Agile Property 3383

Re: Agile Property 3383

Postby winston » Fri Jun 20, 2014 7:25 am

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AGILE PROPERTY (03383.HK) downgraded to Sell, target at $4.73 - UBS
2014-06-19

According to the latest research report by UBS, AGILE PROPERTY (03383.HK) 0.000 (0.000%) Short selling $28.38M; Ratio 38.824% has reduced the selling price to stimulate sales of its property projects, especially large-sized units.

The bank pointed out the price reduction will impose direct negative impacts to profit margin and earnings in 2014 and 2015.

UBS projected gross margin of AGILE PROPERTY will move down to 31.7% and 29.5% in 2014 and 2015, and net profit margin will decline to 9.7% and 8.3% respectively.

Rating was downgraded from Neutral to Sell, and target price was reduced from $5.91 to $4.73. 2014 earnings estimate was lowered 6%.


Source: AAStocks Financial News
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Re: Agile Property 3383

Postby winston » Tue Jun 24, 2014 2:01 pm

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<Research Report>AGILE PROPERTY (03383.HK) upgraded to Neutral, target at $5.9 - JPM

JP Morgan upgraded AGILE PROPERTY (03383.HK)'s investment rating from Underweight to Neutral, while removing the company from the Analyst Focus List (for Underweight) as its current price has reflected most of the negative factors, including the pressured margin and rising gearing ratio.

The target price was set at $5.9, representing 2014 and 2015 estimated P/E of 4x.

Source: AAStocks Financial News
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Re: Agile Property 3383

Postby winston » Mon Oct 13, 2014 5:33 pm

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Agile Tumbles in Hong Kong as Chairman Placed Under Custody

http://www.bloomberg.com/news/2014-10-1 ... china.html
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Re: Agile Property 3383

Postby winston » Tue Oct 14, 2014 6:04 am

Agile falters on debt fears by Ling Wang

Tuesday, October 14, 2014

Shares of developer Agile Property Holdings (3383) dived to a five-year low upon resuming trade yesterday, following a suspension since October 3.
Shares closed down 17 percent at HK$3.95 the lowest since March 2009, reflecting concerns over its worrying financial health as well the detention of its chairman Chen Zhuolin for reportedly bribing officials in Yunnan.

The company said non executive directors Fion Luk Sin-fong and Chan Cheuk-yin are acting co-chairs.

It believes the issue will not impact long-term sales and operation. Talks are being held with three banks to extend debts due in December.

Last month, Agile revealed plans to raise HK$2.79 billion but axed the rights issue on Friday.

Its first-half accounts showed short-term debt at 14.7 billion yuan (HK$18.62 billion), far exceeding its free-to-use cash balance of 1.3 billion yuan as of June 30.

The management explained the cancelation of the rights issue was due to problems in the submission of documents and added current capital needs will be handled by internal resources.

Cash flow is expected to fall to between 12 billion and 13 billion yuan by year-end from 43 billion yuan in June.

The debt ratio is expected drop to 70 percent by then.

The developer may sell investment properties in Shanghai and Hainan worth 20 billion yuan.

Presales turnover in September was 2.05 billion yuan, 41.09 percent lower on-year.

Sales in the three months from July through September have slowed, but the value of presales in the first 10 months of October topped two billion yuan. About five billion yuan in monthly sales is targeted by year-end.

The firm is confident about sales due to a nationwide easing of property curbs.

Agile has invested more than three billion yuan in three projects in Yunnan, two of which have been on sale since last year, raking in one billion yuan.

Source: The Standard HK
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Re: Agile Property 3383

Postby winston » Fri Oct 17, 2014 6:39 am

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Agile vanishing act

Agile Property (3383), the developer whose shares plunged after its chairman Chen Zhuolin was placed under house arrest, said it lost contact with a second director and issued plans to revive a rights offer.

Huang Fengchao, who oversaw projects in Yunnan and Hainan provinces, asked a manager on Saturday to help with queries from the nation's top anti- corruption agency. Agile was told of the probe on Wednesday and Huang has been unreachable since.

Agile also said it is seeking to raise HK$1.65 billion in a second attempt at a rights issue and Chen's family trust will underwrite the deal.

Its first rights issue, revealed last month and scrapped last week, would have raised HK$2.8 billion.

Source: BLOOMBERG
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Re: Agile Property 3383

Postby winston » Wed Oct 22, 2014 6:02 pm

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AGILE PROPERTY (03383.HK) target cut to $3.15, rated Underperform - Macquarie

Macquarie, in the latest research report, lowered AGILE PROPERTY (03383.HK) +0.100 (+2.591%) Short selling $16.54M; Ratio 29.428% 's target price by 15.8% to $3.15 and cut the NAV per share by 15.9% to $13.92, to reflect the impacts of right issues and lower sales assumptions.

The research house said while the Chen family's injection of nearly US$200 million via a rights issue reflects management confidence, it revealed a short-term cash needs of Agile Property, given its second attempt at a right issue in a month.

The company's Underperform rating was maintained.

Source: AAStocks Financial News
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Re: Agile Property 3383

Postby winston » Tue Dec 16, 2014 5:46 am

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Agile rebounds

Shares of Agile Property Holdings (3383) surged 11.08 percent to HK$4.51 yesterday after its board chairman-cum- president Chen Zhuolin went back to work, apparently clear of any problems in Yunnan.

This came two months after Agile revealed that Chen had been ordered by the Kunming People's Procurate to remain at a "designated residence" from September 30.

At one point, Agile's stock fell more than 30 percent on that news. Word was that Chen faced graft probes in Yunnan, where Agile spent up to 60 billion yuan (HK$75 billion) for land.

Now, however, readings in mainland media are that Chen's return to his office means he has been cleared of any graft claims.

Another senior executive, Huang Fengchao, who Agile could not contact at one time, is also back in his office as vice president and regional head for Hainan and Yunnan.

Agile had by November 30 met 81 percent of its 48-billion- yuan sales target for the year.


Source: The Standard HK
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