Agile Property 3383

Agile Property 3383

Postby winston » Fri Jul 04, 2008 11:25 am

HK-listed Agile Property sells 30 pct stake in Hainan project to Morgan Stanley

HONG KONG (XFN-ASIA) - China's Agile Property Holdings Ltd said it will sell a 30 pct stake in a mega resort development project in Hainan province to one of Morgan Stanley's investment arms.

The total consideration was set at 5.28 bln yuan, Agile said.

The project is a comprehensive resort town development with total floor area of approximately 9.86 mln square meters.

At 10:46 am, shares of Agile were trading up 0.51 hkd or 8.2 pct at 6.73.
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Re: Agile Property 3383

Postby winston » Tue Jul 08, 2008 9:06 am

From the Standard:-

Only last Friday local punters took Morgan Stanley's word as gospel and bought shares of Agile Property (3383) in droves on the investment bank's recommendation.

The stock skyrocketed more than 16 percent after the bank issued a "tactical research idea" saying it believes Agile's share price will rise in absolute terms over the next 15 days. The bank said it deemed the scenario "likely," with a 60 to 70 percent probability. Market watchers gasped in amazement after the share price surge. But only one trading day later, Morgan Stanley seems to have lost its clout.

What happened? Perhaps investors lost their faith after thinking a bit more about the reasoning behind the bank's Agile recommendation.

In the Friday report, Morgan Stanley said Agile's disposal of a 30 percent stake in its Hainan island resort project will be a short-term positive catalyst for the share price. What Morgan Stanley neglected to mention is that the 30 percent stake in the Hainan project was bought by none other than Morgan Stanley itself, through two funds it manages and partly owns.

The other question bugging market watchers was: since when do the big houses put such a very specific time frame on share price movement as "15 days?" How can they possibly know which way the stock will move in such a narrowly defined period?

"I think it's really self-serving," said Fulbright Securities general manager Francis Lun Sheung-nim. "It's not really proper conduct for an investment bank to do this."

A Morgan Stanley representative did not return calls.
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Re: Agile Property 3383

Postby winston » Wed Sep 10, 2008 2:34 pm

Not vested.

Hong Kong-listed Agile Property H1 net profit surges 641 pct on disposal gains

HONG KONG (XFN-ASIA) - Agile Property Holdings said its first half to June net profit surged 641 pct to 4.43 bln yuan from 598.11 mln, boosted by a disposal gain of 4.14 bln yuan on the sale of a 30 pct stake in its "Clearwater Bay" project in Hainan.

Total sales for the period fell 26.7 pct to 2.34 bln yuan due to the slowdown of the mainland property market.

Gross profit margin was 47.6 pct, up 2.1 percentage points over the same period of 2007.

In the first half, total gross floor area (GFA) sold and recognized was 278,519 square meters, down 47 pct from a year earlier. Related revenue was 2.25 bln yuan, down 28 pct.

The average selling price rose 36 pct to 8,081 yuan per sq m from 5,942 a year earlier.

It added that contracted GFA sold amounted to 851,100 sq m as at end-August.

At end-June, Agile's land bank amounted to 31.52 mln sq m of GFA in 20 cities and districts in the Pearl River delta, eastern Guangdong, the Yangtze River delta, western China, Hainan island and northeast China.

Agile said its land bank is sufficient for 8 to 10 years of development.

The company said it expects the property market in China to continue its adjustment in the second half.

"We believe that despite the macroeconomic tightening measures, the demand for housing in China will remain huge," chairman Chen Zhuo Lin said.

Agile closed the morning down 0.22 hkd or 4.78 pct at 4.38.
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Re: Agile Property 3383

Postby winston » Mon Jan 19, 2009 12:18 pm

DJ MARKET TALK: Agile Down 8.7%; Huizhou Row Another Overhang

1050 [Dow Jones] Agile Property (3383.HK) tumbles 8.7% to HK$2.74, on slew of negative brokerage comments following announcement of termination notice received from JV partner in Huizhou Egret Lake Project to cease cooperation, JV partner also demands CNY1.2 billion refund of deposit previously paid to Agile for 25% project stake, plus interest.

Citigroup says uncertainty over any potential litigation, latent compensation will overhang stock. Adds, de-rating risk from Hainan project "even more powerful" with market still overoptimistic on project, while headwinds in Guangdong market persist; aside from impact from government's public housing initiatives, Agile facing further direct competition from developers such as Country Garden (2007.HK), unlisted Evergrande, which continuously trimming project prices.

House keeps Sell call, HK$2.50 target price. Day's low of HK$2.68 set to act as immediate support.
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Re: Agile Property 3383

Postby winston » Mon Mar 02, 2009 10:57 am

DJ MARKET TALK: Agile Flat At Pre-Open; UOB Downgrades To Sell

0939 [Dow Jones] At pre-open, Agile Property (3383.HK) flat at HK$2.63, as stock likely to be steady after denying Shanghai Securities News report Hainan property project triggered bribery investigation targeting former Morgan Stanley executive.

Despite denial, UOB KayHian expects stock to be shrouded in doubt for some time; says investors don't need such risk, especially with availability of "other cheap, but safer choices" in sector.

House cuts Agile to Sell from Hold, fair price to HK$2.18 vs HK$2.96 on lower valuation on Hainan project, also wider target discount to NAV
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Re: Agile Property 3383

Postby winston » Wed Apr 15, 2009 12:08 pm

DJ MARKET TALK: Agile Faces Pft-Taking But UOB Ups Rating, Target

1012 [Dow Jones] Agile Property (3383.HK) finally succumbs to profit-taking, down 4.3% at HK$5.41, but 10-day moving average at tad below HK$5 looks safe. UOB KayHian upgrades stock to Buy from Hold, hikes target price to HK$6.20 vs HK$3.68; says Hainan Clearwater Bay project "a gem, not a burden," with presale beating expectations both on volume and prices.

"We see this project will provide ample medium- to long-term upside to this still very much Guangdong-based developer," UOB says. Sharply higher target price due to higher appraised NAV of HK$9.10 vs HK$7.25 using more bullish price assumptions for Clearwater Bay, narrower target discount to NAV of 32% vs previous 50% given view housing market, especially in southern China, embarked on steady recovery
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Re: Agile Property 3383

Postby winston » Wed Feb 24, 2010 2:21 pm

Not vested. From Phillips:-


Risk

Land bank are too intensive, about 80% of land bank are located in Guangdong and Hainan.
The phenomenon of excessive speculation in the Hainan property mark has negative impact on future sales of Hainan Clearwater Bay.


Valuation


We expect that Agile's net profit in 2009 and 2010 will be RMB 25.6billion and 39.7billion, EPS at RMB 0.71 and 1.11, representing to HKD 0.81 and 1.26.

We upgrade its rating to “Buy” for several fundamental factors, such as its strong sales, location advantage of projects and high-growth Hainan property market.

We upgrade Agile's 12m TP to HKD12.6, 26% higher than current price.
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Re: Agile Property 3383

Postby winston » Sat Jun 02, 2012 5:49 am

Developer slashes prices by a quarter

Agile Property Holdings yesterday started offering up to 25 per cent discounts on its flats in 10 of its projects in Guangdong province, a trend which is likely to spread.

Source: SCMP
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Re: Agile Property 3383

Postby winston » Mon Oct 15, 2012 1:33 pm

not vested

DJ MARKET TALK: Agile Ppty Faces Risks From Weak Sales In Hainan - CS

1319 [Dow Jones] Agile Property Holdings (3383.HK) still faces risks from weak sales in Hainan, Credit Suisse says in a note.

Agile's contracted sales were up 7% on-month in September, but the average selling price of its property was down 8% at CNY8,238/square meter.

The Guangzhou-based property developer will have to accelerate sales in 4Q vs 3Q to reach its full-year sales target, the house says, noting that Agile plans to launch eight new projects in 4Q.

The house notes that Agile's sales in Hainan reached CNY4.5 billion in the first three quarters, and it will be challenging for the developer to achieve its Hainan full-year sales target of CNY8 billion.

Credit Suisse also voices doubts about Agile's recent land purchases in Yunnan. "We believe now is the wrong time to increase exposure in tourism-oriented properties." Agile is flat at HKD8.49.


Source: Dow Jones & Company, Inc
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Re: Agile Property 3383

Postby winston » Wed Jan 09, 2013 7:40 am

not vested

Tycoon Chen Zhuolin appears on indecent assault charge

The chairman of Agile Property Holdings appeared in court yesterday charged with indecently assaulting a 28-year-old female employee at his luxury house in Happy Valley.


Source: SCMP
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