[Sino Land Company Limited]

Size: px
Start display at page:

Download "[Sino Land Company Limited]"

Transcription

1 23 May, 2017 Company Visit SINO LAND COMPANY LIMITED [0083.HK; HK$13.34; NOT RATED] - STEADY THE BUFFS IN THE NEW CHALLENGING ENVIRONMENT. SOLID DEFENSIVE BUSINESS AND EYE ON KWUN TONG RESIDENTIAL DEVELOPMENT. Market Cap: US$10.8bn; Free Float: 40%; 3-months Average Daily Turnover: US$8.9m Analyst: Rachel Chui Tel: rachelchui@chinastock.com.hk With abundant net cash of HK$23bn (27% of market cap), Sino Land is well -positioned to replenish its land bank for future growth, in particular, after the recent tightening measures regarding loan to value ratios launched by the HKMA. On the back of a good track record of dividend payments, management targets maintaining a stable DPS of HK$0.51, implying a 3.8% dividend yield, slightly below its 5-year average of. As the low-end of the range is about 3.6% since 2013, we believe HK$12.30 is a better entry point, which offers 15% upside if we set 3.6% dividend yield as the target. Business strategy Management has adopted a steady and conservative approach to property development. Sino Land has been active in land bidding within the range of its gross profit margin target of 20%. As can be seen from its bidding record, Sino Land is comfortable cooperating with other developers, including PRC ones, as long as the investment concept and expected return are consistent. Successful urban residential redevelopment projects In general, 3 types of development approaches are commonly seen in the HK residential market: 1. tenders and auctions of government and MTRC lots; 2. changing the use of agricultural land; and 3. urban redevelopment. In the current circumstances, PRC developers have been aggressive in the first approach. Therefore, in order to remain competitive, local HK property developers focus on the latter two approaches. The entry barrier for urban redevelopment projects for PRC developers is relatively high, as local knowledge and practices are essential in project planning and sales to secure an attractive profit margin. Sino Land has partnered well with the Urban Renewal Authority (URA) on many urban redevelopment projects, including The Avenue in Wan Chai (attributable plot ratio area: 0.61m sq.ft), a very successful large-scale project launched in recent years, demonstrating sustainability. The upcoming Kwun Tong project to be the key growth driver An upcoming project Kwun Tong Town Center Development Areas 2 & 3 (attributable plot ratio area: 1.35m sq.ft, land cost HK$~ 5,000/sq ft) is going to be the highlight of Sino Land s future sales. The project is expected to be launched in Conservatively assuming an ASP of HK$15,000, with land cost of ~HK$5,000 and construction cost of ~HK$4,500, the unit gross profit will be HK$ 5,500 (not yet deducting profit sharing with URA). Sino Land acquired another two small-scale URA projects during FY2017: NKIL 6558 Sham Shui Po (attributable plot ratio area: 0.05m sq.ft) and the Peel Street/Graham Street Project in Central (attributable plot ratio area: 0.08m sq.ft). On top of these urban redevelopment projects, another new lot from government tender was added in FY17 TPTL 228, Pak She Kok (attributable plot ratio area: 0.41m sq.ft, land cost HK$ 3,931/sq ft) Strong defensive business Sino Land s rental business has experienced moderate growth in recent [Sino Land Company Limited] Trading value (HK$ 000) - RHS Price (HK$) years, providing strong operating cash flow to further facilitate the Company s property development business. Consequently, Sino Land is able to maintain its DPS regardless of the fluctuation of profit booked from property sales (Figure 2 and 5). As shown in Figure 4, Sino Land s rental portfolio is dominated mainly by retail (mass and local market), but also includes office, industrial, carpark and residential. As its malls are located mainly in local residential development areas, they are less dependent on tourist spending. As for office leasing, most of its offices are in non-central areas. Therefore, it is expected to see single-digit growth in rental rates this year. Apart from the rental business, income from hotels has performed steadily. In FY17, non-residential land replenishment includes AIL 462, Wong Chuk Hang (commercial, attributable plot ratio area: 0.17m sq.ft, land cost HK$ 10,313/sq ft), Kwai Chung Town Lot No. 524 (industrial, attributable plot ratio area: 0.18m sq.ft, land cost HK$ 2,543/sq ft), and The Fullerton Hotel Ocean Park Hong Kong (hotel, attributable plot ratio area: 0.26m sq.ft). Future outlook depends on land bank replenishment progress We estimate Sino Land's residential saleable resources in Hong Kong should be enough for about 3 years of development. Since the Company is not very active in accumulating agricultural land, its future outlook will depend on whether it can use its strong balance sheet (net cash of HK$23bn) to replenish land bank. Risk factors: Rate hikes, residential price drop, and policy risks. 300, , , , ,000 50,000 Key Financials FY15 FY16 FY17E FY18E Revenue (HK$ m) 21,839 10,804 14,929 13,614 Underlying net profit (HK$ m) 5,301 5,351 5,216 5,150 PER (x) PBR (x) Dividend yield 3.75% 3.82% 3.82% 3.82% Note: financial year end June Source: Bloomberg, Company Data, CGIS Research 0 1

2 Figure 1: Company financials (June year-end) Figure 2: Dividend per share and payout ratio 0.60 Dividend per share (HK$) 70% Payout ratio based on Underlying profit % 50% 40% 30% 57% 5 56% 52% 5 45% 59% 57% 58% % % 0.00 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E 0% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 2

3 1/7/2012 1/9/2012 1/11/2012 1/1/2013 1/3/2013 1/5/2013 1/7/2013 1/9/2013 1/11/2013 1/1/2014 1/3/2014 1/5/2014 1/7/2014 1/9/2014 1/11/2014 1/1/2015 1/3/2015 1/5/2015 1/7/2015 1/9/2015 1/11/2015 1/1/2016 1/3/2016 1/5/2016 1/7/2016 1/9/2016 1/11/2016 1/1/2017 1/3/2017 1/5/2017 Figure 3: Dividend yield Dividend yield since 1 July 2012 (%) Dividend yield (%) Average since 1 July 2012 (4.03%) Figure 4: Rental business portfolio HK$m 4,000 3,500 3,000 2,500 2,642 Gross rental income 3,451 3,185 2,936 3,684 3,834 HK$m 4,000 3,500 3,000 2,500 Rental business segment result 3,235 3,312 3,055 2,791 2,558 2,254 2,000 2,000 1,500 1,500 1,000 1, FY11 FY12 FY13 FY14 FY15 FY16 - FY11 FY12 FY13 FY14 FY15 FY16 Breakdown by rental revenue 7% 8% Breakdown by floor area 1 58% 3% 2 Carpark Industrial Residential Office Retail 39% 16% 2% Carpark Industrial Residential Office Retail 29% 3

4 Figure 5: Segment results breakdown 271,987,755 6% 145,601,063 3% 62,891,240 2,427,687,477 53% Segment Result 1HFY17 (HK$) 268,207,691 7% 133,601,129 32,622,576 1,790,904,011 46% Segment Result 1HFY16 (HK$) 1,704,329,298 37% 1,633,733,268 42% 525,722,447 8% 279,962,836 68,705,370 2,629,029,772 38% Segment Result FY16 (HK$) 258,278, ,323,731 6% 62,186,394 3,236,746,052 45% Segment Result FY15 (HK$) 3,311,631,337 49% 3,234,544, ,412,051 9% 230,395,986 3,054,537,524 53% 108,229,835 2% 1,854,571,445 32% Segment Result FY14 (HK$) 490,565,929 6% 221,696,639 3% 2,790,520, ,034,628 4,511,334,260 56% Segment Result FY13 (HK$) Figure 6: Projects launched and to be booked in 2017/2018 Project Name/Site Location Usage Stake (%) Attributable Plot Ratio Area (Sq ft) The Mediterranean Sai Kung Residential ,133 The Spectra Long Ping (North) Residential ,575 Commune Modern Fanling Residential ,907 Park Mediterranean Sai Kung Residential ,796 4

5 Figure 7: Projects to be launched in 2017/2018 Project Name/Site Location Usage Stake (%) Attributable Plot Ratio Area (Sq ft) NKIL 6313 Kowloon Bay Commercial ,058 Lot 1181 in DD 215 Sai Kung Residential ,592 TPTL 228 Pak Shek Kok Residential ,530 Kwun Tong Town Center Development Areas 2 & 3 Kwun Tong Residential 90 1,346,383 Figure 8: Projects acquired during FY17 Project Name/Site Location Usage Stake (%) Attributable Plot Ratio Area (Sq ft) TPTL 228 Pak Shek Kok Residential ,530 AIL 462 Wong Chuk Hang Commercial ,967 NKIL 6558 Sham Shui Po Residential/Retail JV with URA 52,571 The Fullerton Hotel Ocean Park Hong Kong Ocean Park Hotel ,017 Peel Street/Graham Street Project (Site A) Central Residential JV with URA 84,260 Kwai Chung Town Lot No. 524 Kwai Chung Industrial 100% 176,905 Figure 9: Peers comparison Ticker Company Price Market cap PE (x) PB (x) EV/EBITDA (x) Dividend yield (%) (local currency) (US$ m) 2016A 2017E 2018E 2016A 2017E2018E 2016A 2017E 2018E 2016A 2017E 16 HK Equity SHK Properties , HK Equity New World Development , HK Equity Henderson Land , HK Equity Hang Lung Properties , HK Equity Hysan Development , HK Equity Cheung Kong Property , HK Equity Swire Properties , HK Equity Great Eagle , HK Equity Sino Land , Note: Year end June for Sino Land, SHK Properties and New World Development. Year end Dec for others 5

6 Figure 10: Hong Kong residential projects presale area over the year Presale area over the year Presale since launched till Sino Land's financial year stake end Project Total GFA (Sq ft) GFA Attributable to Sino Land (Sq ft) GFA sold during FY (Sq ft) FY16 The Mediterranean 逸瓏園 5 100% 249, , ,532 Commune Modern 囍逸 98% 100% 135, , ,176 The Spectra 朗屏 8 號 * 30% 40% 523, ,575 62,873 FY16 Total 330,581 FY15 Corinthia By The Sea 帝景灣 97% 60% 417, , ,721 Dragons Range 玖瓏山 8 40% 1,031, , ,196 FY15 Total 576,918 FY14 The Graces Providence Bay 海鑽. 天賦海灣 7 50% 323, , ,958 Park Metropolitan 觀月. 樺峯 79% 100% 232, , ,932 The Avenue 囍匯 ** 92% 50% 731, , ,441 Mayfair by the Sea I 逸瓏灣 I 73% 85% 675, , ,278 Mayfair by the Sea II 逸瓏灣 II 65% 100% 675, , ,212 FY14 Total 1,493,820 * K. Wah [hk.173] was in charge of this project's development and sales. Sino Land holds 40% stake. ** Joint venture with Hopewell, assume structure. Note: Some small-scale luxury projects like Cluny Park, Botanica Bay are not included. Figure 11: Saleable resources of Hong Kong residential projects Saleable resources Sino Land's stake GFA Attributable to Sino Land (Sq ft) Lot 1181 in DD % 51,592 TPTL 228, Pak Shek Kok 100% 412,530 Kwun Tong Town Center Development Areas 2&3 *** 90% 1,346,383 NKIL 6558, Sham Shui Po *** 100% 52,571 Peel Street/Graham Street Project (Site A), Central *** 100% 84,260 Residual units from project launched and completed (approximate) 800,000 Total: 2,747,336 *** URA projects. 6

7 Disclaimer This research report is not directed at, or intended for distribution to or used by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject China Galaxy International Securities (Hong Kong) Co., Limited ( Galaxy International Securities ) and/or its group companies to any registration or licensing requirement within such jurisdiction. This report (including any information attached) is issued by Galaxy International Securities, one of the subsidiaries of the China Galaxy International Financial Holdings Limited, to the institutional clients from the information sources believed to be reliable, but no representation or warranty (expressly or implied) is made as to their accuracy, correctness and/or completeness. This report shall not be construed as an offer, invitation or solicitation to buy or sell any securities of the company(ies) referred to herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The recipient of this report should understand and comprehend the investment objectives and its related risks, and where necessary consult their own independent financial advisers prior to any investment decision. Where any part of the information, opinions or estimates contained herein reflects the personal views and opinions of the analyst who prepared this report, such views and opinions may not correspond to the published views or investment decisions of China Galaxy International Financial Holdings Limited and any of its subsidiaries ( China Galaxy International ), directors, officers, agents and employees ( the Relevant Parties ). All opinions and estimates reflect the judgment of the analyst on the date of this report and are subject to change without notice. China Galaxy International and/or the Relevant Parties hereby disclaim any of their liabilities arising from the inaccuracy, incorrectness and incompleteness of this report and its attachment/s and/or any action or omission made in reliance thereof. Accordingly, this report must be read in conjunction with this disclaimer. Disclosure of Interests China Galaxy Securities Co., Ltd. (6881.HK; CH) is the direct and/or indirect holding company of the group of companies under China Galaxy International. China Galaxy International may have financial interests in relation to the subjected company(ies) the securities in respect of which are reviewed in this report, and such interests aggregate to an amount may equal to or more than 1 % of the subjected company(ies) market capitalization. One or more directors, officers and/or employees of China Galaxy International may be a director or officer of the securities of the company(ies) mentioned in this report. China Galaxy International and the Relevant Parties may, to the extent permitted by law, from time to time participate or invest in financing transactions with the securities of the company(ies) mentioned in this report, perform services for or solicit business from such company(ies), and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. China Galaxy International may have served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the last 12 months, significant advice or investment services in relation to the investment concerned or a related investment or investment banking services to the company(ies) mentioned in this report. Furthermore, China Galaxy International may have received compensation for investment banking services from the company(ies) mentioned in this report within the preceding 12 months and may currently seeking investment banking mandate from the subject company(ies). Analyst Certification The analyst who is primarily responsible for the content of this report, in whole or in part, certifies that with respect to the securities or issuer covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject, securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by the analyst in this report. Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the securities covered in this research report within 30 calendar days prior to the date of issue of this report; (2) will deal in or trade in the securities covered in this research report three business days after the date of issue of this report; (3) serve as an officer of any of the Hong Kong-listed companies covered in this report; and (4) have any financial interests in the Hong Kong-listed companies covered in this report. Explanation on Equity Ratings BUY SELL HOLD : : share price will increase by >20% within 12 months in absolute terms share price will decrease by >20% within 12 months in absolute terms : no clear catalyst, and downgraded from BUY pending clearer signal to reinstate BUY or further downgrade to outright SELL Copyright Reserved No part of this material may be reproduced or redistributed without the prior written consent of China Galaxy International Securities (Hong Kong) Co., Limited. China Galaxy International Securities (Hong Kong) Co. Limited, CE No.AXM459 Room , 35/F, Cosco Tower, Grand Millennium Plaza, 183 Queen s Road Central, Sheung Wan, Hong Kong. General line:

Yum Cha 飲茶. May 23, 2017 TALKING POINT - POTENTIAL SHAREHOLDER CHANGE OF VALUE PARNTERS RESEARCH NOTES SNIPPETS

Yum Cha 飲茶. May 23, 2017 TALKING POINT - POTENTIAL SHAREHOLDER CHANGE OF VALUE PARNTERS RESEARCH NOTES SNIPPETS Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index

More information

Figure 1: Company structure

Figure 1: Company structure We see several positive factors in Regal s outlook. First, the revenue per available room (RevPAR) of its hotel business is expected to see 5-10% YoY recovery this year, which will likely drive much higher

More information

COMPANY / INDUSTRY NEWS

COMPANY / INDUSTRY NEWS June 27, 2016 Company background. Shun Tak Holdings, which was listed on the main board in 1973, is a conglomerate with businesses including property, transportation, hospitality and investment. Most of

More information

Haitong Securities [6837.HK]

Haitong Securities [6837.HK] July 14, 2015 Haitong Securities [6837.HK] Solid 1H Result Provides Buffer; Margin Financing Risk Manageable We believe a 36% correction of Haitong Securities (HTS) share price since early June has been

More information

Guotai Junan International [1788.HK]

Guotai Junan International [1788.HK] Guotai Junan International [788.HK] Adjustment of Margin Financing Business Largely Completed; Reiterate BUY Net profit of Guotai Junan International (GTJAI) was HK$.bn for 7, up 7% YoY. This was lower

More information

BUY CMEC [1829.HK] May 19, More new flow on overseas contract is expected to come under, upgrade to BUY. Infrastructure Sector

BUY CMEC [1829.HK] May 19, More new flow on overseas contract is expected to come under, upgrade to BUY. Infrastructure Sector CMEC [9.HK] More new flow on overseas contract is expected to come under, upgrade to BUY A total of US$21bn of major economic corporation contracts were signed (or reinforced) after the visiting activities

More information

CITIC Securities [6030.HK; CH]

CITIC Securities [6030.HK; CH] CITIC Securities [6030.HK; 600030.CH] CITIC Securities (CITICS) reported a net profit of RMB2.9bn in Q2 2018, up 10%. The major lines of business still managed to achieve single-digit revenue growth, which

More information

Hong Kong Exchange [0388.HK]

Hong Kong Exchange [0388.HK] Hong Kong Exchange [0388.HK] We believe the proposed establishment of New Board Premium and New Board Pro will be another game changer for the HKEx after the launch of the Stock Connect in November 2014.

More information

Anhui Conch [0914.HK]

Anhui Conch [0914.HK] Anhui Conch [0914.HK] Due to high base effect in 1H14 and weak cement price trend year-to-date, we forecast Anhui Conch s 1H15 recurring net profit to decline 41% year-on-year (YoY) to RMB3.45bn. As a

More information

COMPANY UPDATE. May 16, ROE (%) Dividend yield (%)

COMPANY UPDATE. May 16, ROE (%) Dividend yield (%) Summary. Man Wah s relatively weak FY2018 results were somewhat anticipated, given rising commodity prices and RMB appreciation. On the positive side, the China business performed well and will be the

More information

Guotai Junan International [1788.HK]

Guotai Junan International [1788.HK] Guotai Junan International [788.HK] Correction Overdone; Valuation Back to Crisis Level; Reiterate BUY The share price of Guotai Junan International (GTJAI) dropped nearly % within the past month, as the

More information

BUY CMEC [1829.HK] July 23, Impact from longer-than-expected suspension of Iraq power project. Infrastructure Sector

BUY CMEC [1829.HK] July 23, Impact from longer-than-expected suspension of Iraq power project. Infrastructure Sector CMEC [9.HK] Impact from longer-than-expected suspension of Iraq power project We expect H net income to decline by 7% because of Iraq power project suspension since June. After discussing with management,

More information

COMPANY / INDUSTRY NEWS Harmonicare Medical Holdings Limited [1509.HK, HK$5.00, NOT RATED] Lackluster outlook with rich valuation

COMPANY / INDUSTRY NEWS Harmonicare Medical Holdings Limited [1509.HK, HK$5.00, NOT RATED] Lackluster outlook with rich valuation We recently visited Shenzhen Harmonicare Hospital, which is part of Harmonicare Medical. The latter s existing traditional gynecology (GYN) hospitals are maturing and delivering stagnant growth. Further

More information

Shenzhen International [152.HK]

Shenzhen International [152.HK] Shenzhen International [152.HK] Eyes on Higher 2017 DPS & Airlines Segment in 2018. Reiterate BUY. We met the management of Shenzhen International (SZI) recently, and we update our forecast accordingly.

More information

Yum Cha 飲茶. July 18, 2018

Yum Cha 飲茶. July 18, 2018 Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index 28181.7 (1.3) HSCEI 10591.7 (1.1) Shanghai COMP 2798.1 (0.6) Shenzhen COMP 1600.1 (0.2) Gold 1241.5 (0.5) BDIY 1695.0 1.7 Crude Oil, WTI(US$/BBL) 68.1 0.0

More information

HOLD BUY. China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally

HOLD BUY. China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally September February 27, 1, 2015 2016 China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally Singyes s 1H16 earnings growth of 42% YoY

More information

E 2016E 2017E

E 2016E 2017E November 26, 2015 Sinosoft Technology Group [1297.HK] A beneficiary of establishing carbon trading platform. BUY The development of the sales tax refund system for overseas visitors is in line with Sinosoft

More information

Industry Note. Appealing Valuation After Correction; Upgrade CITICS/GFS to BUY. January 26, China Securities Sector

Industry Note. Appealing Valuation After Correction; Upgrade CITICS/GFS to BUY. January 26, China Securities Sector Industry Note China Securities Sector Last Price TP Compa ny Tic ke r Ra ting (HK$ ) (HK$ ) CITICS 6030 HK 14.5 19.6 BUY HTS 6837 HK 11.18 15.6 BUY GFS 1776 HK 16.42 20.2 BUY Compa ny P ER P B R ROAA ROAE

More information

China Lesso [2128.HK]

China Lesso [2128.HK] China Lesso [2128.HK] Although PVC prices have surged 21% in the past two months, we understand that China Lesso has lifted its ASP a few times since September, which should largely offset the impact of

More information

BUY. China Suntien Green Energy [0956.HK] January 25, 2016

BUY. China Suntien Green Energy [0956.HK] January 25, 2016 China Suntien Green Energy [0956.HK] Profit decline largely due to provision; Current valuation of 0.4x PBR already reflected significant impairment Suntien preannounced that its net profit in 2015 would

More information

China Galaxy Securities [6881.HK]

China Galaxy Securities [6881.HK] China Galaxy Securities [6881.HK] China Galaxy Securities (CGS) announced its proposal to seek an A-share listing yesterday, pending shareholders approval in an EGM. It should be a big positive for H-share

More information

Gaming / Lodging Sector

Gaming / Lodging Sector Gaming / Lodging Sector Fortune Favors the Prepared Into the Golden Week October 3, 16 Macau Gaming Sector Bloomberg Price change (%) Code 1/09/16 MTD QTD YTD 1928 HK (6) 10 30 27 27 HK (3) 16 27 19 1128

More information

Yum Cha 飲茶. May 29, 2018 TALKING POINT LARGE SOUTHBOUND INFLOW TO HUANENG-H AGAIN RESEARCH NOTES SNIPPETS. INDICES Closing DoD%

Yum Cha 飲茶. May 29, 2018 TALKING POINT LARGE SOUTHBOUND INFLOW TO HUANENG-H AGAIN RESEARCH NOTES SNIPPETS. INDICES Closing DoD% Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index 30792.3 0.7 HSCEI 12115.2 0.6 Shanghai COMP 3135.1 (0.2) Shenzhen COMP 1806.1 (0.2) Gold 1298.1 (0.3) BDIY 1077.0 (2.9) Crude Oil, WTI(US$/BBL) 67.9 (4.0)

More information

Yum Cha 飲茶. May 8, 2018 TALKING POINT - HSI QUARTERLY REVIEW RESEARCH NOTES SNIPPETS. INDICES Closing DoD%

Yum Cha 飲茶. May 8, 2018 TALKING POINT - HSI QUARTERLY REVIEW RESEARCH NOTES SNIPPETS. INDICES Closing DoD% Yum Cha 飲茶 May 8, 28 INDICES Closing DoD% Hang Seng Index 29994.3.2 HSCEI 966.4.6 Shanghai COMP 336.6. Shenzhen COMP 822.2.9 Gold 34. (.) BDIY 384..6 Crude Oil, WTI(US$/BBL) 7.7.4 Crude Oil, BRENT(US$/BBL)

More information

Yum Cha 飲茶. January 29, 2016 RESEARCH NOTES SNIPPETS TALKING POINT - POTENTIAL RISKS OF STOCK-PLEDGED LENDING. INDICES Closing DoD%

Yum Cha 飲茶. January 29, 2016 RESEARCH NOTES SNIPPETS TALKING POINT - POTENTIAL RISKS OF STOCK-PLEDGED LENDING. INDICES Closing DoD% Yum Cha 飲茶 INDICES Closing DoD% TALKING POINT - POTENTIAL RISKS OF STOCK-PLEDGED LENDING January 29, 2016 Hang Seng Index 19,195.8 0.8 HSCEI 8,028.6 0.9 Shanghai COMP 2,655.7 (2.9) Shenzhen COMP 1,629.1

More information

Yum Cha 飲茶. November 16, MFSL balance (RMB bn) RESEARCH NOTES TALKING POINT - A-SHARES: PICK-UP IN TRADING VELOCITY AND MFSL BALANCE

Yum Cha 飲茶. November 16, MFSL balance (RMB bn) RESEARCH NOTES TALKING POINT - A-SHARES: PICK-UP IN TRADING VELOCITY AND MFSL BALANCE Yum Cha 飲茶 TALKING POINT - A-SHARES: PICK-UP IN TRADING VELOCITY AND MFSL BALANCE INDICES Closing DoD% Hang Seng Index 22,323.9 0.5 HSCEI 9,398.1 0.6 Shanghai COMP 3,207.0 (0.1) Shenzhen COMP 2,124.4 0.5

More information

Yum Cha 飲茶. November 17, 2014 TALKING POINTS CHART OF THE DAY CHINA S SLOWING CREDIT GROWTH SPURS INTEREST IN YIELDS. INDICES Closing DoD%

Yum Cha 飲茶. November 17, 2014 TALKING POINTS CHART OF THE DAY CHINA S SLOWING CREDIT GROWTH SPURS INTEREST IN YIELDS. INDICES Closing DoD% Yum Cha 飲茶 November 17, 2014 CHART OF THE DAY CHINA S SLOWING CREDIT GROWTH SPURS INTEREST IN YIELDS INDICES Closing DoD% Hang Seng Index 24,087.4 0.3 HSCEI 10,761.5 (0.4) Shanghai COMP 2,478.8 (0.3) Shenzhen

More information

Sands China [1928.HK]

Sands China [1928.HK] December 14, 2012 Sands China [1928.HK] Visit Takeaways: Capacity Offers Room for Growth New tables to be added soon; capacity is the driver. The company will have 200 new tables by the end of Q1 2013,

More information

Sands China [1928.HK]

Sands China [1928.HK] January 30, 2014 Sands China [1928.HK] Q4 2013 - Robust Quarter Again Q4 adjusted property EBITDA up 34.3% YoY, 6.6% QoQ to US$836.0m. Mass market growth was key. 1) Sands Cotai Central (SCC) was the outperformer

More information

COMPANY / INDUSTRY NEWS

COMPANY / INDUSTRY NEWS After a site visit to Wenzhou Kangning Hospital (KNH) s Shenzhen Yining hospital (undergoing decoration and furnishing), we believe it is on track to contribute revenue in 1H2017. It is targeting >30%

More information

Strategy. September 26, REITs: Link, Hui Xian and Fortune the Better Choices, but Landlords Have More Potential From a Broader Perspective

Strategy. September 26, REITs: Link, Hui Xian and Fortune the Better Choices, but Landlords Have More Potential From a Broader Perspective Strategy September, REITs: Link, Hui Xian and Fortune the Better Choices, but Landlords Have More Potential From a Broader Perspective Ten-year government bond yields declined after the FOMC meeting on

More information

China Cement Weekly. March 30, 2015 A Common Theme in Results Briefings: More Equity Stake Acquisition Among the Players in China Cement Sector

China Cement Weekly. March 30, 2015 A Common Theme in Results Briefings: More Equity Stake Acquisition Among the Players in China Cement Sector China Cement Weekly March 30, 2015 A Common Theme in Results Briefings: More Equity Stake Acquisition Among the Players in 2015 China Cement Sector Cement prices drop 0.59% last week. Average cement price

More information

China Guangdong Nuclear Power [1816 HK]

China Guangdong Nuclear Power [1816 HK] November 27, 2014 China Guangdong Nuclear Power [1816 HK] Pure Nuclear Power Operator to Enjoy Scarcity Valuation Premium Nuclear Power China Guangdong Nuclear Power (CGN) will become the first pure nuclear

More information

Yum Cha 飲茶. February 23, 2018 RESEARCH NOTES SNIPPETS. INDICES Closing DoD%

Yum Cha 飲茶. February 23, 2018 RESEARCH NOTES SNIPPETS. INDICES Closing DoD% Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index 3965.7 (1.5) HSCEI 12528.6 (1.2) Shanghai COMP 3268.6 2.2 Shenzhen COMP 1772. 1.9 Gold 1331.3.6 BDIY 1146. 2.6 Crude Oil, WTI(US$/BBL) 62.6 (.2) Crude Oil,

More information

Geely Auto [0175.HK] BUY. March 12, Sales disappointing; waiting for turnaround in 2H14. China Auto Sector

Geely Auto [0175.HK] BUY. March 12, Sales disappointing; waiting for turnaround in 2H14. China Auto Sector March 12, 214 Geely Auto [175.HK] Sales disappointing; waiting for turnaround in 2H14 Weak sales again in February. New versions coming soon. Geely reported sales volume of 54,85 units, down 42% year-on-year

More information

Industry Note. January 22, 2018 A New Era for the Hong Kong Market; HTI and GTJAI Are Attractive Catch-up Plays. Hong Kong Securities Sector

Industry Note. January 22, 2018 A New Era for the Hong Kong Market; HTI and GTJAI Are Attractive Catch-up Plays. Hong Kong Securities Sector Industry Note Hong Kong Securities Sector Last Price TP Company Ticker Rating Wong Chi Man Head of Research (852) 3698-6317 (HK$) (HK$) HKEx 388 HK 294.80 330.2 BUY HTI 665 HK 5.56 6.94 BUY GTJAI 1788

More information

Jan 24, 2018 TIANGONG INTERNATIONAL

Jan 24, 2018 TIANGONG INTERNATIONAL COMPANY NOTE TIANGONG INTERNATIONAL [826.HK; HK$1.33; NOT RATED] - High Speed Steel Market Leader with Turnaround Potential Analyst: Patrick Leung (patrickleung@chinastock.com.hk; Tel: (852) 3698 6395

More information

A-Share Research Notes Summary

A-Share Research Notes Summary A-Share Research Notes Summary December 3, 2014 (Note: This is selected translation from the Chinese version of A-share morning notes) (1) A-shares enter the new normal : rebalancing of valuation and expectation

More information

March 21, [O-Net Technologies] Market Cap: US$634m; Free Float: 48%; 3-month Average Daily Turnover: US$2.6m Analyst: Mark Po

March 21, [O-Net Technologies] Market Cap: US$634m; Free Float: 48%; 3-month Average Daily Turnover: US$2.6m Analyst: Mark Po COMPANY NEWS O-Net Technologies [877.HK; HK$5.63; Not Rated] - Strong 217 results. New technologies, new products and new applications to drive growth Market Cap: US$634m; Free Float: 48%; 3-month Average

More information

China Cement Weekly. June 22, 2015 Meaningful Progress Emerged in Sector Consolidation; Low PBR Stocks Becoming Rare. China Cement Sector

China Cement Weekly. June 22, 2015 Meaningful Progress Emerged in Sector Consolidation; Low PBR Stocks Becoming Rare. China Cement Sector China Cement Weekly June 22, 2015 Meaningful Progress Emerged in Sector Consolidation; Low PBR Stocks Becoming Rare China Cement Sector Cement prices largely flat last week. Average cement price (nationwide)

More information

Weekly A-Share Picks. Mar 14, A-Share Market. (Note: This is selected translation from the Chinese version of our A-share research notes)

Weekly A-Share Picks. Mar 14, A-Share Market. (Note: This is selected translation from the Chinese version of our A-share research notes) Weekly A-Share Picks Mar 14, 2016 (Note: This is selected translation from the Chinese version of our A-share research notes) A-Share Market (1) Sany Heavy Industry (600031.CH): The Company plans to intensify

More information

Yum Cha 飲茶. March 28, 2017 TALKING POINT - DOUBLE HIT IN LATE MARCH RESEARCH NOTES SNIPPETS. INDICES Closing DoD%

Yum Cha 飲茶. March 28, 2017 TALKING POINT - DOUBLE HIT IN LATE MARCH RESEARCH NOTES SNIPPETS. INDICES Closing DoD% Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index 24193.7 (0.7) HSCEI 10362.0 (1.1) Shanghai COMP 3267.0 (0.1) Shenzhen COMP 2039.4 (0.4) Gold 1254.4 0.9 BDIY 1282.0 3.4 Crude Oil, WTI(US$/BBL) 47.7 (0.5)

More information

COMPANY / INDUSTRY NEWS

COMPANY / INDUSTRY NEWS Analyst: Wong Chi Man, CFA (cmwong@chinastock.com.hk; Tel: (852) 3698 6317) Mark Po, CFA (markpo@chinastock.com.hk; Tel: (852) 3698 6318) Our A-share strategist, Sun Jianbo held a conference call yesterday

More information

China Cement Weekly. September 26, Further Price Rise Expected after National Holiday; NDRC Steps In to Curb Coal Prices. China Cement Sector

China Cement Weekly. September 26, Further Price Rise Expected after National Holiday; NDRC Steps In to Curb Coal Prices. China Cement Sector China Cement Weekly September 26, 2016 Further Price Rise Expected after National Holiday; NDRC Steps In to Curb Coal Prices China Cement Sector The recovery in cement prices continued around the Mid-autumn

More information

Sands China [1928.HK] Q Market Share Gainer our TP raised by 59%

Sands China [1928.HK] Q Market Share Gainer our TP raised by 59% Sands China [1928.HK] Q3 13 - Market Share Gainer our TP raised by 59% Q3 adjusted property EBITDA up 6.7% YoY, 19.4% QoQ to US$784.3m, on: 1) continued ramp-up of Sands Cotai Central (SCC) with US$224.3m

More information

Yum Cha 飲茶. October 22, 2015 TALKING POINT - CNPGC ACTIVELY PUSHING SOE REFORM RESEARCH NOTES SNIPPETS. INDICES Closing DoD%

Yum Cha 飲茶. October 22, 2015 TALKING POINT - CNPGC ACTIVELY PUSHING SOE REFORM RESEARCH NOTES SNIPPETS. INDICES Closing DoD% Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index 22,989.2 (0.4) HSCEI 10,649.5 (0.4) Shanghai COMP 3,320.7 (3.1) Shenzhen COMP 1,889.1 (5.9) Gold 1,166.6 (0.1) BDIY 780.0 2.4 Crude Oil, WTI(US$/BBL) 45.3

More information

Link REIT 领展房地产基金 (823 HK)

Link REIT 领展房地产基金 (823 HK) Link REIT 领展房地产基金 (823 HK) Riding the momentum of retail recovery Link REIT announced its FY18 annual result yesterday. It is in line with our estimates. Total distributable income in FY18 grew 7% YoY

More information

A-Share Research Notes Summary

A-Share Research Notes Summary A-Share Research Notes Summary January 7, 2015 (Note: This is selected translation from the Chinese version of A-share morning notes) (1) Railway reform intensified ; Brilliant future for capital platform

More information

Yuexiu Property [0123.HK]

Yuexiu Property [0123.HK] Sep11 Oct11 Nov11 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12 Jul12 Aug12 September 27, 212 Yuexiu Property [123.HK] INITIATE COVERAGE: VALUE TO UNLOCK We initiate coverage of Yuexiu Property with a BUY

More information

Sector Report. August 8, Upward trend in railway FAI expected to improve market sentiment. China railway sector

Sector Report. August 8, Upward trend in railway FAI expected to improve market sentiment. China railway sector Sector Report China railway sector Ticker Rating Price TP (HK$) (HK$) +/-upside CRCC 1186 HK BUY 9.73 11.60 19.2% CRG 390 HK BUY 6.66 7.90 18.6% CRCC 1766 HK BUY 6.96 9.10 30.7% CRSC 3969 HK BUY 5.49 8.00

More information

E 2017E

E 2017E Cowell e Holdings [1415.HK] Apple s New Product Launch Offers Exit Opportunity; Reiterate SELL Apple is likely to introduce its iphone 7 series during tonight s event, which the market is treating as a

More information

A-Share Research Notes Summary

A-Share Research Notes Summary A-Share Research Notes Summary November 25, 2014 (Note: This is selected translation from the Chinese version of A-share morning notes) (1) Strategy: Interest rate cut to boost market sentiment; rebound

More information

Weekly A-Share Picks. Oct 17, A-Share Market. (Note: This is selected translation from the Chinese version of our A-share research notes)

Weekly A-Share Picks. Oct 17, A-Share Market. (Note: This is selected translation from the Chinese version of our A-share research notes) Weekly A-Share Picks Oct 17, 2016 (Note: This is selected translation from the Chinese version of our A-share research notes) (1) Consumer finance: Explosive growth imminent; banking, targeted platforms

More information

COMPANY NEWS KORADIOR HOLDINGS LIMITED [3709.HK; HK$13.00; NOT RATED] - FURTHER COOPERATION WITH FOSUN TO BE THE FOCUS

COMPANY NEWS KORADIOR HOLDINGS LIMITED [3709.HK; HK$13.00; NOT RATED] - FURTHER COOPERATION WITH FOSUN TO BE THE FOCUS COMPANY NEWS KORADIOR HOLDINGS LIMITED [3709.HK; HK$13.00; NOT RATED] - FURTHER COOPERATION WITH FOSUN TO BE THE FOCUS Market Cap: US$ 842.7m; Free Float: 32.05%; 3-month Average Daily Turnover: US$1.06m

More information

COMPANY NOTE Nexteer Automotive Group Ltd [1316.HK, HK$17.74, NOT RATED] A global leader in ADAS and autonomous vehicle technologies

COMPANY NOTE Nexteer Automotive Group Ltd [1316.HK, HK$17.74, NOT RATED] A global leader in ADAS and autonomous vehicle technologies November 22, 217 Event. We recently talked to Nexteer management about its business outlook in 2H17 and 218E. Nexteer is a global leader in advanced steering and driveline systems, advanced driver assistance

More information

CR Lands. Winner of next 5 years, BUY. March 21, 2018 Equity Research. Stock code: 1109.HK Rating: BUY Price target (HK$) 34.74

CR Lands. Winner of next 5 years, BUY. March 21, 2018 Equity Research. Stock code: 1109.HK Rating: BUY Price target (HK$) 34.74 Equity Research Winner of next 5 years, BUY 2017 result: slow growth, but high profitability Revenue slightly improved by 8.5% YoY to HKD 118.5 bn. Thanks to GPM growing by 6.5 pts to 40%, gross profit

More information

Strategy. October 10, 2018

Strategy. October 10, 2018 Strategy October 10, 2018 Following a correction of more than 20% YTD, the valuation of the large cap A-shares has dropped to about 10x rolling forward PER, largely in line with the level of the Hang Seng

More information

A-Share Research Notes Summary

A-Share Research Notes Summary A-Share Research Notes Summary January 21, 2015 (Note: This is selected translation from the Chinese version of A-share morning notes) (1) Communications: January recommendation: ChinaNet Center (300017.SZ),

More information

Weekly A-Share Picks. February 9, A-Share Market. (Note: This is selected translation from the Chinese version of our A-share research notes)

Weekly A-Share Picks. February 9, A-Share Market. (Note: This is selected translation from the Chinese version of our A-share research notes) Weekly A-Share Picks February 9, 2015 (Note: This is selected translation from the Chinese version of our A-share research notes) (1) Shenzhen Gas (601139.CH): Embracing the wind in gas industry (P.1)

More information

Galaxy Entertainment Group [0027.HK]

Galaxy Entertainment Group [0027.HK] March 27, 213 Galaxy Entertainment Group [27.HK] FY212 Results Margin Expansion Will Continue Marginal beat on net profit of HK$7,378m, up 146%. Revenue of HK$6,746m at 38% year on year (YoY) was in line

More information

A-Share Research Notes Summary

A-Share Research Notes Summary A-Share Research Notes Summary November 27, 2014 (Note: This is selected translation from the Chinese version of A-share morning notes) A-Share Market (1) Real estate: Optimistic about the effect of the

More information

Luk Fook (590 HK) Hold (downgraded) Target price: HK$ HFY18 results beat, but downgrade from Accumulate to Hold on rich valuation

Luk Fook (590 HK) Hold (downgraded) Target price: HK$ HFY18 results beat, but downgrade from Accumulate to Hold on rich valuation Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (downgraded) Target price: HK$34.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage

More information

Yum Cha 飲茶. December 12, 2014 TALKING POINTS CHART OF THE DAY MONETARY EASING, BUT PRUDENT POLICY... INDICES Closing DoD%

Yum Cha 飲茶. December 12, 2014 TALKING POINTS CHART OF THE DAY MONETARY EASING, BUT PRUDENT POLICY... INDICES Closing DoD% Yum Cha 飲茶 CHART OF THE DAY MONETARY EASING, BUT PRUDENT POLICY... December 12, 214 INDICES Closing DoD% Hang Seng Index 23,312.5 (.9) HSCEI 11,255.4 (1.) Shanghai COMP 2,925.7 (.5) Shenzhen COMP 1,465.6.9

More information

Luk Fook (590 HK) Hold (maintained) Target price: HK$ In line results, 1QFY17 remains weak. Equity Research Consumer Discretionary.

Luk Fook (590 HK) Hold (maintained) Target price: HK$ In line results, 1QFY17 remains weak. Equity Research Consumer Discretionary. Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$16.50 In line results, 1QFY17 remains weak In line results Net profit slumped 41% YoY to HK$959m in 1QFY17, in

More information

Yum Cha 飲茶. October 13, 2014

Yum Cha 飲茶. October 13, 2014 Yum Cha 飲茶 October 13, 2014 CHART OF THE DAY SLOW DATA WEEK FOR CHINA AS ECONOMY ADAPTS TO REFORM INDICES Closing DoD% Hang Seng Index 23,088.5 (1.9) HSCEI 10,301.5 (1.7) Shanghai COMP 2,374.5 (0.6) Shenzhen

More information

Infrastructure Construction Insights

Infrastructure Construction Insights Infrastructure Construction Insights July 16, 2012 Infrastructure FAI We expect stimulus to kick in during 2H12 We visited a number of major infrastructure construction companies in Beijing and Tianjin,

More information

Features, reasoning and main conclusions of the report. systematic analysis of industry policies; Industry reforms accelerating

Features, reasoning and main conclusions of the report. systematic analysis of industry policies; Industry reforms accelerating Weekly A-Share Picks Dec 5, 2016 (Note: This is selected translation from the Chinese version of our A-share research notes) (1) Pharmaceuticals industry investment strategy for 2017: Accelerated pace

More information

KWG. Seeking balance between scale and profitability. March 27, 2018 Equity Research. Stock code: 1813.HK Rating: HOLD Price target (HK$) 12.

KWG. Seeking balance between scale and profitability. March 27, 2018 Equity Research. Stock code: 1813.HK Rating: HOLD Price target (HK$) 12. Equity Research Seeking balance between scale and profitability Downgrade to HOLD and revise down TP to HK$12.50: 2017 result missed our estimation; core net profit dropped by 19% YoY, expansion execution

More information

Yum Cha 飲茶. June 27, 2016 TALKING POINT - STOCKS WITH HIGHER EARNINGS VISIBILITY RESEARCH NOTES

Yum Cha 飲茶. June 27, 2016 TALKING POINT - STOCKS WITH HIGHER EARNINGS VISIBILITY RESEARCH NOTES Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index 20,259.1 (2.9) HSCEI 8,530.1 (2.9) Shanghai COMP 2,854.3 (1.3) Shenzhen COMP 1,900.6 (0.8) Gold 1,333.5 4.7 BDIY 609.0 2.2 Crude Oil, WTI(US$/BBL) 47.2 (1.0)

More information

Li Ning Company [2331.HK]

Li Ning Company [2331.HK] Li Ning Company [2331.HK] The 1H18 results of Li Ning Company (LNC) met market expectations, as net profit jumped 42% YoY to RMB269m. To promote healthy sales and GPM improvement, LNC introduced various

More information

SINO LAND COMPANY LIMITED

SINO LAND COMPANY LIMITED SINO LAND COMPANY LIMITED CHAIRMAN S STATEMENT INTERIM RESULTS AND DIVIDEND The Group s half year unaudited consolidated turnover was HK$849,924,796. The unaudited consolidated net profit attributable

More information

Luk Fook (590 HK) Hold Target price: HK$ Downgrade to Hold on more challenging HK & Macau market outlook. Equity Research Consumer Discretionary

Luk Fook (590 HK) Hold Target price: HK$ Downgrade to Hold on more challenging HK & Macau market outlook. Equity Research Consumer Discretionary Equity Research Consumer Discretionary Luk Fook (590 HK) Hold Target price: HK$24.60 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited

More information

Financial Information

Financial Information Company Research Report Company Research Report Date Industry 2011/12/12 Property Closing Price HK$1.35 Share Information Target Price HK$3.00 Outstanding Shares (bn) 3.67 Market Cap (HK$bn) 4.95 6-mth

More information

PROPERTY INSIGHTS. Market Overview. Finance sector active once again in Central. Citigold. Hong Kong Quarter 1, 2014

PROPERTY INSIGHTS. Market Overview. Finance sector active once again in Central. Citigold. Hong Kong Quarter 1, 2014 PROPERTY INSIGHTS Hong Kong Quarter 1, 2014 Citigold Finance sector active once again in Central Market Overview The finance sector was very active in Central and continued to be the most active demand

More information

Yum Cha 飲茶. August 4, TALKING POINT - TIME TO REVISIT SHANGHAI SOEs? RESEARCH NOTES

Yum Cha 飲茶. August 4, TALKING POINT - TIME TO REVISIT SHANGHAI SOEs? RESEARCH NOTES Yum Cha 飲茶 INDICES Closing DoD% Hang Seng Index 21,739.1 (1.8) HSCEI 8,978.3 (1.7) Shanghai COMP 2,978.5.2 Shenzhen COMP 1,934.8.4 Gold 1,358. (.4) BDIY 641. (.6) Crude Oil, WTI(US$/BBL) 41.1 3.3 Crude

More information

Luk Fook (590 HK) Strong 1Q gem-set SSS in China. Core profit (HK$ m) Net profit (HK$ m) Turnover (HK$ m)

Luk Fook (590 HK) Strong 1Q gem-set SSS in China. Core profit (HK$ m) Net profit (HK$ m) Turnover (HK$ m) Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$23.10 Strong 1Q gem-set SSS in China China gem-set SSS outperformed CTF SSS in China improved from -5% in 1QFY15

More information

A-Share Research Notes Summary

A-Share Research Notes Summary A-Share Research Notes Summary January 13, 2015 (Note: This is selected translation from the Chinese version of A-share morning notes) A-Share Market (1) Automobile: Merits in state-owned enterprise (SOE)

More information

Hsin Chong Construction Group (404.HK) A New Chapter of HC

Hsin Chong Construction Group (404.HK) A New Chapter of HC Company Research Report Company Research Report Date Industry 2013/10/07 Construction Hsin Chong Construction Group (404.HK) A New Chapter of HC Buy Closing Price Target Price $1.11 $1.99 Share Information

More information

MTR CORPORATION LIMITED ( 香港鐵路有限公司 )

MTR CORPORATION LIMITED ( 香港鐵路有限公司 ) 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Carmen Wong 14 th August 2015 MTR CORPORATION LIMITED ( 香港鐵路有限公司 ) Sector

More information

Yuexiu REIT (405 HK)

Yuexiu REIT (405 HK) Equity Research Property Yuexiu REIT (405 HK) Buy (initiation) Target price: HK$5.90 Premium investment property portfolio, attractive dividend yield; initiate at Buy First HK-listed China property REIT,

More information

A-Share Research Notes Summary

A-Share Research Notes Summary A-Share Research Notes Summary January 26, 2015 (Note: This is selected translation from the Chinese version of A-share morning notes) (1) Strategy: Weekly report (P.1) A-Share Market (2) Real estate:

More information

PROPERTY INSIGHTS. Market Overview. Decentralised office leasing gains pace. Hong Kong Quarter 1, DTZ ofice rental index ( F)

PROPERTY INSIGHTS. Market Overview. Decentralised office leasing gains pace. Hong Kong Quarter 1, DTZ ofice rental index ( F) PROPERTY INSIGHTS Hong Kong Quarter 1, 213 Market Overview Decentralised office leasing gains pace In Q1 213, overall office net absorption increased quite substantially and reached 417,688 sq ft, thanks

More information

COMPANY / INDUSTRY NEWS

COMPANY / INDUSTRY NEWS STRATEGY A-SHARE MARKET OUTLOOK 2016 Our A-share strategy team held the investor conference for 2016 market outlook last week and we summarized some key points about macro and strategy below: MACRO OUTLOOK:

More information

IGG (8002 HK) Upbeat with Q2 profitability. Results express Share price: HK$5.47. Equity Research Tech, Media & Telecom

IGG (8002 HK) Upbeat with Q2 profitability. Results express Share price: HK$5.47. Equity Research Tech, Media & Telecom Equity Research Tech, Media & Telecom 11 Aug 2014 IGG (8002 HK) Upbeat with Q2 profitability Net profit reached US$19.3m in Q2; mobile game income 83%: IGG announced interim results Sunday evening. For

More information

EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:

EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile: 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 6 th March 2007. WING LUNG BANK LIMITED ( 永隆銀行 ) Sector : Banking

More information

MTR CORPORATION LIMITED ( 香港鐵路有限公司 )

MTR CORPORATION LIMITED ( 香港鐵路有限公司 ) 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Carmen Wong 12 th March 2013 MTR CORPORATION LIMITED ( 香港鐵路有限公司 ) Sector

More information

EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:

EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile: 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 28 th August 2009. BOC HONG KONG (HOLDINGS) LIMITED ( 中銀香港 )

More information

Chow Sang Sang (116 HK)

Chow Sang Sang (116 HK) Equity Research Consumer Discretionary Chow Sang Sang (116 HK) Hold (maintained) Target price: HK$14.00 1H16 China sales outperformed peers; still cautious on HK market Maintain Hold We revise down our

More information

Chow Tai Fook (1929 HK)

Chow Tai Fook (1929 HK) Equity Research Consumer Discretionary Hold (maintained) Target price: HK$8.50 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited 29-30/F,

More information

Anta Sports (2020 HK)

Anta Sports (2020 HK) Equity Research Consumer Discretionary Anta Sports (2020 HK) Hold (downgraded) Target price: HK$22.80 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong)

More information

TCL Communication (2618 HK) Painful transition period. Buy (Maintain) Target Price HK$2.33 Up/downside +28.5% Current price HK$1.

TCL Communication (2618 HK) Painful transition period. Buy (Maintain) Target Price HK$2.33 Up/downside +28.5% Current price HK$1. Securities Analysis (Equity) TCL Communication (218 HK) Painful transition period 1H12 profit warning. TCL Com announced profit warning on 15 Jul and expected to record a significant drop in 2Q12 net profit

More information

Yuexiu Property (123 HK)

Yuexiu Property (123 HK) Equity Research Property Yuexiu Property (123 HK) Buy (initiation) Target price: HK$1.70 Earnings to resume growth in 2017; initiate at Buy Major Guangzhou developer focused on residential property Previously

More information

PROPERTY INSIGHTS. Market Overview. Central s rental drop slows. Hong Kong Quarter 2, 2012

PROPERTY INSIGHTS. Market Overview. Central s rental drop slows. Hong Kong Quarter 2, 2012 PROPERTY INSIGHTS Hong Kong Quarter 2, 212 Market Overview Central s rental drop slows While office rents in Sheung Wan/Central/ Admiralty dropped 3.3% quarter-on-quarter (q-o-q) to reach HK$17 (US$13.7)

More information

China Property Monthly

China Property Monthly Research Sector Report China Property Monthly Hong Kong China GFA sold declined by 6.9% yoy as of April GFA sold declined by 6.9% yoy as of April. According to China NBS, as of April 2014, real estate

More information

THE WHARF (HOLDINGS) LIMITED ( 九龍倉 )

THE WHARF (HOLDINGS) LIMITED ( 九龍倉 ) 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Research: 3608 8096 Facsimile: 3608 6113 HONG KONG RESEARCH Analyst: Carmen Wong 17 th March 2015 THE WHARF (HOLDINGS) LIMITED ( 九龍倉 ) Sector

More information

Chinasoft International (0354 HK)

Chinasoft International (0354 HK) Equity Research Tech, Media & Telecom 11 Jun 2014 Chinasoft International (0354 HK) SaaS initiative in cloud business Advancing in SaaS cloud with government and corporates demand: Following exclusive

More information

Yum Cha 飲茶. November 14, 2012 TALKING POINTS CHART OF THE DAY NON-BANKS DRIVING CREDIT GROWTH. INDICES Closing DoD% Hang Seng Index 21,188.7 (1.

Yum Cha 飲茶. November 14, 2012 TALKING POINTS CHART OF THE DAY NON-BANKS DRIVING CREDIT GROWTH. INDICES Closing DoD% Hang Seng Index 21,188.7 (1. Yum Cha 飲茶 November 14, 2012 CHART OF THE DAY NON-BANKS DRIVING CREDIT GROWTH INDICES Closing DoD% Hang Seng Index 21,188.7 (1.1) HSCEI 10,230.1 (2.0) Shanghai Composite 2,047.9 (1.5) Shenzhen Composite

More information

CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.20. Weak 1H17 results, but management s optimistic view on EMU orders eases market concern

CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.20. Weak 1H17 results, but management s optimistic view on EMU orders eases market concern Equity Research Rail Equipment CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.2 Dominic Chan, CFA, FRM SFC CE No. APP69 dominicchan@gfgroup.com.hk +852 3719 1218 GF Securities (Hong Kong) Brokerage

More information

Chow Tai Fook (1929 HK)

Chow Tai Fook (1929 HK) Equity Research Consumer Discretionary Chow Tai Fook (1929 HK) Accumulate Target price: HK$11.60 3QFY15 sales disappoint SSS plunge 21% YoY in HK and Macau The sluggish sales was attributable to protest

More information

A-Share Research Notes Summary

A-Share Research Notes Summary A-Share Research Notes Summary December 16, 2014 (Note: This is selected translation from the Chinese version of A-share morning notes) A-Share Market (1) Computer: Pick stocks relating to (i) general

More information