Country Garden 2007

[LenaHuat]

SINGAPORE (Dow Jones)--Chinese property developer Country Garden Holdings Co. (2007.HK) is meeting investors beginning Friday ahead of a planned benchmark global bond sale, a person familiar with the deal said Wednesday.

Country Garden is looking to sell a seven-year dollar-denominated bond to fund the repurchase of its yuan-denominated convertible bond, the person said. Goldman Sachs and J.P.Morgan are in charge of the bond sale and convertible bond buyback.

The roadshow will begin in Hong Kong on Friday and will continue in Singapore on Monday, London on Tuesday, and end in New York on Wednesday. -By Ditas Lopez, Dow Jones Newswires, +65-6415-4044; [email protected]

They expect the yuan and its interest rate to rise higher and faster than USD.

[winston]

not vested

COUNTRY GARDEN (02007.HK) rated Neutral, target reduced to $4.85 - Citi
2014-03-14

Citigroup noted in a research report that despite the business growth, the worsening profit margin and rising debt ratio of COUNTRY GARDEN (02007.HK) -0.350 (9.831%) Short selling $39.61M; Ratio 5.837% were worrying.

Though the sales rose 112% yearly, the gearing ratio rose from 51.6% to 64%.

Dragged down the aggressive land purchase strategy and new project start, the operating cash flow turned to negative.

Thus, the target price was lowered from $5.5 to $4.85, with rating maintained at Neutral.

Source; AAStocks Financial News

[winston]

not vested

COUNTRY GARDEN (02007.HK) contracted sales RMB41.05B in Jan-Apr
May 9, 2014

COUNTRY GARDEN (02007.HK) reported contracted sales had increased 78.1% yearly to approx. RMB41.05 billion in January-April, and the contracted sold area was about 6.268 million square metres over the period.


Source: AAStocks Financial News

[winston]

not vested

COUNTRY GARDEN (02007.HK) contracted sales RMB41.05B in Jan-Apr

COUNTRY GARDEN (02007.HK) reported contracted sales had increased 78.1% yearly to approx. RMB41.05 billion in January-April, and the contracted sold area was about 6.268 million square metres over the period.


Source: AAStocks Financial News

[winston]

not vested

<Research Report>COUNTRY GARDEN (02007.HK) downgraded to Sell, target trimmed to $2.65 - Deutsche

In the latest research report, Deutsche reduced the investment rating for COUNTRY GARDEN (02007.HK) from Buy to Sell, with target cut from $6.72 to $2.65, as the NAV was cut from $8.95 to $4.41.

Deutsche said Country Garden's gross profit was pressured last year, and the conditions are expected to continue in 2014.

The 2014 gross profit margin is estimated to fall by 1.7 ppt to 28.6% to reflect the price decline of 10%-15%.

Meanwhile, the 2015/16 gross profit margin is expected to be 27%/26%.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>COUNTRY GARDEN (02007.HK) downgraded to Neutral, target at $3.5 - CS
Apr 23, 2014

Credit Suisse pointed out in the latest research report that contracted sales of COUNTRY GARDEN (02007.HK) in the first quarter had increased 73% yearly to RMB31.8 billion, representing approx. 25% of the annual sales target.

Nevertheless, the bank conceived the sales performance was relatively weak, since more property projects were introduced over the period.

As additional supply will be available in the market, Credit Suisse believed future sales will be unlikely to sustain.

Rating was downgraded from Outperform to Neutral, and target price was trimmed from $5.7 to $3.5.


Source: AStocks Financial News

[winston]

not vested

<Research Report>COUNTRY GARDEN (02007.HK) rated Neutral, target reduced to $4.85 - Citi

Citigroup noted in a research report that despite the business growth, the worsening profit margin and rising debt ratio of COUNTRY GARDEN (02007.HK) were worrying.

Though the sales rose 112% yearly, the gearing ratio rose from 51.6% to 64%.

Dragged down the aggressive land purchase strategy and new project start, the operating cash flow turned to negative.

Thus, the target price was lowered from $5.5 to $4.85, with rating maintained at Neutral.

Source: AAStocks Financial News

[behappyalways]

(the paragraph below....does it implies that it does not have $$$ to pay the maturing bond.....)

The firm has a US$3.75 billion, 11.75 per cent senior note due on September 14, before the tentative date of October 16 for receiving the net proceeds of the rights issue. The two underwriters, Goldman Sachs and JPMorgan, will extend a three-month, US$400 million bridge loan to repay the maturing bond for the company.

Chinese developer Country Garden launches HK$3.18b rights issue
http://www.scmp.com/business/companies/ ... ghts-issue

[winston]

not vested

24 Nov, 2014

<Research Report>COUNTRY GARDEN (02007.HK) upgraded to Buy, target at $3.9 - BofA ML

Merrill Lynch upgraded the rating of COUNTRY GARDEN (02007.HK) to Buy, with a target price of $3.9 in order to reflect the PBOC's interest rate cut and attractive share price.

The share of Country Garden is trading at 4.6x/ 4.4x of 2014/15 P/E and 0.7x of P/BV.

Source: AAStocks Financial News

[behappyalways]

Country Garden May Spin Off Unit, Issue Bonds in Hunt for Cash
http://www.bloomberg.com/news/articles/ ... n-of-bonds