Hongkong Land

Hongkong Land

Postby winston » Thu Jul 31, 2008 7:02 pm

Not vested.

HKLand H108 net profit up 36%

Hongkong Land Limited on Thursday reported that its half year net profit attributable to shareholders rose 36 per cent to US$1.63 billion.

Earnings per share was up 36 per cent at 70.95 US cents compared to 52.35 US cents a year ago.
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The directors have declared an increased interim dividend of 6 US cents per share, up 50 per cent from a year ago.

Looking forward, the group sees signs of more difficult conditions ahead.

It said property markets are slowing and inflationary pressures are building in key sectors. The earnings outlook for the medium term, however, remains encouraging as the group will continue to benefit from positive rental reversions and from residential completions.

-- ANGELA TAN, BT NEWSROOM
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Re: Hongkong Land

Postby winston » Fri Aug 01, 2008 10:19 am

Not vested.

Singapore Hot Stocks-Hongkong Land falls on JPMorgan downgrade


SINGAPORE, August 1 (Reuters) - Hongkong Land fell as much as 3 percent to hit a two-week low after JPMorgan cut its investment rating to "neutral" from "overweight" citing potential declines in office rentals of as much as 20 percent.

Shares of the Hong Kong property developer dipped to $4 with more than 1.6 million shares changing hands.

Hongkong Land was no longer a defensive stock, and its net asset value may have peaked, said JPMorgan analysts Lucia Kwong who has a target price of $4.40 for the stock. [ID:nSGC002171]

Although Hongkong Land posted a 36 percent jump in net profit for the six months ended June 2008 to $1.63 billion, it said property markets are slowing and inflationary pressures are building in key sectors.
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Re: Hongkong Land

Postby winston » Wed Oct 08, 2008 2:02 pm

Not vested.

“HONGKONG LAND HOLDINGS LIMITED (“HKLH”)

SHARE REPURCHASE


HKLH has repurchased the following ordinary shares in the market:

Date of repurchase: 7th October 2008
Total number of shares repurchased: 597,000
Highest price paid per share: US$2.74
Lowest price paid per share: US$2.61
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Re: Hongkong Land

Postby winston » Tue Dec 30, 2008 8:26 am

20081218 Macquarie Hongkong Land Holdings (Downgrade to Underperform) - Not yet

Event
We downgrade HKL to Underperform from Neutral given its recent price performance, based on an unchanged target price of US$2.32. We are just two months into an office market downcycle that may last two years. We believe it is too early for a sustained recovery in landlord listed prices.

Impact
Short-term recovery only: The HK landlords have bounced 30% off their November lows outperforming the HSI by 16%. This is a typical short-term rally before a sustainable recovery in listed prices that will probably start some time in 2009. In past cycles, we saw a short rally occur once before the true bottom was reached in the 1994/95 down cycle, twice during 1997/98 and once during the 2001 to 2003 period. Our Microstrategy team also believes we are in a typical bear market rally – see their report of 17 December, Settling the debate of “P” over “E”.

Office downcycle likely to last up to two years: We are just two months into an office market downcycle that may last two years if past cycles are any guide. Yes, new supply is limited this cycle, but future net absorption growth is also very uncertain. There is significant space in Central to backfill once financial firms move to ICC. The 1994/95 downcycle lasted two years and spot rents fell 40%; the 1996/98 downcycle lasted two years and spot rents fell 60% while the 2001 to 2003 downcycle lasted three years and spot rents fell 66%. So far in this cycle, spot rents have probably fallen around 10–15% from their 3Q08 highs.

HKL will look to retain cash – dividend to come down: We expect HKL to keep its dividend flat (at best) as it enters this downcycle. While this is a better outcome than during the Asian Financial crisis where its 1997 dividend was not reached again until 2007, we have cut our dividend forecast for 2008 by 13%, 2009 by 22% and 2010 by 33%.

Earnings revision
No change.

Price catalyst
12-month price target: US$2.32 based on a 50% discount to NAV methodology.

Catalyst: Clarity over HK GDP growth and spot rents bottoming.

Action and recommendation

HKL remains in a strong financial position to ride out this cycle. However, we believe it is too early for a sustained recovery for any of the landlords’ share prices. We suggest investors that have taken advantage of the recent bounce should take profits. We see no reason for new entrants into the stock at current levels. Downgrade to Underperform from Neutral.
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Re: Hongkong Land

Postby winston » Tue Feb 03, 2009 10:10 am

DJ MARKET TALK: Macquarie Upgrades Hongkong Land To Neutral

0057 GMT [Dow Jones] STOCK CALL: Macquarie upgrades Hongkong Land (H78.SG) to Neutral from Underperform as says further market weakness in Singapore is more than factored in at current levels. Broker trims target price to US$2.26 from US$2.32 to reflect lowered expectations for Singapore office rents, but says shares trading at only 0.3X price/book, already factoring in significant fall in asset values.

"It is still too early to become overly positive on HKL at this stage in the cycle, but it is also dangerous to be too negative given current valuations." Shares closed down 5.1% at US$2.03 yesterday.
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Re: Hongkong Land

Postby winston » Fri Mar 06, 2009 12:01 pm

Sold it some time back and am waiting for the right time to pick it up again. However, I think it's still too early to buy it..

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DJ MARKET TALK: Hongkong Land +6.5% Despite FY08 Loss Of US$109M

0235 GMT [Dow Jones] Hongkong Land (H78.SG) +6.5% at US$1.96 despite FY08 net loss of US$109 million, suggesting results already priced in after 24.6% fall year to date. Stock also likely supported by string of rating upgrades by brokers, all citing trough valuations, although light volume suggests buying not aggressive, possibly keeping share price from ending below US$2.00 for 5th straight session.

Deutsche Bank upgrades to Hold from Sell (US$1.75 target unchanged), citing strong downside support given 7% dividend yield.

JPMorgan upgrades to Overweight from Neutral but trims target to US$2.35 from US$2.50.

Credit Suisse upgrades to Neutral from Underperform but cuts target to US$2.19 from US$2.21.

UOB KayHian upgrades to Hold from Sell but cuts target to US$1.84 from US$1.87.

Brokers say current share price already factors in negative sentiment on Hong Kong office market, notes operating outlook remains challenging, may even get worse.
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Re: Hongkong Land

Postby winston » Fri Mar 06, 2009 1:54 pm

Up 11% on a big loss and detiorating fundamentals ... :?
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Re: Hongkong Land

Postby winston » Mon Mar 09, 2009 3:34 pm

DJ MARKET TALK: Macq Cuts Hongkong Land Target To US$2 Vs US$2.26

1412 [Dow Jones] STOCK CALL: Macquarie cuts target price for Hongkong Land (H78.SG) to US$2.00 from US$2.26, based on 50% discount to NAV, after lowering 2009 forecast for office rents in Central Hong Kong. Expects rents to fall 45% vs 25% decline previously; "vacancy (year to date) has only edged up slightly, but as we have seen numerous times in previous cycles, rents can and do fall significantly in Hong Kong before vacancy materially increases."

But adds any further asset value write-down not cause for concern unless cash-flow is weak or gearing is high; "the asset write-downs are somewhat of a red herring, distracting investors from HKL's strong capital position;" company incurred FY08 net loss of US$109 million due to revaluation write-down. Keeps Outperform call. Stock off 3.0% at US$1.97.
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Re: Hongkong Land

Postby winston » Tue May 19, 2009 11:16 am

DJ MARKET TALK: Nomura Downgrades Hongkong Land To Reduce

0156 GMT [Dow Jones] STOCK CALL: Nomura downgrades Hongkong Land Holdings (H78.SG) to Reduce from Neutral on valuation grounds. Says current valuation assumes 19% discount to net asset value (NAV), which looks unjustified as is higher than stock's historic mid-cycle valuation despite fact that Hong Kong office rental correction showing little sign of abating; "appears too generous in light of the rental pressure expected for Central."

Still, raises price target to US$2.40 from US$1.92 to reflect move to mid-cycle NAV discount to 29% vs previous assumption of down-cycle NAV discount of 42%. Says property developer is particularly affected by trend of office tenants moving out of center as Hong Kong's Central district accounts for 81% of its NAV. Shares +3.0% at US$2.71 vs STI +2.7%
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Re: Hongkong Land

Postby winston » Fri May 22, 2009 10:26 am

Not vested. I expect rental to continue to drop..

DJ MARKET TALK: MS Upgrades Hongkong Land To Equal-Weight

0053 GMT [Dow Jones] STOCK CALL: Morgan Stanley upgrades Hongkong Land (H78.SG) to Equal-weight from Underweight, raises target price to US$3.00 from US$2.20. Broker turns more positive on Hong Kong property developers; "we believe the worst is over for the physical market, and the stocks."

Says may have underestimated speed at which global economies have stabilized, as well as purchasing power and appetite of home buyers in Hong Kong. Narrows assumed discount to net asset value to reflect stabilization of prices in physical property market, which leads to increased target price. Shares closed +1.8% at US$2.90 yesterday
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