Hang Lung Group (0010)

Hang Lung Group (0010)

Postby winston » Mon May 20, 2019 12:19 pm

not vested

Analysis:

The Group was a property company, engaging in sales of property, property leasing, and managing hotels, car parks and properties.

The Total Gross Floor Area of the Group for the current projects reached 2.91 mn Square meter, where 78% are in Mainland.

If all the projects on hand have been finished, the TGFA will rise to 5.4 mn Square meter, 88% of which are in Mainland.

Currently, the Group had 5 projects on hand, which located in Kunming, Wuhan, Shenyang, Wuxi and Hangzhou. And, it is expected to finished gradually in the next ten years.

The Group is expected to spend RMB 5 bn for the construction every year and for the next four years, it is required a total of RMB 20bn.

The company is also expected to sell some assets (some service apartments) to support the funding needs, and the other funds will be raised through issuing bonds in USA (issued USD 1bn), and in mainland China (issued RMB 1bn for 3 years at a rate of 4.5%).

The gearing portion of the Group remains low, only 15% net debt ratio, representing that there is still room for further financing.

In 2018, the rental income grew at 5%, 3% for Hong Kong and 7% for Mainland (excluding the effect of renovation).

Strategy:
Buy-in Price: $21.00, Target Price: $25.00, Cut Loss Price: $18.00

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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