China Resources Land 1109

[winston]

not vested

Expect 1H16 earnings growth of 20%

We expect CR Land 1H16 earnings to grow at impressive level of 20% on volume growth and stable margin.

CR Land should be likely to achieve a sales threshold of Rmb100bn this year.

Meanwhile, we expect it to acquire the Shenzhen Bay project this year from parent.

CR Land’s share price has fallen 13% YTD and has significantly underperformed HSI and HSCEI. It is trading at attractive valuation of a 35% discount to NAV.

We maintain our ADD rating. CR Land is one of our large-cap top picks.

Source: CIMB

https://brokingrfs.cimb.com/4IKkx8BsVz4 ... ugWKw2.pdf

[winston]

not vested

<Result Ann>CHINA RES LAND Interim Core Profit Up 25.5%; Interim Div 9.2 Cents

CHINA RES LAND (01109.HK) announced the interim result for the six months ended 30 June 2016.

During the period, the net profit rose 19.13% yearly to $7.684 billion.

The EPS equaled 110.9 cents; an interim dividend of 9.2 cents was declared, up 5.7% yearly.

Core profit attributable to shareholders rose 25.5% to $6.3 billion.

During the period, the turnover rose 19.86% yearly to $44.522 billion;

Gross profit rose 26.4% yearly to $15.096 billion; gross profit margin rose 1.7 ppts to 33.9%; contracted sales was RMB55.57 billion, involving contracted sales area of 4.296 million sq.m., up 50.2% and 32.1% yearly respectively.

Source: AAStocks Financial News

[winston]

not vested

<Post-Result>CHINA RES LAND Once Surges 5% on 25.5% Gain in Half Year Core Profit with Rising Div

CHINA RES LAND (01109.HK) announced that its interim core profit rose 25.5% with rising dividend payout.

The company challenged 10MA after midday ($21.5), with an escalation of 5% at most to peak at $21.7.

It last printed at $21.5, up 4.1%, snapping four-day losing streak, on volume of 8.61 million shares.

CHINA RES LAND reported 19% yearly rise in interim net profit to $7.684 billion, with EPS of 110.9 cents.

Interim dividend gained 5.7% yearly to 9.2 cents. Core profit saw an increase of 25.5% from a year earlier to $6.3 billion.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>Nomura Expects Resilient 2016 Results for CHINA RES LAND; Target Lifted to $29.94

Nomura, in its report, said that the active land acquisitions and strong IP pipeline of CHINA RES LAND (01109.HK) can support the company to achieve double-digit sales and rental growth.

It is expected that the company will deliver strong annual results with revenue likely to report a yearly growth of 12% to $116 billion.

Profit margin may inch up to 31.6% with core profit increasing 14% to $16.2 billion.

Net gearing may maintain at a safety level at 35%, with payout ratio of 28%. Annual payout ratio is expected to be 3.4%.

Nomura reiterated CHINA RES LAND as industry top pick, with a rating of Buy. The target price was edged up to $29.94 from $29.7.

Source: AAStocks Financial News

[winston]

not vested

CHINA RES LAND Slumps 4% to Miss 10MA on More Interim Div despite Falling Results

Blue chip property developer CHINA RES LAND (01109.HK) raised the interim dividend despite worsening interim results.

Citigroup said the company's first-half core profit declined 48% yearly to $3.25 billion, only 18% of the annual core profit as forecast by the research house. Hence, the target price was slightly trimmed by 3.2% to $30 with rating kept at Buy.

The stock reversed the two-day growth and bucked the market to sink below 50MA and 10MA all at once ($23.23 and $22.84).

Bottoming at $22.65, it last traded at $22.7, down 4%, on spiking volume to 18.69 million shares.

CHINA RES LAND announced that announced the result for the six months ended 30 June 2017. During the period, the net profit fell 33% yearly to $5.112 billion.

The EPS equaled HK73.8 cents; an interim dividend of HK10 cents was declared, up 8.7% yearly.

Core profit attributable to the owners of the company excluding revaluation gain from investment properties in the first half of 2017 reached $3.25 billion in the first half of 2017, down by 48% yearly.

During the period, the turnover fell 21% yearly to $35.259 billion; gross profit fell over 18% yearly to $12.316 billion.

Deutsche Bank lifted the target price on the company by 2.5% to $27.1 with rating maintained at Buy.

Source: AAStocks Financial News

[winston]

not vested

1H17 earnings a miss due to less projects booked

1H17 core profit fell 36% yoy, 39% lower than our estimate, due to less projects booked. Management expects a sharp increase in project bookings in 2H17.

1H17 gross margin remained strong at 34.9%. Management conservatively guided for 30-35% gross margin for the next few years.

1H17 China rental income was impressive, with 13% yoy growth on the back of retail sales recovery; we expect this to drive CR Land's rental income ahead.

Maintain Add with a higher TP of HK$28.0 to factor in its land banking in 1H17. CR Land trades at an attractive valuation of 32% discount to NAV and 9x FY17F P/E.

Source: CIMB

https://brokingrfs.cimb.com/Fz14DYITY0u ... _-N_A2.pdf

[winston]

not vested

CHINA RES LAND Places Shrs at 6.9% Discount to Pursue $6.72B

CHINA RES LAND (01109.HK) announced that it placed 200 million shares through top-up subscription at $33.65 per share, a discount of approximately 6.9% to the closing price of $36.15 as quoted on the Stock Exchange on the Last Trading Day.

The Company estimated that the net proceeds of the Subscription will amount to $6.72 billion.

Source: AAstocks.com

[winston]

not vested

Takeaways from virtual property conference

CR Land is aiming for an 8% sales growth in 2020F.

Malls have seen good recovery in May and management expects a lowsingle-digit rental income growth in 2020F.

Spin-off of its property management unit will be a catalyst in 2020F. The unit had 141m sqm of managed GFA and generated 2019 revenue of Rmb5.8bn.

Reiterate Add with an unchanged TP of HK$40.8.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... A50ED657A6

[winston]

not vested

China Resources Land Ltd (1109 HK) - Quality deserves a premium

China Resources Land (CR Land; stock code: 1109 HK) is a high-quality Chinese property developer with a focus on Tier-1 and 2 cities.

One of its competitive advantages is its expertise on urban renewal projects, which it has a first mover advantage.

Another investment merit of CR Land is its enviable investment properties portfolio, which allow it to garner robust recurring income streams.

This provides stronger earnings visibility and diversification.

Although CR Land is currently trading at a significant premium to its peers’ forward P/E, we believe this is justifiable given its stronger net margin profile and track record.

The market also tends to ascribe a higher valuation multiple to higher quality developers in times of uncertainty and volatility. BUY.

Source: OCBC

[winston]

not vested

Apr 13, 2022

CHINA RES LAND Contracted Sales Fall 19.8% YoY in Mar, Slip 32.2% in 1Q

CHINA RES LAND (01109.HK) announced that for March, the Group achieved gross contracted sales of approximately RMB20.89 billion with contracted GFA of approximately 779,500 square meters, down by 19.8% and 46.2% YoY respectively.

For the first three months of 2022, gross contracted sales achieved approximately RMB45.97 billion with contracted GFA of approximately 2.4653 million square meters, down by 32.2% and 34.1% YoY respectively.

Source: AAStocks Financial News