuation as of end-2024, which exceeded expectations. " Previously, the market had expressed concerns about the valuer' s low capitalisation rate assumption, deeming it potentially unrealistic amid a high interest-rate environment and challenging market conditions. This sentiment is reflected in Hongkong Land' s current low price/book ratio of 0.3 times."
Together with the capital recycling proceeds from other asset sales, Hongkong Land has achieved 30% of its target to recycle at least US$4 billion by 2027.
Management reiterated that its near-term focus, as part of the strategic vision 2035, is to continue capital recycling and build investment capacity to drive mid-single-digit annual earnings growth as opportunities for higher-yielding assets arise, notes Lee.
" We believe this could be positive to our valuation, but its success would largely depend on the execution details," he adds. " Regarding the remaining capital recycling program, we think further divestment of the Central portfolio is unlikely, as Hong Kong, along with Singapore and Shanghai, remains one of the company' s key markets."
|
||||
| Useful To Me Not Useful To Me | |||||
|
SmallSmall
Supreme |
28-Apr-2025 19:03
|
||||
|
x 0
x 0 Alert Admin |
HONGKONG LAND HOLDINGS LIMITED (&lsquo HKLH&rsquo ) SHARE REPURCHASE Please be advised of the following market repurchase by HKLH of its ordinary shares: Date of repurchase: 28 April 2025 Total number of shares repurchased: 415,000 shares Highest price paid per share: US$4.72 Lowest price paid per share: US$4.62 Weighted average purchase price per share: US$4.6931. US$4.6931. They have set aside Us$200 mil to conduct share buybacks !
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
SmallSmall
Supreme |
28-Apr-2025 13:11
|
||||
|
x 0
x 0 Alert Admin |
Turning green liao...$4.66 +$0.02 | ||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
28-Apr-2025 12:38
|
||||
|
x 0
x 0 Alert Admin |
Property stocks rise: Hongkong Land surges on $1.1b asset sale CDL up despite board tensions
SINGAPORE - Hongkong Land was the biggest gainer on the Singapore stock market index last week, leaping almost 13 per cent to close April 25 at US$4.64.
The property group on April 24 announced that it will be selling the top nine floors and retail podium of its landmark 50-storey One Exchange Square in Hong Kong to the city&rsquo s stock exchange operator, Hong Kong Exchanges and Clearing (HKEX), which will make the site its permanent headquarters.
HKEX will also lease more office space in Two Exchange Square, where it is currently located.
The moves, involving almost 150,000 sq ft of space and valued at HK$6.3 billion (S$1.07 billion), will directly contribute to Hongkong Land&rsquo s earnings in 2025 and 2026. The purchase price was arrived at through arm&rsquo s length negotiations and reflects the asset&rsquo s book value as at Dec 31, 2024, Hongkong Land said in a statement.
The company added that around 20 per cent of the proceeds will be used to finance a US$200 million share buyback programme in 2025.
As the repurchased shares will be cancelled, there will be fewer shares outstanding, implying that each share held by shareholders will represent a bigger slice of the company&rsquo s earnings and assets. This can potentially lead to higher earnings per share and a potentially higher stock price.
The remainder of the proceeds will be used to reduce net debt and lower financing costs on the planned enhancements to One Exchange Square.
CDL rises despite board tension
City Developments Limited (CDL) shares also rose last week, closing just under $5 on April 25, up 6.4 per cent, despite ongoing tensions among its board of directors at the property developer&rsquo s 2024 annual general meeting on April 23.
Shareholders also voiced dissatisfaction over how CDL handled communications over a tussle for board control between executive chairman Kwek Leng Beng and his son, group chief executive Sherman Kwek, which took place in February, and the lack of direction on how to move the company forward.
The bone of contention remained the manner and intent behind the appointment of two new independent non-executive directors to the board in February.
At the AGM, non-executive director Philip Yeo expressed unhappiness that the appointments of Ms Jennifer Duong Young and Ms Wong Su Yen did not go through the nominating committee. Mr Yeo was also disappointed that the decision to appoint Ms Young and Ms Wong was not unanimous and disregarded the chairman&rsquo s position on the board.
This had played a role in the elder Kwek filing a Feb 26 lawsuit to restrain the two new directors from exercising their powers, and to stop his son and the majority directors of CDL from implementing several board resolutions he claimed were aimed at overthrowing him.
That lawsuit led to a public two-week spat between father and son, sending CDL&rsquo s shares to a 16-year low in March, before the elder Kwek abruptly withdrew the suit on March 12 for the sake of the business.
Despite tensions between the board&rsquo s members and Mr Yeo voicing his view that Ms Young and Ms Wong should not be re-elected, more than 99 per cent voted the pair back on the board. The Kwek family controls nearly half of CDL&rsquo s shares.
Mr Kwek Leng Beng told The Straits Times he was &ldquo very happy&rdquo with the outcome.
&ldquo Look at it from a long-term perspective. Rest assured, I am very confident. Now we can look at the bigger picture,&rdquo he said.
Mr Sherman Kwek said CDL will look into divesting some $600 million worth of assets to better manage its high gearing and interest expenses, and re-explore packaging its UK commercial assets into a real estate investment trust to be listed in Singapore when conditions are right. CDL shelved the listing plan in late 2022.
Other market movers
Several stocks hit their highest levels so far in 2025 last week.
Singapore Exchange (SGX) rose to a high of $14.80 on April 24, as the volatility triggered by the escalation of the trade war between the United States and China brought retail investors back to the market looking for bargains.
According to data provided by the exchange, retail investors bought a net $1.16 billion worth of Singapore stocks from April 1 to April 23. In the first half of April alone, they bought $1.42 billion worth of shares, even as the Straits Times Index (STI) fell 10.7 per cent from 3,972.43 to 3,548.91.
The 10 most heavily bought stocks by retail investors during this period were all STI constituents &ndash DBS, OCBC, UOB, Keppel, Venture Corp, Yangzijiang Shipbuilding, CapitaLand Investment, Seatrium, Mapletree Logistics Trust and Sats &ndash which fell an average of 13.9 per cent.
Outside the STI, retail investors also bought stocks like iFast, Keppel DC Reit, UMS Integration, Singapore Post and Suntec Reit, which dropped an average of 11.2 per cent.
Some other stocks that jumped last week include ST Engineering, which hit an all-time high of $7.42 on April 22, and AEM Holdings, which rose by almost 13 per cent to close the week at $1.22.
In responses to pre-AGM questions, AEM emphasised that despite concerns that some of its products could be impacted by the US tariffs, its US shipments account for a small share of revenue, and most of its test equipment is shipped internationally, remaining largely unaffected by US tariffs.
Other semiconductor stocks like Frencken Group, Grand Venture Technology and UMS Integration also rose 10 per cent, 9 per cent and 7 per cent respectively through the week.
What to look out for this week
Shares of Yangzijiang Shipbuilding and Yangzijiang Financial Holding might see some trading activity, after the latter on April 27 said it is exploring spinning off its maritime investments business into a new incorporated company that will be listed separately on the mainboard of the SGX.
The firm, previously the financial arm of Yangzijiang Shipbuilding, said the move will help it to unlock its full growth potential.
The proposed transaction involves transferring the group&rsquo s maritime investments assets to a new group, which will function as a dedicated maritime investment platform.
Yangzijiang Shipbuilding was already up some 7 per cent last week to $2.20 after the US trade office signalled that fees for China vessels could be less punitive than initially expected.
|
||||
| Useful To Me Not Useful To Me | |||||
|
SmallSmall
Supreme |
28-Apr-2025 11:37
|
||||
|
x 0
x 0 Alert Admin |
&lsquo Undervalued&rsquo Hongkong Land scores higher target prices from CGSI, Morningstar after HK$6.3 bil divestment newsJovi HoMon, Apr 28, 2025 &bull 11:20 AM GMT+08 &bull &bull 5 min read
Hongkong Land announced on April 24 that it would sell 147,025 sq ft of One Exchange Square to Hong Kong Exchanges and Clearing, representing 3.2% of the total value of its Central portfolio. Photo: Hongkong Land
The combination of Hongkong Land' s new share buyback programme and a partial disposal of One Exchange Square (OES) in Hong Kong - both announced last week - is accretive to both net asset value (NAV) and earnings per share (EPS), say CGS International Research analysts Will Chu, Raymond Cheng and Steven Mak. Despite the " slightly positive impact" , the CGSI analysts are keeping " hold" on Hongkong Land with a higher target price of US$4.91 ($6.46) from US$4.82 previously. While they welcome the " value-unlocking activity" , they think the continued decline in office rents in Hong Kong " hinders its re-rating in the next 12 months" . In an April 25 note, the CGSI analysts call it an opportunistic disposal Hongkong Land' s management has stated that the market " should not expect similar disposals of Hong Kong assets in the near future" . The company, which has a secondary listing in Singapore, announced on April 24 that it would sell 147,025 sq ft of OES to Hong Kong Exchanges and Clearing (HKEX) for HK$6.3 billion ($1.07 billion). It includes the top nine floors, which is currently HKEX' s permanent headquarters, and a retail space on levels one and two. The property represents 3.2% of the total value of Hongkong Land' s Central portfolio. Management emphasised in an analyst call that Hong Kong Central remains core to its portfolio, along with West Bund in Shanghai and Marina Bay in Singapore. In addition, management says it remains committed to its US$400 million asset enhancement initiative for its retail asset in Central, which was announced last year. The average selling price (ASP) for this transaction is 85% above the average ASP of comparable Grade A office transactions in Central in the past 12 months and translates into a 3.1% rental yield, based on CGSI' s calculations. " The ASP difference primarily reflects the passing rent differences between OES and [a] nearby Grade A office tower," say the analysts. Hongkong Land intends to use up to 6.3% of the gross sale proceeds to provide enhancements to the property and use the remaining proceeds in two ways: 80% for the reduction of net debt, and 20% for a new US$200 million share buyback programme, effective until end-2025. " Since the sale occurs at market value of OES as at end-2024, we expect minimal impact on Hongkong Land' s book value from the disposal alone," says CGSI. " However, on the back of its new buyback programme and considering the huge discount... we expect the buyback to be NAV-accretive. Moreover, as we expect interest expense savings from debt reduction to be slightly higher than loss of passing rent after disposal, we expect mild EPS accretion in FY2025-2027." ' Undervalued' Hongkong Land Similarly, Morningstar Equity Research analyst Xavier Lee has raised his fair value estimate on " narrow moat" Hongkong Land by 7% to US$4.88 per share, with a three-star rating against Morningstar' s five-tier scale. " We think the shares are undervalued, trading at a 14% discount to our valuation," says Lee in an April 25 note. In addition to the nine floors of office space and two retail floors, HKEX is also signing a new long-term lease for the 63,000 sq ft it occupies in Two Exchange Square, " indicating a modest expansion of its footprint in Exchange Square" , says Lee. Lee expects " minimal impact" on Hongkong Land' s revenue. " Any revenue decline should be offset by lower financing costs, as 80% of the net proceeds - after deducting Hongkong Land' s contribution to enhancement works on the assets being sold of up to HK$400 million - will be used to reduce debts. Consequently, we raise our net income forecast by 2% from 2026 onward." Lee says he is " positive" about the deal as it allows the company to " crystallise portfolio value" . The sale price implies a passing yield of 2.9%, which compares " favourably" with the average Grade A office rental yield of 3.4%, according to Rating and Valuation Department data as of January. In addition, Lee says the sale price is in line with the independent valuation as of end-2024, which exceeded expectations. " Previously, the market had expressed concerns about the valuer' s low capitalisation rate assumption, deeming it potentially unrealistic amid a high interest-rate environment and challenging market conditions. This sentiment is reflected in Hongkong Land' s current low price/book ratio of 0.3 times." Together with the capital recycling proceeds from other asset sales, Hongkong Land has achieved 30% of its target to recycle at least US$4 billion by 2027. Management reiterated that its near-term focus, as part of the strategic vision 2035, is to continue capital recycling and build investment capacity to drive mid-single-digit annual earnings growth as opportunities for higher-yielding assets arise, notes Lee. " We believe this could be positive to our valuation, but its success would largely depend on the execution details," he adds. " Regarding the remaining capital recycling program, we think further divestment of the Central portfolio is unlikely, as Hong Kong, along with Singapore and Shanghai, remains one of the company' s key markets." As at 11.20am, shares in Hongkong Land are trading 3 US cents lower, or 0.65% down, at US$4.61. |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
SmallSmall
Supreme |
28-Apr-2025 09:59
|
||||
|
x 0
x 0 Alert Admin |
Please be advised of the following market repurchase by HKLH of its ordinary shares: Date of repurchase: 25 April 2025 Total number of shares repurchased: 855,000 shares Highest price paid per share: US$4.69 Lowest price paid per share: US$4.49 Weighted average purchase price per share: US$4.5778
|
||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
26-Apr-2025 12:50
|
||||
|
x 0
x 0 Alert Admin |
Hongkong Land' s asset recycling efforts and share buyback programme should support share price appreciation: DBS
DBS Group Resarch is keeping a " buy" recommendation on Hongkong Land (HKL) with an increased target price of US$5.52 from US$5.25 previously.
" The stock, trading at a 60% discount to our appraised current NAV, remains attractive considering better growth prospects led by the new strategic initiatives," say analysts Jeff Yau, Percy Yeung and Cherie Wong. The way they see it, the group' s asset recycling efforts and share buyback programme should help support its share price appreciation.
As at 4.00pm on Apr 25, shares in HKL have surged 10.2% for the day to trade at US$4.65. Ytd, the stock is trading 5.0% higher. It has a 52-week high of US$5.00.
DBS likes the stock for its position as a premium landlord in key gateway cities across Asia. In October 2024, the company unveiled its new corporate strategy, aiming to simplify its business with a focus on investment properties (IP) in Asia' s gateway cities. The company expects to expand IP asset under management (AUM) to US$100 billion by 2035.
The group has since then announced its first major asset recycling deal. It proposed to divest the top nine office
floors and selected retail space at One Exchange Square to Hong Kong Exchange (HKEX) for HK$6.3 billion ($1.07 billion).
HKEX will use the 147,025 sq ft office premises as its permanent headquarters. Based on passing rents of HK$184 million for FY2024, exit yield is estimated at slightly below 3%, which is attractive taking into account ongoing office market headwinds, according to the analysts.
The analysts see the partial divestment of One Exchange Square as a move to not only help unlock the company' s NAV but also provide capital to buy back its shares, which are attractively valued. " This, coupled with growing dividends, should provide further upside on stock price," they add.
|
||||
| Useful To Me Not Useful To Me | |||||
|
cmengchan
Senior |
26-Apr-2025 09:34
|
||||
|
x 0
x 0 Alert Admin |
Started aggressive share buybacks and cancelation of shares. I think the share price will start going up significantly. | ||||
| Useful To Me Not Useful To Me | |||||
|
guiren
Veteran |
25-Apr-2025 13:39
|
||||
|
x 0
x 0 Alert Admin |
See good good US$ 5 coming ,,, | ||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
PiRPiR
Veteran |
10-Mar-2025 09:53
|
||||
|
x 0
x 0 Alert Admin |
09:36 PM EDT, 03/09/2025 (MT Newswires) -- HongKong Land's (SGX:H78) attributable loss to shareholders widened to $1.39 billion for the year ended Dec. 31, 2024, from $582 million a year earlier, according to a filing with the Singapore Exchange on Friday.
Loss per share widened to $0.6276 compared with $0.2629 in the comparable period. Analysts polled by Visible Alpha had estimated earnings per share of $0.23 for the period. Revenue jumped to $2.0 billion from $1.84 billion a year earlier, driven by sales of properties during the period. Analysts polled by Visible Alpha had estimated revenue of $1.85 billion for the period. The board proposed a final dividend of $0.17 for the period, up 6% from a year earlier. Shares of the company were down over 1% in Monday's morning trade. |
||||
| Useful To Me Not Useful To Me | |||||
|
MrBear12
Supreme |
09-Mar-2025 11:26
Yells: "DBS Singtel OCBC Keppel STEng CICT KIT UOB JMH CDL SGX SIA " |
||||
|
x 0
x 0 Alert Admin |
Double agreed + 2
|
||||
| Useful To Me Not Useful To Me | |||||
|
ssw518
Elite |
09-Mar-2025 11:11
|
||||
|
x 0
x 0 Alert Admin |
agreed +1
|
||||
| Useful To Me Not Useful To Me | |||||
|
behonest
Senior |
09-Mar-2025 10:32
|
||||
|
x 0
x 0 Alert Admin |
Misleading
|
||||
| Useful To Me Not Useful To Me | |||||
|
guiren
Veteran |
09-Mar-2025 10:29
|
||||
|
x 0
x 1 Alert Admin |
Looking at HSi,, looking at all properties in HK, I think it should be US$5++ soon,,,
|
||||
| Useful To Me Not Useful To Me | |||||
|
cmengchan
Senior |
09-Mar-2025 08:43
|
||||
|
x 0
x 0 Alert Admin |
Final Dividend did increase from 16c to 17c. Might not be that dire. | ||||
| Useful To Me Not Useful To Me | |||||
|
b888sg
Senior |
09-Mar-2025 00:20
|
||||
|
x 0
x 0 Alert Admin |
Hello all guru! Please advise whether price will go down below $4? Thank you very much. |
||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
08-Mar-2025 13:57
|
||||
|
x 0
x 0 Alert Admin |
Hongkong Land&rsquo s underlying profit down 44% at US$410 million for FY2024
Net loss for the period comes in at US$1.4 billion
PROPERTY developer on Friday (Mar 7) posted an underlying profit of US$410 million for the financial year ended Dec 31, 2024, down 44 per cent from US$734 million a year ago.
The group said in a bourse filing that its underlying profits had been affected by non-cash provisions from the Chinese mainland build-to-sell business.
&ldquo We expect a partial recovery in 2025 underlying profits amid uncertain market conditions, although at levels well below that of 2023,&rdquo added the group.
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.
Excluding the impact of the Chinese mainland non-cash provisions, underlying profit was US$724 million, down 12 per cent from the same period the year before.
The board is proposing a final dividend of US$0.17 a share. If approved by its shareholders, this would take the total dividend for the year to US$0.23 a share, up from US$0.22 a year ago. The final dividend will be paid out on May 14.
Revenue rose to US$2 billion in FY2024, up from US$1.8 billion the previous year.
Net loss attributable to shareholders for the period widened to US$1.4 billion, from a loss of US$582.3 million in FY2023.
The loss per share for FY2024 came in at US$0.6276, compared with a loss per share of US$0.2629 a year ago.
Underlying earnings per share for the same period was US$0.1856, lower than the US$0.3315 in the corresponding period last year.
The group said that it would simplify the business to focus on ultra-premium mixed-use commercial properties in Asia&rsquo s &ldquo gateway&rdquo cities.
&ldquo As a result, we will no longer invest in the build-to-sell segment, but will instead actively recycle capital out from this segment into new integrated commercial property opportunities,&rdquo said the group.
It expects contributions to decline over the next several years as capital is recycled.
The group&rsquo s existing prime, mixed-use projects in Hong Kong, Singapore and Shanghai will provide recurring earnings to support its future investments, it added.
The counter ended at US$4.46, down US$0.12 or 2.6 per cent, on Friday.
|
||||
| Useful To Me Not Useful To Me | |||||