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Future Land (1030)
Posted:
Fri Jul 05, 2019 9:48 amby winston
not vested
<Research Report>G Sachs: FUTURE LAND (01030.HK) Plummets after Chair Scandal Exposed; Rated Buy FUTURE LAND (01030.HK) Chairman Wang Zhenhua, holding about 70% stake in the company, is being probed for illegal conduct. Unfamiliar with the situation, however, Goldman Sachs noted downside in FUTURE LAND's price. Having fallen 24% yesterday, FUTURE LAND's price represents a 55% discount to the end-2019E NAV.
Given robust pre-sales growth momentum and faster mall rental growth, FUTURE LAND was rated Buy at a $12.4 target.
Source: aastocks.com
AAStocks Financial News
Web Site:
http://www.aastocks.com
Re: FUTURE LAND (1030)
Posted:
Fri Jul 05, 2019 9:51 amby winston
not vested
<Research Report>JPM: FUTURE LAND May See Little Sales, Operation Impacts Despite Latent Uncertainties
JPMorgan mentioned in its report that FUTURE LAND (01030.HK) Chairman Wang Zhenhua is now in criminal custody for an alleged sexual assault, whereas his son Wang Xiaosong has been elected as the new chairman.
The broker opined that the imminent impact on operations and sales would turn out small despite rise in borrowing costs.
Nevertheless, P/E ratio may be hit the cap at 5-5.5 times in the short run given the current uncertainties.
Source: AAStocks Financial News
Re: FUTURE LAND (1030)
Posted:
Fri Jul 05, 2019 9:53 amby winston
not vested
<Research Report>Nomura: FUTURE LAND Investors May Take Long Time to Restore Confidence; Near-term Fundamental Impact Limited
FUTURE LAND (01030.HK) Chairman Wang Zhenhua was held in criminal custody in Shanghai for indecently assaulting a girl.
The Board resolved that Wang Zhenhua shall be removed from the position as the Chairman and be succeeded by his son Wang Xiaosong.
Nomura suggested such incident may deeply undermine FUTURE LAND's corporate governance track record, and it could take a long time to restore investors' confidence.
The broker is currently reviewing the group's target price, yet seeing limited near-term fundamental impact.
Overall, FUTURE LAND was kept at Buy with a $12 target.
Source: AAStocks Financial News
Re: Future Land (1030)
Posted:
Fri Jul 05, 2019 10:35 amby winston
vested
China's Future Land names new chief as billionaire founder arrestedby CK TAN
Wang, the controlling shareholder of China's eighth-largest developer, has an estimated net worth of 17 billion yuan ($2.47 billion), according to Forbes China.
Source: Asian Review
https://asia.nikkei.com/Business/Compan ... r-arrested
Re: Future Land (1030)
Posted:
Sat Jul 06, 2019 6:31 amby winston
vested
Billionaire’s detention rocks his Chinese real estate empireThe company, which has a market value of about $5.4 billion, is a constituent of MSCI Inc.’s global indexes.
Wang controls about 70% of Future Land, which is active in China’s Yangtze River Delta region.
The Shanghai-based company, which owns more than 100 shopping malls in China, reported revenue of 54.8 billion yuan ($8 billion) in 2018.
While investors will probably remain cautious in the near term, Wang’s detention is likely to have a small impact on Future Land’s operations and sales, JPMorgan Chase & Co. analysts wrote in a research report.
They said a default is unlikely and that investors should consider buying the stock if it drops to HK$6.80.
Source: The Star
https://www.thestar.com.my/business/bus ... 77zOkhw.99
Re: Future Land (1030)
Posted:
Mon Jul 08, 2019 8:26 amby winston
vested
Future Land reports property sales gain in JuneSource: SCMP
https://www.scmp.com/property/hong-kong ... ne-company
Re: Future Land (1030)
Posted:
Mon Jul 08, 2019 10:48 amby winston
vested
PRC Lawyers Report FUTURE LAND's Seazen (601155.SH) of Being Involved in Securities Breaches
Two Chinese law firms, in letters to China Securities Regulatory Commission (CSRC), reported the directors, supervisors and senior management of FUTURE LAND's Seazen (601155.SH) of being involved in securities breaches, pledging the CSRC to mount investigation and pursue legal responsibility.
Source: AAStocks Financial News
Re: Future Land (1030)
Posted:
Mon Jul 08, 2019 11:58 amby winston
vested
05 July, 2019
<Research Report>G Sachs Downgrades FUTURE LAND (01030.HK) to Neutral; TP Axed to $7
Goldman Sachs downgraded FUTURE LAND (01030.HK) to Neutral after its Chairman Wang Zhenhua was confirmed to be in criminal custody for personal reasons and replaced by his son.
The stock price corrected by 32% since 3 July.
The broker believed the company will focus on the existing business in short to medium term under the unexpected management change.
FUTURE LAND's target was trimmed from $12.4 to $7, reflecting the 4-19% downgrade in 2019-21 EPS forecasts.
Source: AAStocks Financial News
Re: Future Land (1030)
Posted:
Mon Jul 08, 2019 12:00 pmby winston
vested
July 5, 2019
Fitch Places FUTURE LAND (01030.HK) on Rating Watch Negative
Fitch Ratings rated FUTURE LAND (01030.HK) and its subsidiary Seazen (601155.SH)'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at BB on Rating Watch Negative (RWN).
The action was to reflect the possibility of the company getting into exacerbated operation and financial risks after the detention of the chairman Wang Zhenhua in Mainland China.
Source: AAStocks Financial News
Re: Future Land (1030)
Posted:
Mon Jul 08, 2019 12:01 pmby winston
vested
July 5, 2019
S&P Places FUTURE LAND (01030.HK) on Watch Negative
S&P Global Ratings placed FUTURE LAND (01030.HK) on Watch Negative.
The rating agency said the detention of the chairman Wang Zhenhua and the investigations will lead to devastating repercussions against the company's reputation and brand.
Nevertheless, S&P said the relevant allegations only involved personal level, while the impact on the company's operation and financing activities remain to be ascertained.
S&P Global Ratings rated FUTURE LAND's long-term issuer credit rating at BB and the company's outstanding senior unsecured notes at BB-.
Source: AAStocks Financial News