IP Demerger in Progress. The Wharf (Holdings) Limited 2017 Interim Results 9 Aug 2017
|
|
- Fay Riley
- 5 years ago
- Views:
Transcription
1 IP Demerger in Progress The Wharf (Holdings) Limited 2017 Interim Results 9 ug
2 1. Interim Results 2. Strategic Review 2
3 Backdrop Overview Underlying Profit Increased by 22% to $7,271M Stable IP Performance (66% of Underlying Profit) DP Core Profit More than Doubled (32% of Underlying Profit) CME Exit to Complete in Oct 2017 DPS Increased by 10% to $0.64 3
4 Quality IP Demonstrated Resilience Overview IP Core Profit (HKD billion) $4.8B (+3%) H13 1H14 1H15 1H16 1H17 Total Core Profit IP Core Profit +3% to $4.8B 66% of Group Core Profit HK Properties 72% $7.3 billion (+22%) 26% 2% China Properties Others DP Core Profit +161% to $2.3B 4
5 Differentiating IP Driving Growth Overview Total IP Revenue (HKD billion) $7.9B (+4%) HK China Productive Retail Portfolio 0.8 Stable Office Sector Positive Rental Reversion 1H13 1H14 1H15 1H16 1H17 5
6 Financial Highlights Overview HKD Million 1H17 1H16 % Chg Group Revenue 17,063 20,021-15% Operating Profit 8,553 8,075 +6% Core Profit** 7,271 5, % Core profit +25% Profit Before IP Revaluation Surplus 7,270 6, % Net IP Revaluation Surplus 1, % IP Revaluation Surplus: $906M Core Profit +22% to $7.3B Profit fter IP Revaluation Surplus 8,441 6, % Fair Value of IP: $303B (2015: $293B) Earnings Per Share (HK$) - ttributable to Shareholders % - Core** % Dividend Per Share (HK$) $0.64 $ % **Exclude IP Revaluation Surplus and Exceptional Items 6
7 genda Hong Kong Properties B China Properties C Other Businesses D Financial Management E Next 7
8 genda Hong Kong Properties B China Properties C Other Businesses D Financial Management E Next 8
9 Improving Retail Market B C D E HK Retail Sales (HKD billion) Title HK IP 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 YoY -12.5% -8.2% -7.5% -3.7% -1.3% +0.2% 1H 2H Sales & Tourist rrivals On the Mend H17 Total Tourist rrivals +2.4% (-0.6%) (Mainlander +2.3%)
10 Retail Sales Revival On Track B C D E HK IP HC Retail Sales (HKD billion) Title TS Retail Sales (HKD billion) 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 YOY -18.9% -9.6% -6.4% -3.8% +1.4% +4.4% 1H 2H 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 YoY -20.0% -10.3% -6.3% -7.0% -4.8% -3.7% 1H 2H % -4.3%
11 Outlook Stabilizing but Mixed B C D E HK IP Global Economic & Political Uncertainties Foreign Currency Movements & Monetary Policy Divergence Europe Terrorist ttacks Divert Global Tourism Trend 11
12 Best-positioned to Build IP Performance B C D E HK IP Retail Revenue by Segment 69% $4.7 billion (+3%) 2% 6% Others PH Stabilizing Retail Sales Strengthens Rental Outlook HC 23% TS Continuous EIs & Tenant Mix Refinement HC $3,258M +5% Positive Rental Reversion TS $1,065M -2% PH $287M +6% 12
13 HC EIs Driving Value Creation B C D E HK IP HC Retail Revenue (HKD billion) $3.3B (+5%) 1H 2H Sales Productivity Underpins Positive Rental Growth 2.5 Constant Re-tenanting Further Enhances Retail Experience ttracting New Differentiating Retailers
14 TS Redefining Retail Experience B C D E HK IP TS Retail Revenue (HKD billion) $1.1B (-2%) 1H 2H Passing Rent p.s.f +1%, Revenue Drop Due to 4% Lettable rea Reduction* Tenant Refinement Brings Excitement & 0.8 Freshness Opening of LEGO Certified Store & Facesss Captivate Crowds * For Shop malgamation Housing 2 nchors (LEGO & Facesss) and Ongoing Tenant Mix Reshuffling 14
15 TS New Excitements B C D E HK IP LEGO Certified Store 9/F Lettable rea: 3,385 s.f Opened on 8 Jul 2017 Facesss 4/F Lettable rea: 6,459 s.f Opened on 21 Jul
16 HC & TS ttracting the Most spiring Brands B C D E HK IP HC (Selected Brands) TS (Selected Brands) Expansion HK/ Kowloon Debut Other Commitments 16
17 Creative Promotion & Cultural Enrichment Initiatives B C D HK IP E HC TS 17
18 Office - Stable B C D E HK IP HK Office Revenue (HKD billion) $1.7B (+4%) 1H 2H High Occupancy (96%-98%) Positive Rental Reversion
19 50%-Owned Mount Nicholson B C D E HK DP Symbol of Luxury & Scarcity 1H 2017: 2 Houses & 6 partments House 7 Sold for >$3.1B (Gross basis) ccumulated Sales: House 1 9 Houses & 22 partments House 1 & 7 Ranked among Top 3 of 2017 Top Luxury Residential Sales * * Global Luxury Real Estate Market Report: Luxury Defined 2017, Christie s International Real Estate $13.7B (Gross basis) 1 House Sold in FY16 Recognized in 1H17 1 House Sold in Jul 2017 for $645M 19
20 genda Hong Kong Properties B China Properties C Other Businesses D Financial Management E Next 20
21 China IP Long-term Value Creation B C D E China IP China IP Revenue (HKD billion) $1.2B (+4%) 1H 2H Solid Sales & Rental Performance 1.2 New Leading IPs Poised for Growth 0.8 Solid Foundation to Build Future Success
22 Mixed-use CDIFS City Within City B C D E China IP ward-winning Trendsetting Landmark in China West 8-Level Retail/ Lifestyle Podium Premium Offices Luxurious IFS Residences Niccolo Chengdu mong the Top in Retail Sales & Footfall in Western China ttracted a Large Concentration of Movers & Shakers mong the Most Exclusive Serviced Residences in CD Retail Sales RMB2.4B (+30%) Foot Traffic +22% Preferred Residence with Superb Service City s Market Leader in Room Yield in <2 Years Figures are for 1H17 22
23 CDIFS Mall Stands Out from the Crowd B C D E China IP 1H17 CDIFS Mall Net Revenue (Net of Tax) RMB367M (+18%) Foot Traffic Growth +22% Turnover Rent Portion 24% Promising Performance Continued Occupancy Cost* 14% * Occupancy Cost = Retail Rent/Retail Sales Unmatched Sales Productivity Double-digit Rental Reversion CDIFS Retail Sales Growth 1H17 RMB2.4B +30% 2017 Expect Double-digit Growth 23
24 CDIFS Office Selective Tenant Profile B C D E China IP Top-notch Workplace 46% Committed Over 125,000 s.m Leased in 3.5 Years Encouraging Rental Rates chieved among the Highest in CD 24
25 DP Sales On Track B C D E China DP Contracted Sales (RMB billion) RMB11.9B (-27%) 1H 2H Sales chieved: 15.1 GF Sold 0.5M s.m (-40%) SP RMB22,500 p.s.m (+21%) Restrictive Policies Depict a Challenging Outlook 2017 Sellable Resources 1.6M s.m Projects in 14 Cities on Sale in 1H17 1H17 ccumulated Sell-through Rate 95% 2017 Sales Target: RMB24B 25
26 Improving Profitability B C D E China DP 1H17 Operating Matrix* Revenue $9,095M -30% Operating Profit $2,355M +1% Operating Margin 25.9% +8.1 ppts Completed GF 409,000 s.m -63% Recognized GF 564,000 s.m -35% Lower Completion & Recognition Enhancing Operating Margin Net Order Book RMB30B or 1.1M s.m FY Target Completion 1M s.m * Incl. JVs & ssociates on an ttributable Basis 26
27 Disciplined Landbanking B C D E China DP Remains Selective and Opportunistic Date City ttributable GF (s.m) ttributable Consideration (RMB) Ownership Focus on Tier 1 Cities & Top Tier 2 Cities Feb17 Hangzhou 32, B 23% Total 32, B DP Land Bank 3.4M s.m (verage Cost: RMB5,600 p.s.m) 27
28 genda Hong Kong Properties B China Properties C Other Businesses D Financial Management E Next 28
29 B D MTL C E Other Businesses Throughput (million TEUs) HK % DCB % TC % Total % Market Throughput South China +7% Revenue $1,361M (+10%) Operating Profit $349M (+20%) Sold Remaining 50% Stake in Taicang in Jun 2017; The Remaining Disposal Gain Booked in 1H17 Kwai Tsing +11% 29
30 B D Wharf Hotels C E Other Businesses Revenue $774M (+5%); Operating Profit $155M (+49%) Improving Operating Environment Niccolo Chengdu at CDIFS was Named One of China s Best Business Hotels by Condé Nast Traveler in Jun 2017 Niccolo Chongqing, a 252-Room Hotel at CQIFS to Open in 3Q17 The Murray, Hong Kong, a Niccolo Hotel to Open in 4Q17 30
31 genda Hong Kong Properties B China Properties C Other Businesses D Financial Management E Next 31
32 Prudent Financial Management B C D E Financial Management Net Debt to Total Equity 18.8% 19.2% 20.6% 21.7% 20.4% 18.9% 15.8% 14.9% Net Gearing Ratio Remained Low at 7.3% 6.4% H17 6.4% Group Net Debt $21.4B Net Debt / (Cash) (HKD B) Wharf (Excl. Subs.) MTL HCDL i-cble Group Total Net Debt to Total Equity 30 Jun (0.4) % Floating Rate Debt: 66% of Total 30 Jun (1.5) % 32
33 Prudent Financial Management B C D E Financial Management verage Interest Cost Debt Maturity (HKD billion) 1H17 Increase on Debt Mix Change % 3.2% 3.2% 3.3% % H17 Jul17-Jun18 Jul18-Jun19 Jul19-Jun20 Jul20-Jun21 Jul21-Jun22 Jul22 & fter 33
34 Overview of pplication of Funds B C D E Financial Management Major Capital and Development Expenditure (HKD billion) Major Capital and Development Expenditure 1H17 FY17 HKD (ctual) (Projected) China DP $5.7B $13.4B China IP $2.1B $5.4B HKIP $0.6B $1.9B Others $1.0B $2.8B Total $9.4B $23.5B * China DP $13.4B Self-financed by Sales; China IP Mainly IFSs Under Construction 34
35 genda Hong Kong Properties B China Properties C Other Businesses D Financial Management E Next 35
36 Coming ttractions B C D E Next Mount Nicholson 3Q17 OTE 4Q17 The Murray 4Q17 CQIFS 3Q17 CSIFS
37 Coming ttractions B C D E Next Mount Nicholson 3Q17 OTE 4Q17 The Murray 4Q17 CQIFS 3Q17 CSIFS
38 50%-Owned Mount Nicholson B C D E Next 3 rd Phase (Tower C&D) Expected End-3Q17 38
39 Coming ttractions B C D E Next Mount Nicholson 3Q17 OTE 4Q17 The Murray 4Q17 CQIFS 3Q17 CSIFS
40 Iconic Ocean Terminal Extension ( OTE ) B C D E Next GF ~100,000 s.f No. of Floors 5 No. of Tenants Expected Opening Date 11 F&Bs 2 Retails 4Q Degree Panorama of Victoria Harbour 40
41 Coming ttractions B C D E Next Mount Nicholson 3Q17 OTE 4Q17 The Murray 4Q17 CQIFS 3Q17 CSIFS
42 The Murray The Remaking of an Icon B C D E Next ccommodation 298 Rooms & 38 Suites (25 Floors) Murray on The Rooftop (Bar & Restaurant) Restaurants & Bars The Tai Pan (Modern European) Murray Lane (Lobby Bar) The Garden Lounge Guo Fu Lou ( 國福樓 )* Meeting & Event Spaces Leisure Facilities >20,000 s.f Spa, Gymnasium & Swimming Pool Contemporary Urban Chic Part of Government s Conserving Central Initiative * The Wan Chai Branch One-starred Rating by Michelin Guide Since
43 Coming ttractions B C D E Next Mount Nicholson 3Q17 OTE 4Q17 The Murray 4Q17 CQIFS 3Q17 CSIFS
44 CQIFS & CSIFS Mixed-use Developments B C D E Next 50%-Owned CQIFS CSIFS Retail 1.2M s.f 30% 10% Hotel 0.4M s.f Retail 2.7M s.f 35% 12% Hotel 1.0M s.f Total 4.1M s.f (100% Level) Total 7.9M s.f 60% Office* 2.5M s.f 53% Office 4.2M s.f Total Development rea, Excl. Carpark (Total 2,211 Carparks) * Net of Recognized Sales Total Development rea, Excl. Carpark (Total Over 2,700 Carparks) 44
45 CQ & CSIFS Mall Encouraging Pre-leasing Status B C D E Next Mall CQIFS CSIFS GF (s.f) 1.2M* 2.7M To Mirror the Success of Harbour City (HK) & CDIFS Scheduled for Opening Sep Q18 Proven Management & Execution Capabilities % of rea Leased/ Under Offer >90% >90% Promising Pre-leasing Underlines * CQIFS is 50%-owned, 1.2M s.f is Total Retail rea Retailers Trust 45
46 CQIFS Mall New Lifestyle Destination B C D E Diversified Tenant Mix (Selected Brands) CQ Debut Renowned Brands Next To Offer an Exceptional One-Stop Lifestyle Experience Over 150 Brands Incl. 80 Int l Brands & 20 CQ Debuts Sportswear & nchor Entertainment/ Lifestyle Mid to High-end 21% Entertainment & Lifestyle 9% 24% 1.2M s.f (100% Level) 25% Food & Beverage F&B 22% Top-end Luxury ffordable Luxury 46
47 CSR CORPORTE SOCIL RESPONSIBILITY 47
48 Key CSR chievements CSR Published CSR Report 2016 in ccordance with GRI G4 Sustainability Reporting Guidelines, and in lignment with HKEx Environmental, Social and Governance Reporting Guide Hong Kong Quality ssurance gency s CSR Index Plus Hang Seng Corporate Sustainability Index Constituent Stock 5 Years Plus Caring Company Logo rchitectural Design Internship has Supported Over 20 Students Since
49 2016 CSR Performance Highlights CSR Total ssets HK$443.8 billion Hang Seng Corporate Sustainability Index Series Member Reduced >17% GHG Emissions Since 2014* 6,600+ Talent* 102,000+ Training Hours* Supporting 43,000 Students* 1,100+ Volunteers* Donations of HK$36 million The Wharf s CSR Report 2016 is prepared in accordance with the GRI G4 Sustainability Reporting Guidelines. *Reporting scope covers selected HK operations only. 49
50 1. Interim Results 2. Strategic Review 50
51 CME i-cble ll Major Regulatory Hurdles Cleared Open Offer (Expected Completion: 14 Sep 2017) Loan Capitalization (Expected Completion: Sep/ Oct 2017) Distribution in Specie of ll i-cble Shares to Wharf Shareholders (2 Stages) Scheduled for Completion in Sep/ Oct 2017 These will Complete CME Exit Note: New Investor: Forever Top (sia) Limited 51
52 IP Demerger (Dividend Neutral) Wharf REIC (Incl. 72% HCDL) GF 11M+s.f; Value $230B+ nnual Turnover $13B+ Unique Commercial HKIPs: Harbour City Times Square Plaza Hollywood Wharf China IP China DP Other HK Properties Logistics (MTL, HCTL) Hotel Management Crawford House Wheelock House The Murray (Under Conversion) PN15 PPROVED; 1 UNDER PREPRTION 52
53 IP Demerger in Progress Thank You 53
54 End of Presentation The Wharf (Holdings) Limited [HKEx Stock Code: 0004.HK] Disclaimer 1) ll information and data are provided for information purposes only. ll opinions included herein constitute Wharf s judgment as of the date hereof and are subject to change without notice. The Group, its subsidiaries and affiliates hereby disclaim (i) all express, implied, and statutory warranties of any kind to user and/or any third party including warranties as to accuracy, timeliness, completeness, or fitness for any particular purpose; and (ii) any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information and data contained herein. 2) The full-year statutory financial information of preceding financial years quoted in this presentation are derived from statutory annual financial statements for that relevant financial years, each of which had been delivered to Registrar of Companies in accordance with the prevailing Companies Ordinance and were reported on by the auditors with relevant auditors reports without qualification or modification. 54
DP Contributed 62% of Core Profit
DP Contributed 62% of Core Profit The Wharf (Holdings) Limited 2018 Interim Results 9 August 2018 Stock Code: 0004 Financial Highlights Unadjusted Comparison HKD Million 1H18 1H17 # 1H18 Group 1H17 (Ex.
More informationWharf Real Estate Investment Company Limited (Stock Code: 1997.HK) Listed on 23 Nov Fixed Income Investor Update (Jan 2018)
Wharf Real Estate Investment Company Limited (Stock Code: 1997.HK) Listed on 23 Nov 2017 Fixed Income Investor Update (Jan 2018) 1 Wharf has Demerged into Two Listed Sister Companies 0020.HK 0020.HK 62%
More information60 The Wharf (Holdings) Limited Annual Report 2017 The Wharf (Holdings) Limited Annual Report
(I) Review of 2017 results core profit rose by 14% to HK$15,718 million (2016: HK$13,754 million) despite the spinoff in November 2017 of Wharf Real Estate Investment Company Limited ( Wharf REIC ). Should
More informationWheelock and Company (before consolidation of listed subsidiaries WHL, Wharf REIC and WPSL)
FINANCIAL REVIEW (I) REVIEW OF 2017 RESULTS Wheelock and Company (before consolidation of listed subsidiaries WHL, Wharf REIC and WPSL) Wheelock and Company s own core profit decreased by 64% to HK$1,109
More information2006 Interim Results. 23 August 2006 HONG KONG
2006 Interim Results 23 August 2006 HONG KONG 1 Results Highlights Turnover HK$6,449M, up 4 Operating profit HK$3,018M, up 4 Before property revaluation, net profit HK$1,900M, down 1 Profit attributable
More informationInterim Results Announcement for the six months ended 30 June 2017
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationFINANCIAL REVIEW REVIEW OF INTERIM 2016 RESULTS. Revenue and Operating Profit
FINANCIAL REVIEW (I) REVIEW OF INTERIM 2016 RESULTS The Group recorded solid financial performance in the first half of 2016 despite soft market conditions. Core profit rose by 14% year-on-year to HK$5,972
More informationTHE 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 information2017 Final Results Announcement
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationWHEELOCK AND COMPANY LIMITED (Incorporated in Hong Kong with limited liability) Stock Code: 20
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationYuexiu 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 informationWHEELOCK AND COMPANY LIMITED (Incorporated in Hong Kong with limited liability) Stock Code: 20
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More information中期報告書 Interim Report 2018 九龍倉集團有限公司 THE WHARF (HOLDINGS) LIMITED. Stock Code:
中期報告書 2018 Interim Report 2018 九龍倉集團有限公司 THE WHARF (HOLDINGS) LIMITED 股份代號 0004 Stock Code: 0004 www.wharfholdings.com www.wharfholdings.com www.wharfholdings.com The product is made of FSC TM certified
More informationAnother Year of Record High Distributable Income
Annual Results 2017 Another Year of Record High Distributable Income Stable growth across all properties Signs of retail market recovery in 2H17 Financial Highlights FY 2016 FY 2017 Change Total Rental
More information********* Change 2% 19% Revenue 32% 27% 5.9% 15% increase million). shareholders. satisfactory
Press Release For Immediate Release Miramar Hotel and Investment Company, Limited Announces 2017 Annual Results ********* [Hong Kong 19 March 2018] Miramar Hotel and Investment Company, Limited ( Miramar
More information1H17 HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW
COVER 1 AGENDA 1H17 HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW Highlights Financial Review Business Review http://www.crland.com.hk/ CR Land Results 1H2017 2 1H17 HIGHLIGHTS Highlights Financial Review
More informationMapletree Greater China Commercial Trust. Financial Results for the Period from 1 April 2015 to 30 June 2015
Mapletree Greater China Commercial Trust Financial Results for the Period from 1 April 2015 to 30 June 2015 Disclaimer This presentation is for information only and does not constitute an invitation or
More informationINTERIM REPORT Stock Code: 0051
INTERIM REPORT 2018 Stock Code: 0051 Cover photo*: The Murray, Hong Kong guards the intersection of traffic arteries in Central that run east-west and north-south, commands open green views over Hong Kong
More informationFocus on Properties Unchanged
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationTHE WHARF (HOLDINGS) LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 4) 2017 Final Results Announcement
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationInterim Results Presentation Press Conference 2013/ November 2013
Interim Results Presentation Press Conference 2013/2014 13 November 2013 Operational and Financial Highlights For the period ended 30 September 2013 Revenue HK$3,493M +9.3% yoy Net property income HK$2,517M
More informationHOPEWELL HOLDINGS LIMITED ANNOUNCES FINANCIAL YEAR 2017/18 INTERIM RESULTS
Press Release HOPEWELL HOLDINGS LIMITED ANNOUNCES FINANCIAL YEAR 2017/18 INTERIM RESULTS Highlights 1H FY18 EBIT up 12% yoy to HK$1,136 million mainly due to continued growth from investment properties
More informationFinancial Results for the 6 Months ended June July Results Overview Capital Management Portfolio Performance AEIs Strategy
Financial Results for the 6 Months ended June 2018 27 July 2018 Results Overview Capital Management Portfolio Performance AEIs Strategy 1H2018 Results Overview HK$ M 1H 2018 1H 2017 YoY Change Excluding
More informationMGCCT Achieves Stable DPU of cents for 1Q FY17/18
For Immediate Release MGCCT Achieves Stable DPU of 1.851 cents for 1Q FY17/18 Gross revenue and net property income ( NPI ) for 1Q FY17/18 grew 4.6% and 3.7% respectively compared to 1Q FY16/17 1Q FY17/18
More information2009 Quarter 4 Review and Annual Results For the year ended December 31, 2009
2009 Quarter 4 Review and Annual Results For the year ended December 31, 2009 April 20, 2010 Executive Summary GEG Fifth consecutive quarter of EBITDA growth Full Year Group EBITDA of $1.1 billion for
More informationMAGNIFICENT HOTEL INVESTMENTS LIMITED (incorporated in Hong Kong with limited liability) (Stock Code: 201)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationSelected Unaudited 2009 Third Quarter Financial Data And Launch of Galaxy Macau, Cotai
Selected Unaudited 2009 Third Quarter Financial Data And Launch of Galaxy Macau, Cotai November 11 th 2009 Executive Summary Operational Highlights GEG reports four consecutive quarters of EBITDA growth
More information2016 First-Half Interim Results 11 August 2016
2016 First-Half Interim Results 11 August 2016 1 Disclaimer Potential investors and shareholders of the Company (the Potential Investors and Shareholders ) are reminded that information contained in this
More informationThe Link Real Estate Investment Trust
The Link Real Estate Investment Trust Six Months Ended 30 September 2012 Interim Results Presentation Press Conference 7 November 2012 P.1 Disclaimer This document has been prepared by The Link Management
More informationFigure 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 informationTHE HONGKONG AND SHANGHAI HOTELS
THE HONGKONG AND SHANGHAI HOTELS 2018 APRILINVESTOR 2018 INVESTOR PRESENTATION PRESENTATION DISCLAIMER This presentation ( Presentation ) is made available by The Hongkong and Shanghai Hotels, Limited
More informationYuexiu 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 informationManaging Director s Report
Managing Director s Report Business Review Harbour City Harbour City turned over HK$2,051 million during the first half of 2007, for an increase of 15% over the same period of 2006, while its operating
More informationBUILDING ON OUR STRENGTHS BHG RETAIL REIT FINANCIAL RESULTS FOR THE 2 ND QUARTER AND HALF YEAR ENDED 30 JUNE AUGUST 2018
BUILDING ON OUR STRENGTHS BHG RETAIL REIT FINANCIAL RESULTS FOR THE 2 ND QUARTER AND HALF YEAR ENDED 30 JUNE 2018 8 AUGUST 2018 Disclaimer Certain statements made in this presentation may not be based
More informationAnnual Results for the year end December 31, 2011
Annual Results for the year end December 31, 2011 Executive Summary GEG: Another Historic Year with All-time Records Generated all time record financial results including EBITDA which grew more than 2.5x
More informationFinancial Results for 3 rd Quarter 2016
Financial Results for 3 rd Quarter 2016 1 November 2016 Important Notice This presentation shall be read in conjunction with OUE Commercial REIT s Financial Results announcement for 3Q 2016 dated 1 November
More informationYuexiu 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 informationHOPEWELL HOLDINGS LIMITED ANNOUNCES FINANCIAL YEAR 2016/17 INTERIM RESULTS
Press Release HOPEWELL HOLDINGS LIMITED ANNOUNCES FINANCIAL YEAR 2016/17 INTERIM RESULTS Highlights 1HFY17 HHL is planning celebrations for the 45 th anniversary of listing on Hong Kong Stock Exchange
More informationFINAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2018
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationHARBOUR CENTRE DEVELOPMENT LIMITED Results Announcement
HARBOUR CENTRE DEVELOPMENT LIMITED Stock Code: 51 2006 Results Announcement GROUP RESULTS The Group profit attributable to Shareholders for the year ended 31st December, 2006 amounted to HK$422.7 million,
More information2018 Interim Results 2 August 2018
2018 Interim Results 2 August 2018 Disclaimer Potential investors and shareholders of the Company (the Potential Investors and Shareholders ) are reminded that information contained in this Presentation
More informationInvestor Meetings. July Content. Strategic Focus Core Competencies Market Review and Outlook Going Forward
Investor Meetings July 2008 1 Content Strategic Focus Core Competencies Market Review and Outlook Going Forward 2 1 Strategic Focus Premier Property Company : Market Cap of 3.4bil @ 03 Jul 08 Two Core
More information2014 Annual Results. Turnover 17,606 9, % Property Leasing 7,792 7,216 +8% Property Sales 9,814 2, %
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationChow 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 informationSHUN HO PROPERTY INVESTMENTS LIMITED (incorporated in Hong Kong with limited liability) (Stock Code: 219)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationTMG Holding reports EGP 2.55 BN consolidated revenue, EGP 371 MN consolidated net profit after minority and EGP 1.2 BN of new sales value for 1 H 2011
First Half ending Earning Release reports EGP 2.55 BN consolidated revenue, EGP 371 MN consolidated net profit after minority and EGP 1.2 BN of new sales value for 1 H Key Operational and Financial Highlights
More informationAnta Sports (2020 HK)
Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Strong FY14 results; order book momentum maintained FY14 results above expectation Net profit jumped
More informationSelected Unaudited 2017 First Quarter Financial Data. 4 May, 2017
Selected Unaudited 2017 First Quarter Financial Data 4 May, 2017 Executive Summary Q1 2017 Results Highlights Group Adjusted EBITDA up 31% year-on-year to $3.2 billion Uniquely Positioned for Future Growth
More informationForward-looking Statements
2016 Annual Results Forward-looking Statements This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition, results of operations
More informationANNUAL REPORT Stock Code : 0004
ANNUAL REPORT 2017 Stock Code : 0004 CORPORATE PROFILE Founded in 1886 as the 17th company incorporated in Hong Kong, The Wharf (Holdings) Limited (Stock code: 0004) is a premier company with a long history
More information2017 ANNUAL RESULTS PRESENTATION
2017 ANNUAL RESULTS PRESENTATION March 2018 Disclaimers These materials have been prepared by Future Land Development Holdings Limited and its subsidiaries (the Group ) and have not been independently
More informationTo: Business/Property Editor Date: 4 August 2017 For immediate release HYSAN DEVELOPMENT COMPANY LIMITED 2017 INTERIM RESULTS
NEWS RELEASE To: Business/Property Editor Date: 4 August 2017 For immediate release HYSAN DEVELOPMENT COMPANY LIMITED 2017 INTERIM RESULTS HIGHLIGHTS Turnover up 1.8% year-on-year; Recurring Underlying
More informationHANG LUNG PROPERTIES LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More information2017 Interim Results 3 August 2017
2017 Interim Results 3 August 2017 1 Disclaimer Potential investors and shareholders of the Company (the Potential Investors and Shareholders ) are reminded that information contained in this Presentation
More informationFinancial Highlights Full Year 2015 Results. Lifestyle City Projects Mall of Asia Complex Seaside City Cebu. Company Profile Key Business Units
This presentation does not constitute a prospectus or other offering memorandum in whole or in part. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities
More informationGALAXY ENTERTAINMENT GROUP Q4 & ANNUAL RESULTS 2018
GALAXY ENTERTAINMENT GROUP Q4 & ANNUAL RESULTS 2018 FULL YEAR ADJUSTED EBITDA OF $16.9 BILLION, UP 19% YOY Q4 ADJUSTED EBITDA OF $4.3 BILLION, UP 4% YOY & UP 12% QOQ ANNOUNCED ANOTHER SPECIAL DIVIDEND
More informationCOMPANY / 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 informationPROPERTY INSIGHTS. Market Overview. TMT sector emerges as a new driver of office market. Citigold. Hong Kong Quarter 3, 2013
PROPERTY INSIGHTS Hong Kong Quarter 3, 2013 Citigold TMT sector emerges as a new driver of office market Market Overview In Q3, leasing demand for office softened, and Figure 1 overall net absorption within
More informationMapletree Greater China Commercial Trust. Financial Results for the Period from 1 April 2016 to 30 September 2016
Mapletree Greater China Commercial Trust Financial Results for the Period from 1 April 2016 to 30 September 2016 Disclaimer This presentation shall be read in conjunction with Mapletree Greater China Commercial
More informationCairo, August 9, TMG Holding reports EGP 2.4 BN consolidated revenue, EGP 329 MN consolidated net profit
First Half ending Earning Release Cairo, August 9, - reports EGP 2.4 BN consolidated revenue, EGP 329 MN consolidated net profit after minority and EGP 2.4 BN of new sales value for 1H, the leading Egyptian
More information2H18 Hong Kong Market Strategy
Equity Research Investment Strategy 2H18 Hong Kong Market Strategy Focus on stocks related to domestic demand amid volatility Ou Yafei SFC CE No. BFN410 oyf@gf.com.cn +86 20 8757 3009 GF Securities (Hong
More informationMacquarie ASEAN Conference. 26 Aug 2014
Macquarie ASEAN Conference 26 Aug 2014 Important Notice Standard Chartered Securities (Singapore) Pte. Limited, CIMB Bank Berhad, Singapore Branch and Oversea-Chinese Banking Corporation Limited were the
More informationProposed Divestment of 1/3 Interest in Marina Bay Financial Centre Tower 3
KEPPEL LAND Proposed Divestment of 1/3 Interest in Marina Bay Financial Centre Tower 3 18 September 2014 Disclaimer This presentation may contain forward-looking statements that involve risks, uncertainties
More informationPROPERTY 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 information2012 Final Results Announcement
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationCompany Update. Benefiting from using an IP platform. Yuexiu Property (123 HK)
Company Update Ronney Cheung Analyst ronney.cheung@samsungfn.com +852 3411 3709 Wee Liat Lee Analyst weeliat.lee@samsungfn.com +852 3411 3716 Benefiting from using an IP platform WHAT S THE STORY? Event:
More informationMGCCT Achieves Stable DPU of cents for 1H FY17/18
For Immediate Release MGCCT Achieves Stable DPU of 3.714 cents for 1H FY17/18 1H FY17/18 Available Distribution per Unit ( DPU ) 1 was 3.714 cents, 2.9% higher compared to 1H FY16/17 81.3% of FY17/18 expired/expiring
More informationAnalyst Briefing - 20 Sep 2018
Analyst Briefing - 20 Sep 2018 DISCLAIMER - IMPORTANT NOTICE The information contained in these materials is intended for reference and general information purposes only. Neither the information nor any
More informationMAGNIFICENT ESTATES LIMITED (incorporated in Hong Kong with limited liability) (Stock Code: 201)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationShui On Land Sustains Strategic Growth
Press Release Shui On Land Sustains Strategic Growth Annual Results record profit up 115% and landbank increases 56% in 2007 17 April 2008, Hong Kong Shui On Land Limited ( Shui On Land or the Company,
More informationSection 1 K REIT Asia Overview
Investor Presentation October 2010 Important notice The past performance of K REIT Asia is not necessarily indicative of its future performance. Certain statements made in this presentation may not be
More informationCAPITARETAIL CHINA TRUST (CRCT)
CAPITARETAIL CHINA TRUST (CRCT) First and Only China Shopping Mall S-REIT Tapping into China s Consumption Growth 30 and 31 March 2012 Important Notice and Disclaimer This presentation may contain forward-looking
More informationFORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This presentation and subsequent discussion contain certain forwardlooking statements with respect to the financial condition, results of operations and business of Clear Media
More informationHOLD 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 informationWHEELOCK and COMPANY LIMITED
WHEELOCK and COMPANY LIMITED ANNUAL REPORT 2017 www.wheelockcompany.com Stock Code: 20 CONTENTS Corporate Information 2 Chairman s Statement 3 Financial Highlights 6 Business Review 8 Financial Review
More informationHSI revived as bargain hunting emerged
Turnover (HK$ bn) Hang Seng Index EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 2308 8200 Facsimile: 3608 6113 Restricted circulation Weekly Report 10 th August
More informationFinancial Review. Management discussion and analysis Results of operations. Turnover and profit
Management discussion and analysis Results of operations The following discussions should be read in conjunction with the Company s audited consolidated financial statements for the year ended 31 December
More informationEMPEROR INTERNATIONAL HOLDINGS LIMITED
EMPEROR INTERNATIONAL HOLDINGS LIMITED * (Incorporated in Bermuda with limited liability) (Stock Code: 163) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2006 The board of directors
More informationAnta 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 informationCompletion of Strategic Review and Disposal of Properties
Completion of Strategic Review and Disposal of Properties 29 November Completion of Strategic Review Background Engaged HSBC, UBS and C&W in July as advisors to assess strategic options for Link Overall
More informationCHINA AND HONG KONG RESIDENTIAL MARKETs overview
CHINA AND HONG KONG RESIDENTIAL MARKETs overview Press Conference by Knight Frank 9 Jun 2015 1 CHINA RESIDENTIAL MARKET Presented by David Ji, Director and Head of Research & Consultancy, Greater China
More informationesun Holdings Limited (Incorporated in Bermuda with limited liability) (Stock Code: 571)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationCairo, March 15, TMG Holding reports EGP 6.2 BN consolidated revenue, EGP 762 MN consolidated net profit
Full Year and Fourth Quarter ending December 31, Earning Release Cairo, March 15, 2016 -TMG Holding reports EGP 6.2 BN consolidated revenue, EGP 762 MN consolidated net profit after minority and EGP 6.3
More informationCAPITALAND MALL TRUST Singapore s First & Largest Retail REIT. First Quarter 2017 Financial Results
CAPITALAND MALL TRUST Singapore s First & Largest Retail REIT First Quarter 2017 Financial Results 20 April 2017 Disclaimer This presentation may contain forward-looking statements that involve assumptions,
More informationSHUN HO PROPERTY INVESTMENTS LIMITED (incorporated in Hong Kong with limited liability) (Stock Code: 219)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationManagement Discussion and Analysis
SEGMENT REVIEW Wheelock Properties Limited (a 74%-owned listed subsidiary) ( WPL ) Group profit attributable to equity shareholders for the year ended 31 December 2008 was HK$816 million (2007: HK$1,540
More informationEMERGING TOWNS & CITIES SINGAPORE LTD. 2Q2017 Corporate Presentation
EMERGING TOWNS & CITIES SINGAPORE LTD. 2Q2017 Corporate Presentation 1 This presentation may contain forward looking statements that involve risks and uncertainties. Actual future performance, outcomes
More informationKeppel REIT. Second Quarter and First Half 2017 Financial Results. 18 July 2017
Keppel REIT Second Quarter and First Half 2017 Financial Results 18 July 2017 Outline Key Highlights for 1H 2017 3 Financial Performance & Capital Management 6 Portfolio Performance 10 Market Updates 14
More information2017 Annual Results 16 March 2018
2017 Annual Results 16 March 2018 Disclaimer Potential investors and shareholders of the Company (the Potential Investors and Shareholders ) are reminded that information contained in this Presentation
More informationMapletree Greater China Commercial Trust. Financial Results for the Period from 1 April 2016 to 31 December 2016
Mapletree Greater China Commercial Trust Financial Results for the Period from 1 April 2016 to 31 December 2016 Disclaimer This presentation shall be read in conjunction with Mapletree Greater China Commercial
More informationFinal Results Presentation. Year ended 30 June 2016
Final Results Presentation Year ended 30 June 2016 Overview of TCS 378m portfolio 56 years dividend track record 51% founder Ziff family shareholding 57% of debt is long term fixed interest 2007 converted
More informationShui On Land Announces 2010 Annual Results
Press Release Shui On Land Announces 2010 Annual Results Three-Year Plan Accelerates Property Development and Property Sales Total properties handed over increased by 64% to 398,000 sq.m. Turnover was
More informationCapitaLand Retail China Trust Singapore s First Listed China Shopping Mall REIT
CapitaLand Retail China Trust Singapore s First Listed China Shopping Mall REIT Annual General Meeting 25 April 2018 0 Annual General Meeting 2018 *25 April 2018* Disclaimer This presentation may contain
More informationCairo, February 28, 2010 TMG Holding reports a Q o Q 22% increase in consolidated revenue and 59% increase in
Fourth Quarter and Financial Year ending December 31, Earning Release Cairo, February 28, 2010 reports a Q o Q 22% increase in consolidated revenue and 59% increase in consolidated net profits after minority
More informationWHEELOCK AND COMPANY LIMITED
WHEELOCK AND COMPANY LIMITED INTERIM RESULTS ANNOUNCEMENT for the half-year period ended 30 September 2000 * Half year group profit HK$460.5 million. * Group committed participation in long term growth
More informationInvestor Presentation for Tokyo Non-Deal Roadshow. 25 August 2016
Investor Presentation for Tokyo Non-Deal Roadshow 25 August 2016 Important Notice This presentation shall be read in conjunction with OUE Commercial REIT s Financial Results announcement for 1Q 2016 dated
More informationFinancial Review HK$ Million. Property Leasing 7,737 7,751 5,710 5,704. Mainland China 3,995 4,194-5% 2,514 2,715-7%
Cohesion One heart and one mind is an article of faith for a team aiming for a shared goal. It also leads every one of us in Hang Lung to row to the same rhythm, and each innovative idea and groundbreaking
More informationFinancial 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 informationChow 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 informationPROPERTY 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