not vested
China Resources Land (1109 HK)
Takeaways From NDR: Expected To Continue Outperforming In 2H22
We hosted an NDR with CR Land on 19 Jul 22.
CR Land is expected to be less affected by the mortgage boycott.
In 5M22, rental income grew 13.1% yoy to Rmb8.1b and rental relief for small enterprise tenants is expected to be announced soon.
Despite the shortterm challenges, CR Land is committed to sustainable growth in the long term.
Maintain BUY. Target price: Rmb46.50.
Source: UOBKH
https://research.uobkayhian.com/content ... e711740d04
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China Resources Land 1109
46 posts
• Page 4 of 5 • 1, 2, 3, 4, 5
Re: China Resources Land 1109
by winston » Wed Jul 20, 2022 9:46 am
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: China Resources Land 1109
by winston » Wed Aug 03, 2022 11:20 am
not vested
CR Land – BUY
CR Land is a leading SOE developer, ranking no.5 among China’s developers in terms of
total contracted GFA in 6M22.
For CR Land’s 1H22 results, we expect:
a) rental income to grow 10+% yoy (5M22:+ 13%yoy), and
b) core net profit to remain stable from last year.
CR Land’s interim result is expected to outperform most peers.
Backed by Rmb530b saleable resources in FY22 (not including land parcels acquired in 1H22), CR Land is expected to speed up its sales launch as well as project construction in 2H22.
We believe CR Land will continue to outperform peers and increase market share in a
challenging market environment.
Share Price Catalyst
• Event: Central government launching a rescue plan for China’s property sector, and
further yoy growth in contracted sales in 3Q22.
• Timeline: 3Q22.
Source: UOBKH
CR Land – BUY
CR Land is a leading SOE developer, ranking no.5 among China’s developers in terms of
total contracted GFA in 6M22.
For CR Land’s 1H22 results, we expect:
a) rental income to grow 10+% yoy (5M22:+ 13%yoy), and
b) core net profit to remain stable from last year.
CR Land’s interim result is expected to outperform most peers.
Backed by Rmb530b saleable resources in FY22 (not including land parcels acquired in 1H22), CR Land is expected to speed up its sales launch as well as project construction in 2H22.
We believe CR Land will continue to outperform peers and increase market share in a
challenging market environment.
Share Price Catalyst
• Event: Central government launching a rescue plan for China’s property sector, and
further yoy growth in contracted sales in 3Q22.
• Timeline: 3Q22.
Source: UOBKH
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: China Resources Land 1109
by winston » Tue Aug 23, 2022 11:16 am
China Resources Land Ltd (1109 HK) - Relatively preferred amongst peers
China Resources Land (CR Land) is a high-quality Chinese property developer with a focus on Tier-1 and 2 cities.
One of its competitive advantages is its expertise in urban renewal projects, which it has a first mover advantage.
Another investment merit of CR Land is its enviable investment properties portfolio (mostly shopping malls), which allows it to garner robust recurring income streams.
This provides stronger earnings visibility and diversification, notwithstanding the adverse impact from Covid-19 related lockdowns and rental concessions extended to its retail tenants.
CR Land had also successfully spun off a partial stake in its property management arm in 2020 and unlocked value for its shareholders.
Although CR Land is currently trading at a premium to most of its peers’ forward price-to-earnings (P/E) ratio, 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
China Resources Land (CR Land) is a high-quality Chinese property developer with a focus on Tier-1 and 2 cities.
One of its competitive advantages is its expertise in urban renewal projects, which it has a first mover advantage.
Another investment merit of CR Land is its enviable investment properties portfolio (mostly shopping malls), which allows it to garner robust recurring income streams.
This provides stronger earnings visibility and diversification, notwithstanding the adverse impact from Covid-19 related lockdowns and rental concessions extended to its retail tenants.
CR Land had also successfully spun off a partial stake in its property management arm in 2020 and unlocked value for its shareholders.
Although CR Land is currently trading at a premium to most of its peers’ forward price-to-earnings (P/E) ratio, 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
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: China Resources Land 1109
by winston » Wed Aug 31, 2022 9:08 am
not vested
CHINA RES LAND (01109.HK) 1H NP RMB10.6B, Down 19%; Interim DPS RMB18.2 Fen
CHINA RES LAND (01109.HK) announced the financial results for the interim period ended 30 June 2022.
The revenue declined 1.1% YoY to RMB72.894 billion.
The net profit amounted to RMB10.603 billion, down 19.2% YoY.
EPS was RMB1.49.
An interim dividend of RMB18.2 fen per share was declared against a dividend of RMB17.3 fen per share in the corresponding period of the previous year.
Dividend History
Announce Date Event Particular
2022/03/30 Final D:RMB 1.2070(equivalent to HKD 1.4840)
2021/08/25 Interim D:RMB 0.1730(equivalent to HKD 0.2080)
2021/03/29 Final D:RMB 1.1020(equivalent to HKD 1.3120)
2020/11/03 Special Preferential Offer: Assured entitlement 1 reserved share of China Resources Mixc Lifestyle Services Ltd. for every integral multiple of 130 shares
Source: AAStocks Financial News
CHINA RES LAND (01109.HK) 1H NP RMB10.6B, Down 19%; Interim DPS RMB18.2 Fen
CHINA RES LAND (01109.HK) announced the financial results for the interim period ended 30 June 2022.
The revenue declined 1.1% YoY to RMB72.894 billion.
The net profit amounted to RMB10.603 billion, down 19.2% YoY.
EPS was RMB1.49.
An interim dividend of RMB18.2 fen per share was declared against a dividend of RMB17.3 fen per share in the corresponding period of the previous year.
Dividend History
Announce Date Event Particular
2022/03/30 Final D:RMB 1.2070(equivalent to HKD 1.4840)
2021/08/25 Interim D:RMB 0.1730(equivalent to HKD 0.2080)
2021/03/29 Final D:RMB 1.1020(equivalent to HKD 1.3120)
2020/11/03 Special Preferential Offer: Assured entitlement 1 reserved share of China Resources Mixc Lifestyle Services Ltd. for every integral multiple of 130 shares
Source: AAStocks Financial News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: China Resources Land 1109
by winston » Thu Sep 01, 2022 8:49 am
not vested
China Resources Land
Top pick among SOE developers
CR Land reported solid 1H22 results, with core net profit up 3% yoy, 11% above our estimate, on strong cost control and higher JV contribution.
Its sufficient landbank and strong balance sheet should allow it to sustain sales growth, in our view.
Maintain Add and HK$48.2 TP. Our top pick among SOE developers.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 8E8C6DBFB7
China Resources Land
Top pick among SOE developers
CR Land reported solid 1H22 results, with core net profit up 3% yoy, 11% above our estimate, on strong cost control and higher JV contribution.
Its sufficient landbank and strong balance sheet should allow it to sustain sales growth, in our view.
Maintain Add and HK$48.2 TP. Our top pick among SOE developers.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 8E8C6DBFB7
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 111002
- Joined: Wed May 07, 2008 9:28 am
Re: China Resources Land 1109
by winston » Tue Dec 13, 2022 3:08 pm
not vested
CHINA RES LAND(1109)
Analysis：
The company is the flagship of the real estate business of China Resources Group and one of the most powerful comprehensive real estate developers in mainland China.
In 2022H1, the Company reported an operating income of 72.89 billion yuan, a slight decrease of 1.1% yoy.
The net profit attributable to the parent company was RMB 10.6 billion, a yoy decrease of 19.2%, and the core net profit attributable to the parent company after deducting the evaluation appreciation of investment properties recorded an increase of 2.6% to RMB 10.16 billion.
The interim DPS was 0.182 yuan, an increase of 5.2% over the same period last year.
Recently, the Company has spun off its indemnificatory rental housing project and listed it as the public offering REIT underlying asset of infrastructure.
The launch of commercial real estate REITs will help guide the transformation of the real estate market from high turnover and rapid development to stock operation upgrading, stimulate market potential and increase valuation premium, and will have a positive impact on companies with high-quality commercial real estate and long-term rental brands.
Strategy：
Buy-in Price: $33.5, Target Price: $39.00, Cut Loss Price: $30.60
Source: Phillips
CHINA RES LAND(1109)
Analysis：
The company is the flagship of the real estate business of China Resources Group and one of the most powerful comprehensive real estate developers in mainland China.
In 2022H1, the Company reported an operating income of 72.89 billion yuan, a slight decrease of 1.1% yoy.
The net profit attributable to the parent company was RMB 10.6 billion, a yoy decrease of 19.2%, and the core net profit attributable to the parent company after deducting the evaluation appreciation of investment properties recorded an increase of 2.6% to RMB 10.16 billion.
The interim DPS was 0.182 yuan, an increase of 5.2% over the same period last year.
Recently, the Company has spun off its indemnificatory rental housing project and listed it as the public offering REIT underlying asset of infrastructure.
The launch of commercial real estate REITs will help guide the transformation of the real estate market from high turnover and rapid development to stock operation upgrading, stimulate market potential and increase valuation premium, and will have a positive impact on companies with high-quality commercial real estate and long-term rental brands.
Strategy：
Buy-in Price: $33.5, Target Price: $39.00, Cut Loss Price: $30.60
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 111002
- Joined: Wed May 07, 2008 9:28 am
Re: China Resources Land 1109
by winston » Fri Dec 30, 2022 12:22 pm
not vested
CHINA RESOURCES LAND LTD (1109 HK)
Recommendation : BUY
Fair Value : HKD 43.43
Positive developments for both Chinese property sector and specifically to China Resources Land
Contracted sales only down 7.0% year-on-year (YoY) to CNY251.7b for 11M22 which was much better than top 100 developers’ performance
Top property developer pick heading into 2023
China Resources Land (CR Land) is a high-quality state-owned enterprise (SOE) Chinese property developer with a focus on Tier-1 and 2 cities.
One of its competitive advantages is its expertise in urban renewal projects, which it has a first mover advantage.
Another investment merit of CR Land is its enviable investment properties portfolio (mostly shopping malls), which allows it to garner robust recurring income streams.
This provides stronger earnings visibility and diversification, notwithstanding the adverse impact from Covid-19 related lockdowns and rental concessions extended to its retail tenants.
CR Land had also successfully spun off a partial stake in its property management arm in 2020 and unlocked value for its shareholders.
Although CR Land is currently trading at a premium to most of its peers’ forward price-to-earnings (P/E) ratio, 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.
Source: OCBC
CHINA RESOURCES LAND LTD (1109 HK)
Recommendation : BUY
Fair Value : HKD 43.43
Positive developments for both Chinese property sector and specifically to China Resources Land
Contracted sales only down 7.0% year-on-year (YoY) to CNY251.7b for 11M22 which was much better than top 100 developers’ performance
Top property developer pick heading into 2023
China Resources Land (CR Land) is a high-quality state-owned enterprise (SOE) Chinese property developer with a focus on Tier-1 and 2 cities.
One of its competitive advantages is its expertise in urban renewal projects, which it has a first mover advantage.
Another investment merit of CR Land is its enviable investment properties portfolio (mostly shopping malls), which allows it to garner robust recurring income streams.
This provides stronger earnings visibility and diversification, notwithstanding the adverse impact from Covid-19 related lockdowns and rental concessions extended to its retail tenants.
CR Land had also successfully spun off a partial stake in its property management arm in 2020 and unlocked value for its shareholders.
Although CR Land is currently trading at a premium to most of its peers’ forward price-to-earnings (P/E) ratio, 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.
Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 111002
- Joined: Wed May 07, 2008 9:28 am
Re: China Resources Land 1109
by winston » Fri Jan 13, 2023 10:28 am
not vested
CHINA RES LAND 2022 Gross Contracted Sales Drop 4.6% to RMB301.3B
CHINA RES LAND (01109.HK) announced that for the month ended 31 December 2022, the company achieved gross contracted sales of approximately RMB49.59 billion with contracted GFA of approximately 2.7026 million square meters, up 9.8% and 167.6% YoY respectively.
Over the same period, attributable contracted sales achieved approximately RMB34.88 billion with contracted GFA of approximately 1.9905 million square meters, up 1.3% and 133.3% YoY respectively.
In 2022, gross contracted sales achieved approximately RMB301.33 billion with contracted GFA of approximately 14.2546 million square meters, down 4.6% and 14.4% YoY respectively.
In 2022，the company achieved gross rental income from investment properties with 0.3% YoY growth to approximately RMB18.39 billion after a rental relief of approximately RMB2.49 billion, the underlying YoY rental income growth in 2022 was 13.9% if excluding the impact of rental relief.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... t-news/HK6
CHINA RES LAND 2022 Gross Contracted Sales Drop 4.6% to RMB301.3B
CHINA RES LAND (01109.HK) announced that for the month ended 31 December 2022, the company achieved gross contracted sales of approximately RMB49.59 billion with contracted GFA of approximately 2.7026 million square meters, up 9.8% and 167.6% YoY respectively.
Over the same period, attributable contracted sales achieved approximately RMB34.88 billion with contracted GFA of approximately 1.9905 million square meters, up 1.3% and 133.3% YoY respectively.
In 2022, gross contracted sales achieved approximately RMB301.33 billion with contracted GFA of approximately 14.2546 million square meters, down 4.6% and 14.4% YoY respectively.
In 2022，the company achieved gross rental income from investment properties with 0.3% YoY growth to approximately RMB18.39 billion after a rental relief of approximately RMB2.49 billion, the underlying YoY rental income growth in 2022 was 13.9% if excluding the impact of rental relief.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... t-news/HK6
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 111002
- Joined: Wed May 07, 2008 9:28 am
Re: China Resources Land 1109
by winston » Thu Mar 30, 2023 9:53 am
not vested
CR Land (1109 HK)
2022: Results Beat Expectations; Well-positioned For Growth In 2023
Core attributable net profit increased 1.5% yoy to Rmb10.2b, beating expectations.
Despite a challenging environment, the company kept a stable profitability and dividend
payout ratio.
For 2023, CR Land targets positive sales and earnings growth with relatively stable profitability.
We think the targets are well-supported by abundant saleable resources and its leading position in mall operations.
We slightly revise down our earnings forecasts.
Maintain BUY. Raise target price to HK$47.48.
Source: UOBKH
https://research.uobkayhian.com/content ... b7da35b2ec
CR Land (1109 HK)
2022: Results Beat Expectations; Well-positioned For Growth In 2023
Core attributable net profit increased 1.5% yoy to Rmb10.2b, beating expectations.
Despite a challenging environment, the company kept a stable profitability and dividend
payout ratio.
For 2023, CR Land targets positive sales and earnings growth with relatively stable profitability.
We think the targets are well-supported by abundant saleable resources and its leading position in mall operations.
We slightly revise down our earnings forecasts.
Maintain BUY. Raise target price to HK$47.48.
Source: UOBKH
https://research.uobkayhian.com/content ... b7da35b2ec
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 111002
- Joined: Wed May 07, 2008 9:28 am
Re: China Resources Land 1109
by winston » Fri Mar 31, 2023 11:55 am
not vested
CHINA RESOURCES LAND LTD (1109 HK)
Recommendation : BUY
Fair Value : HKD 44.52
DELIVERING GROWTH AMID UNCERTAINTY.
FY22 core profit after tax and minority interest (PATMI) grew 1.5% year-on-year (YoY) to CNY27.0b
Slight growth in dividends per share (DPS) to CNY1.401 for FY22; dividend payout ratio to stay at 37%
Balance sheet remains one of the strongest within the industry
China Resources Land (CR Land) is a high-quality state-owned enterprise (SOE) Chinese property developer with a focus on Tier-1 and 2 cities.
One of its competitive advantages is its expertise in urban renewal projects, which it has a first mover advantage.
Another investment merit of CR Land is its enviable investment properties portfolio (mostly shopping malls), which allows it to garner robust recurring income streams.
This provides stronger earnings visibility and diversification, notwithstanding the adverse impact from Covid-19 related lockdowns and rental concessions extended to its retail tenants back in 2022.
CR Land had also successfully spun off a partial stake in its property management arm in 2020 and unlocked value for its shareholders.
Although CR Land is currently trading at a premium to most of its peers’ forward price-to-earnings (P/E) ratio, 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.
Source: OCBC
CHINA RESOURCES LAND LTD (1109 HK)
Recommendation : BUY
Fair Value : HKD 44.52
DELIVERING GROWTH AMID UNCERTAINTY.
FY22 core profit after tax and minority interest (PATMI) grew 1.5% year-on-year (YoY) to CNY27.0b
Slight growth in dividends per share (DPS) to CNY1.401 for FY22; dividend payout ratio to stay at 37%
Balance sheet remains one of the strongest within the industry
China Resources Land (CR Land) is a high-quality state-owned enterprise (SOE) Chinese property developer with a focus on Tier-1 and 2 cities.
One of its competitive advantages is its expertise in urban renewal projects, which it has a first mover advantage.
Another investment merit of CR Land is its enviable investment properties portfolio (mostly shopping malls), which allows it to garner robust recurring income streams.
This provides stronger earnings visibility and diversification, notwithstanding the adverse impact from Covid-19 related lockdowns and rental concessions extended to its retail tenants back in 2022.
CR Land had also successfully spun off a partial stake in its property management arm in 2020 and unlocked value for its shareholders.
Although CR Land is currently trading at a premium to most of its peers’ forward price-to-earnings (P/E) ratio, 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.
Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
-
winston - Billionaire Boss
- Posts: 111002
- Joined: Wed May 07, 2008 9:28 am
46 posts
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