Shanghai Forte 2337

Shanghai Forte 2337

Postby eauyong » Thu Jul 10, 2008 9:31 am

2337.HK FORTE (Shanghai Forte) 9-JULY-2008 4:10PM SGT HK$2.18 +HK$0.28 +14.74%

SHANGHAI FORTE LAND CO., LTD.
(a Sino-Foreign joint stock limited company incorporated in the PRC with limited liability)
(Stock code: 2337)

UNUSUAL PRICE AND TRADING VOLUME MOVEMENT

This announcement is made at the request of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

Shanghai Forte Land Co., Ltd.(the “Company”) has noted today’s increase in the price and the trading volume of the shares of the Company and wishes to state that the Company is not aware of any reasons for such movement.

The Company was notified by its controlling shareholder, Fosun International Limited, on 9 July 2008 that Fosun International Limited has carried out certain purchases totalling 5,000,000 shares, 10,000,000 shares and 5,000,000 shares of the Company on 7th, 8th and 9th July 2008, respectively.

Apart from the above, the board of directors of the Company (the “Board”) confirms that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under rule 13.23 of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”), and neither is the Board aware of any matter discloseable under the general obligation imposed by rule 13.09 of the Listing Rules, which is or may be of a price-sensitive nature.

Made by the order of the Board, the directors of which individually and jointly accept responsibility for the accuracy of this statement.

By order of the Board
Shanghai Forte Land Co., Ltd.
Guo Guangchang
Chairman
Shanghai, PRC, 9 July 2008

As at the date of this announcement, the executive Directors are Mr. Guo Guangchang, Mr. Fan Wei and Mr. Wang Zhe; the non-executive Directors are Mr. Ding Guoqi and Mr. Feng Xiekun; the
independent non-executive Directors are Mr. Charles Nicholas Brooke, Mr. Chen Yingjie, Mr. Zhang
Hongming and Ms. Wang Meijuan.
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Re: Shanghai Forte 2337

Postby winston » Wed Aug 20, 2008 9:46 am

Vested.

Shanghai Forte First-Half Profit Declines 42% on Taxes, Costs
By Jiang Jianguo

Aug. 20 (Bloomberg) -- Shanghai Forte Land Co., a Shanghai- based developer listed in Hong Kong, said first-half profit fell 42 percent because provisions for land tax and costs increased.

Net income dropped to 36 million yuan ($5.2 million), or 0.014 yuan a share, from 62 million yuan, or 0.025 yuan, a year earlier, the company said in a statement to the Hong Kong Stock Exchange today. Sales fell 23 percent to 1.03 billion yuan.

Shanghai Forte made a provision of 165 million yuan for land appreciation tax in the period, more than double the amount a year earlier, according to the statement.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Shanghai Forte 2337

Postby winston » Fri Sep 12, 2008 9:49 am

Vested.

* Shanghai Forte Land said on Thursday it proposes to issue up to 1.9 billion yuan worth of domestic corporate bonds in China, raising capital to repay bank loans and for working capital. The bonds will have maturity of 5 to 8 years.
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Re: Shanghai Forte 2337

Postby winston » Wed Mar 04, 2009 11:00 am

DJ MARKET TALK: UOB Rates Shanghai Forte Sell, Fair Price HK$1.00

0909 [Dow Jones] STOCK CALL: UOB KayHian keeps Shanghai Forte (2337.HK) at Sell on concern over rising net gearing, possible further inventory provision. Keeps fair price at HK$1.00, marking 60% discount to NAV, in line with sector average. Notes 2008 net profit dropped 86% on-year to CNY102 million.

Says excluding CNY190 million investment loss in Shanghai Zendai (0755.HK), CNY80 million provision on property inventory, estimates core profit at CNY338 million, slightly over house's CNY310 million estimate, but 12% below market consensus. Cuts 2009-10 earnings estimates 33%, 25% after management guides for gross margin to fall, mainly on lower selling prices, rising contribution of thinner margin projects.

Notes net gearing at 126% by end-2008 vs 110% in 1H08 due to slow sales; expects net gearing to rise to over 140% this year on increasing net cash outflow. Stock closed flat yesterday at HK$1.00
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Re: Shanghai Forte 2337

Postby winston » Fri Mar 06, 2009 2:38 pm

DJ MARKET TALK:CLSA Cuts Shanghai Forte To Sell;Cuts Target 54.6%

1111 [Dow Jones] STOCK CALL: CLSA downgrades Shanghai Forte (2337.HK) to Sell from Underperform after FY08 results disappoint. Says, underlying net profit flat at CNY352 million, 26% below house's forecast.

"We see little to cheer about in Shanghai Forte's results. The high gross margins of FY08 are unsustainable, meanwhile, the high cost base exerts pressure on net margins." Says company's net gearing climbs further to 137% from 123% in 1H08.

"With the more concerning fundamentals, we believe a larger discount on Forte is justified." Cuts target to HK$0.64 from HK$1.41, set at 0.4X price to adjusted book, implying 38% downside from current levels. Stock +1.0% at HK$0.97.
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Re: Shanghai Forte 2337

Postby winston » Tue Apr 14, 2009 9:32 am

DJ Shanghai Forte Gets Regulator OK To Sell Up To CNY1.9B Bonds

HONG KONG (Dow Jones)--China's Shanghai Forte Land Co. (2337.HK) said Thursday it has obtained regulatory approval to issue up to CNY1.9 billion worth of corporate bonds in China. The China Securities Regulatory Commission approved its application to issue bonds, the Shanghai-based developer said in a statement, without disclosing when it plans to sell the bonds. Shanghai Forte said last September it would issue domestic corporate bonds in China to repay bank loans and supplement its working capital.
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Re: Shanghai Forte 2337

Postby winston » Fri Aug 14, 2009 9:30 am

Ha Ha ... Who's next ? Please wait in line ...

===============================================

Shanghai Forte Land plans A-share Shanghai listing

HONG KONG, Aug 14 (Reuters) - Shanghai Forte Land (2337.HK) said late on Thursday that it aimed to list in Shanghai through an issue of 285 million A shares.

The Chinese property firm said it would apply to the China Securities Regulatory Commission and seek shareholders' approval for listing of A shares on the Shanghai Stock Exchange at a price to be determined by market conditions at the time.

Proceeds from the sale of the A-shares will be used to fund property development projects and to replenish working capital, the company added.
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Re: Shanghai Forte 2337

Postby winston » Wed Aug 26, 2009 10:19 am

Not vested. From Phillips:-

Risk
There are some uncertainties in property sale in the future.
The plan for refinance does not hit the previous goal.

Valuation
In our opinion, the strategy of national distribution has been generating profit gradually. With the expansion of business scale, Forte will achieves obvious growth and should enjoy higher valuation, reflecting its success transformation from regional developer to national developer.

As our expectation, Forte's EPS and BVPS is RMB 0.19 and 2.35 Yuan respectively, equivalent to HKD 0.216 and 2.67. Considering our optimism towards Forte's growth in recent 2 years, we raise P/E and P/B ratio to 13x and 1.2x. We give Forte “Buy” rating, 12m TP at HKD 3.02, 23% higher than current price.
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Re: Shanghai Forte 2337

Postby winston » Wed Dec 30, 2009 10:03 am

Not vested.

DJ MARKET TALK: Goldman Raises Forte EPS Forecasts; Ups Target


0909 [Dow Jones] STOCK CALL: Goldman Sachs says Shanghai Forte Land's (2337.HK) recent plan to sell 75% stake in land development project in Tianjin for about CNY2 billion indicates company's intention to generate one-off cash flow from certain existing nonresidential projects for further potential projects or land bank acquisitions.

"We estimate the project disposal is slightly NAV-accretive (about 2%), given the disposal implied average selling price (about CNY20,000/sq m) is marginally better than our previous estimated ASP of CNY18,000/sq m." Raises FY09-FY11 EPS forecasts by 15%-146% mainly to factor in CNY545 million one-off 2010 net profit contribution from Tianjin Center disposal and slightly better-than-expected property sales.

Fine tunes target to HK$2.87 vs HK$2.80, based on 20% discount to 2010 NAV. Keeps stock at Neutral. Stock ended +2.0% at HK$2.49 Tuesday

Source: Dow Jones Newswire
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Re: Shanghai Forte 2337

Postby winston » Wed Mar 17, 2010 7:32 am

Vested thru Fosun.

Forte profits soar with home prices

Shanghai Forte Land's (2337) net profit for last year surged a whopping 388.6 percent to 496 million yuan (HK$563.81 million), thanks to a lack of impairment losses and inventory provision.

The developer's turnover grew 38.9 percent to 5.18 billion yuan.

Chairman Fan Wei expects contracted sales to reach 1.06 million square meters and average 13,000 yuan psm this year.

With 500,000 sq m of contracted sales yet to be booked, Fan is "very confident" of hitting the 1.03 million sq m booking target.

Vice president and chief financial officer Wang Jie attributed a drop in net profit margin from 47.5 percent to 29.5 percent to higher land costs and cheaper pre-sold units at the end of 2008.

"If prices are stable, we expect margins to stay at 30 percent in 2010 and 2011," he said.

Fan said Beijing's move to contain excessive price surges was timely. He expects the market to be stable this year.

A fund set up by Forte will help replenish capital and drive profit growth.

Source: DEREK YIU, The Standard HK

http://www.thestandard.com.hk/news_deta ... 00317&fc=4
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