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HongkongLand USD
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Hongkong Land USD
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Asdfgh101
Member |
14-Oct-2024 14:52
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Last week the GLP ceo came on board as non indie director and bought 5.8 million shares, curremt CEO was from Maple tree...hmm something seems to be brewing as logistics expert now overseeing a office/luxury property group...DYODD...may have changes soon | ||||
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Alignment
Master |
30-Sep-2024 17:13
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I don' t know about as low as $1 but the HK assets are a bit faded. So many newer properties now with vacancies. The crown jewels are going to need quite a bit of refurb to maintain competitiveness. | ||||
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7ocean
Veteran |
13-Sep-2024 18:09
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USD1
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Boatman
Master |
13-Sep-2024 15:08
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plunge plunge! | ||||
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Boatman
Master |
13-Sep-2024 15:05
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come liao dumping again! | ||||
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Boatman
Master |
13-Sep-2024 15:03
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careful.. pump and dump for a few session already! | ||||
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Alignment
Master |
05-Aug-2024 08:07
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That plot has a lot of historical significance for Jardine. It is the site of the original Jardine godown when Jardine first came to HK in the 19th century (opposite the noon day gun which still fires today). Due to its history the plot is also one of the very few in HK with a 999 year lease. There is therefore a strong sentimental reason (on top of any commercial rationale) why Jardine may want to keep One Causeway Bay " in the family" by selling it to HKL and may have been partially the reason why negotiations a few years back with SHK to merge the site with SHK' s property next door fell through.
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slingshotpro
Senior |
04-Aug-2024 09:11
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Thank you for highlighting this to me
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Alignment
Master |
04-Aug-2024 08:41
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One Causeway Bay is the Excelsior Hotel Redevelopment Project. The site used to be the Excelsior Hotel, but it has been knocked down and a new commercial property with significantly greater floor area is being constructed.
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slingshotpro
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04-Aug-2024 07:45
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Interesting comment I found in the half year announcement
For hongkong land Development Properties On the Chinese mainland, residential sales continued to be impacted by low consumer confidence, although sales performances varied between different cities, with demand for well-located projects remaining healthy. In the first half of the year, the Group fully sold all residential units at its flagship West Bund development. -> Profits from these sales will be recognised upon handover to buyers in the second half of 2024. More generally, sales completions were limited in the period, with a greater number of profitable, fully sold projects to be handed over to buyers later in the year. <- The Group's attributable interest in contracted sales was US$838 million, compared to US$745 million and US$785 million in the first and second halves of 2023, respectively. At 30th June 2024, the Group had US$2,215 million in sold but unrecognised contracted sales, compared with US$2,031 million at the end of 2023. |
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slingshotpro
Senior |
04-Aug-2024 07:41
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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.
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Alignment
Master |
03-Aug-2024 23:45
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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.
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slingshotpro
Senior |
03-Aug-2024 09:07
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One causeway bay belongs to MANDARIN ORIENTAL, and hkland is the leasing manager
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Alignment
Master |
02-Aug-2024 20:48
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I wonder if HKL will be the buyer for 1 Causeway Bay, or whether it will be a third party? | ||||
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MrBear12
Supreme |
02-Aug-2024 08:16
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A sigh of relief! At least Jardine has other businesses to prop up its empire
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Joelton
Supreme |
02-Aug-2024 08:08
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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.
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Joelton
Supreme |
27-May-2024 12:50
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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.
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MrBear12
Supreme |
24-May-2024 09:28
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Just do an order at $3, valid for 6 months. I think will get.
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Rover88
Member |
24-May-2024 09:26
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This counter dropped to $2.82 on 17 Apr 2024. A sure buy when it revisit this low again ) |
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MrBear12
Supreme |
24-May-2024 09:10
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I guess around closer to USD 3 is a good entry price. Consistent in its dividends. |
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