CKH Holdings (former Cheung Kong Hutchison) 0001

Re: Cheung Kong 0001

Postby winston » Tue Feb 24, 2009 2:36 pm

DJ MARKET TALK: Morgan Stanley Starts Cheung Kong At Equalweight

1225 [Dow Jones] STOCK CALL: Morgan Stanley initiates Cheung Kong (0001.HK) at Equalweight with HK$72.60 target price; notes stock trades at about 17% discount to its NAV, above its trough discount of 40%, other property developers at around 40%-50%.

Cautions "worst case is not priced in." Adds stock yet to factor in further property declines, sees 2H08 earnings risk from potential impairment/writedowns on its investments, based on market value of Hutchison being lower than carrying value on book. Stock down 3.5% at HK$63.50
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Re: Cheung Kong 0001

Postby kennynah » Tue Feb 24, 2009 2:50 pm

Cheong Kong...sounds like "confiscate" ...??? :?
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Re: Cheung Kong 0001

Postby winston » Thu Mar 26, 2009 1:35 pm

Cheung Kong hit as profit plunges

Cheung Kong (Holdings) posted its first drop in full-year profit since 2003 amid lower earnings from its Hutchison Whampoa unit and home sales.

Net income fell 44 percent to HK$15.5 billion, or HK$6.70 a share, from HK$27.7 billion, or HK$11.95, in 2007, the world's second-biggest builder by market value said in a statement to the Hong Kong stock exchange.

That is in line with the median HK$16 billion estimate of six analysts compiled by Bloomberg.

Cheung Kong posted steady property income as it sold more homes than rivals Sun Hung Kai Properties when prices slid 25 percent from last year's peak. Cheung Kong's overall profit fell as Hutchison didn't repeat a HK$35.8 billion year-earlier gain from selling its investment in an Indian mobile-phone carrier.

CLSA Asia-Pacific Markets analyst Danie Schutte said before the earnings announcement that Cheung Kong locked in a lot of sales before prices came down but that there is a question mark over whether a repeat for this year.

For the second half of last year, Li Ka-shing's flagship property conglomerate posted a 61.8 percent fall, dented by a fall in investment and finance income and lagging analysts' forecast.

Cheung Kong posted a profit of HK$3.5 billion for the July to December half versus HK$9.14 billion a year earlier. Analysts had forecast HK$4.12 billion profit.

However, analysts are also saying Cheung Kong's vast land bank should benefit from a looming shortage of land supply in Hong Kong.

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Re: Cheung Kong 0001

Postby winston » Thu May 21, 2009 10:51 am

DJ MARKET TALK: Citi Raises Cheung Kong Target 11.4% To HK$96.53

0929 [Dow Jones] STOCK CALL: Citigroup raises Cheung Kong (0001.HK) target to HK$96.53 from HK$86.66, based on 15% discount to NAV of HK$113.57 (revised to incorporate higher average selling price assumption). Says stock currently at 26% discount to NAV, offers more attractive risk-reward profile vs Sun Hung Kai Properties (0016.HK).

Adds underperformance vs SHKP due to concerns on potential defaults at Celestial Heights Phase I and The Capitol. "With the latest rebound in property prices in HK, along with increased sales volume, we believe there is unlikely to be a meaningful amount of defaults seen at both projects," says Citigroup. Keeps at Buy. Stock ended down 1.9% at HK$84.00 yesterday.
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Re: Cheung Kong 0001

Postby winston » Mon Aug 10, 2009 7:41 am

Cheung Kong tipped to suffer slide in earnings

Cheung Kong (Holdings) (0001) may report on Thursday a fall in interim core income due to lower treasury and development earnings, an analyst said.

Stripping off the contribution from subsidiary Hutchison Whampoa (0013) and a property revaluation, the developer's underlying profit, for the six months ended June, is forecast to be down 19 percent at HK$4.48 billion, Macquarie Research said.

"We expect the company would recognize property sales of Celestial Heights and remaining units of The Capitol and Seasons Monarch as the key contribution," real estate analyst Eva Lee wrote in a note to clients.

Apart from property sales, Macquarie expects a marginal increase in Cheung Kong's rental and hotel earnings.

"The level of its treasury earnings will remain the key swing factor of Cheung Kong's interim results," Lee added. The broker estimates investment and finance income to fall 81 percent from a year earlier.

But another analyst is more optimistic about tycoon Li Ka-shing's flagship. Adrian Ngan Wai-hung, executive director at CCB International Securities' research department, expects Cheung Kong to report an 11 percent increase in core income to HK$6.16 billion from the same period a year ago.

Contribution from property sales during the period was HK$5.4 billion, up from HK$5.25 billion the previous year, Ngan estimated. Rental income rose 10 percent.

Both Lee and Ngan expect Cheung Kong to declare an interim dividend of 50 HK cents per share.

ALFRED LIU, The Standard HK
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Re: Cheung Kong 0001

Postby winston » Thu Aug 13, 2009 1:24 pm

Cheung Kong H1 net profit up 5 percent

HONG KONG, Aug 13 (Reuters) - Cheung Kong Holdings (0001.HK), billionaire Li Ka-shing's property flagship, reported a 5 percent increase in first-half net profit on Thursday as the property developer posted increased contributions from its property sales, rental and management business.

Hong Kong's second-largest property developer by market value, Cheung Kong posted a January-June net profit of HK$11.52 billion ($1.5 billion) compared with a restated HK$10.97 billion reported a year earlier.

The stock rose 22 percent in the first half, buoyed by expectations that an improving global economy and Hong Kong's low interest rate environment would contribute to a rebound in demand for residential property. That gain slightly lagged the 28 percent rally on the main index .HSI over the same period.
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Re: Cheung Kong 0001

Postby eauyong » Tue Oct 13, 2009 6:58 pm

Li Ka-shing raises stk in Cheung Kong (00001) to 40.43%
17:55
Infocast

(Infocast News) Cheung Kong (00001) chairman Li Ka-shing has increased his long position in the company from 936.053 million shares (40.41%) to 936.463 million shares (40.43%), after he bought 410,000 shares of the company on October 9 at $98.1 per share on average, the Stock Exchange's SDI information shows. The shares were traded on the Stock Exchange for a total of $40.221 million.
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Re: Cheung Kong 0001

Postby winston » Tue Oct 20, 2009 10:56 am

DJ MARKET TALK: Cheung Kong's Laggard Status Unjustified - Citi

1031 [Dow Jones] STOCK CALL: Cheung Kong's (0001.HK) laggard status among HK, China property stocks is unjustified, given its strong HK property sales, cheap China landbank bought years ago, Citigroup says.

Tips company to benefit from current momentum in HK property market, solid end-user demand in China. Notes CKH sold over 1,800 units in HK from 1Q-3Q, achieving market share of some 25% on sales value. Says valuation attractive at 25% discount to estimated NAV of HK$132.97/share. Keeps at Buy, target HK$113.03.

Source: Dow Jones Newswire
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Re: Cheung Kong 0001

Postby bulltick » Tue Mar 23, 2010 1:28 pm

Cheung Kong Caps Homes Per Buyer at New H.K. Project

March 23 (Bloomberg) -- Cheung Kong (Holdings) Ltd., the Hong Kong-based real estate company controlled by billionaire Li Ka-shing, is capping the number of homes for each buyer at a new residential project as the government tries to curb speculation amid concerns of a property market bubble.

Each buyer, either using a personal name or that of a company, can purchase a maximum of two homes at the Festival City project located in the New Territories district, said William Kwok, director of Cheung Kong’s real estate arm.

“We found that many speculators are very interested in our project, and we want to protect the self-users,” Kwok, referring to those who buy homes for their own use, said in an interview by phone today. “The Hong Kong property situation is very hot, and we don’t want this project to be focused on the speculators.”

Hong Kong’s government has expressed concern about surging property prices and will raise stamp duties on luxury residences from April 1 after increasing down payments for homes costing more than HK$20 million ($2.58 million). It also has pledged to supply more land and proposed selling more public homes.

Luxury homes in Hong Kong are typically defined as those costing more than HK$10 million each or are bigger than 1,000 square feet (92.9 square meters). Buying from rich mainland Chinese and near-zero interest rates on savings deposits fueled a 45 percent jump in prices of such homes in 2009, real estate broker Savills Plc said earlier this year.

No Pressure

Prices for Hong Kong luxury residences have risen 8.2 percent this year, signaling the government’s measures are not working. The average sale price of existing luxury homes this month is HK$11,823 a square foot, from December’s HK$10,931, according to transactions at 30 key luxury projects, Centaline Property Agency Ltd., one of the city’s biggest property agencies, said in a March 18 report.

Cheung Kong’s cap, effective immediately, isn’t due to government pressure, Kwok said. The developer made the decision after feedback from property agents and after market reports indicated that demand may exceed the number of units available for sale, he said.

“It is one way of trying to limit speculation - the intent is good - but it may be difficult to implement, especially if there is a lot of demand,” Benedict Ma, a Hong Kong-based analyst at CB Richard Ellis Group Inc., said today.

Mainland Interest

Festival City is attracting interest from Hong Kong and mainland Chinese buyers because it is located near China, Kwok said. It is a luxury project, based on the price of each home, he added. Cheung Kong, which is selling 1,360 apartments in the first phase, hasn’t decided on the exact pricing, he said.

Festival City would be priced at least from HK$7,000 a square foot upwards, while the average price of existing homes in the New Territories ranged from HK$4,000 to HK$5,000 a square foot, said Wong Leung-sing, an associate director of research at Centaline.

Sun Hung Kai Properties Ltd., the world’s biggest developer by market value, in February said it sold apartments at its Yoho Midtown project in the Yuen Long area of New Territories for an average of HK$5,400 a square foot.

Located on top of the Tai Wai subway station, the apartments offered in the first phase range from 874 square feet to 1,373 square feet, when including common areas such as lift lobbies, according to Cheung Kong’s Web site. Cheung Kong is building Festival City in three phases consisting of more than 4,000 units.
Cheung Kong’s cap was reported today by Ming Pao, a Chinese-language paper.

The property developer grew out of the plastics business Li founded more than 50 years ago. Forbes Magazine this month named the 81-year-old as Asia’s third-richest man with an estimated net worth of $21 billion.

Source: Bloomberg
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Re: Cheung Kong 0001

Postby iam802 » Thu Dec 29, 2011 1:14 pm

Li’s Cheung Kong Loses S&P Credit Rating

http://www.bloomberg.com/news/2011-12-2 ... mpany.html

Cheung Kong (Holdings) Ltd. (1), controlled by billionaire Li Ka-shing, had its long-term corporate credit rating withdrawn by Standard & Poor’s, which said it hasn’t been able to “accurately assess” the credit quality of the Hong Kong developer.

The ratings company withdrew the A- “unsolicited” rating, which was based on publicly available information because it had “no access to the company management for the past three years,” S&P said in a statement yesterday.

“We can’t evaluate Cheung Kong’s liquidity accurately due to recent revisions to our liquidity criteria as the company has made material acquisitions in the past 12 months and continues to be active on the acquisition trail,” analysts Christopher Lee and Bei Fu wrote in the statement.

Hong Kong’s second-biggest builder by market value has spent more than HK$22 billion ($2.83 billion) buying land in the city this year, the company’s interim report shows. It’s seeking acquisitions in China as the country’s liquidity crunch make it a “golden time” for Cheung Kong, Executive Director Justin Chiu said in November.

“Of course if you can’t get access to management for three years, you won’t be getting a very clear picture of the company,” said Lee Wee Liat, Hong Kong-based property analyst at Samsung Securities Ltd. “They have done a bit of acquisitions lately but that didn’t materially weaken their balance sheet. They still have one of the strongest balance sheets among Hong Kong developers.”

Conservative Profile

Cheung Kong had a debt-to-common-equity ratio of 11 percent at the end of June, according to data compiled by Bloomberg. That compares with 20 percent for Sun Hung Kai Properties Ltd., the biggest developer in Hong Kong, and 15 percent for Hang Lung Properties Ltd., the third largest.

Cheung Kong’s S$730 million ($561 million) of 5.125 perpetual notes, sold to investors at par in September, were little changed today, yielding 5.098 percent compared with 5.021 percent on Sept. 23, Nomura Holdings Inc. prices show. Its S$180 million of 2.585 percent, five-year bonds due July 2016 are yielding 3.122 percent today versus 3.134 percent as of yesterday’s close, DBS Group Holdings Ltd. prices on Bloomberg show.

Cheung Kong discontinued S&P’s ratings services in 2009 because its “conservative financial profile” meant it didn’t need a rating, Wendy Tong Barnes, a spokeswoman for the company, said in a statement yesterday. The company was barred by regulation from meeting with S&P to provide them with privileged information and S&P never approached Cheung Kong for such information, Barnes said.

Bilateral Loans

“Cheung Kong’s financing is predominately done through bilateral loans,” said Andrew Lawrence, Hong Kong-based head of property research at Barclays Capital Asia Ltd. “There’s less need for Standard & Poor’s ratings because they’re done directly between the developer and the banks.”

S&P also withdrew the cnAA Greater China credit scale rating on Cheung Kong. It maintained the A- rating and stable outlook on Hutchison Whampoa Ltd. (13), which is 49.9 percent owned by Cheung Kong, according to the statement. A- at S&P is the seventh-highest investment-grade rating, or four levels above junk, or speculative, grade.

‘Financial Flexibility’

The A- rating on Cheung Kong was supported by the company’s “strong financial flexibility,” according to the statement.

“At the time of the withdrawal, the stable outlook reflected our expectation that CKH will generate satisfactory cash flows and maintain conservative financial management over the next two years,” Lee and Fu wrote.

Cheung Kong has the equivalent of $1.78 billion in bonds and $771.6 million in loans outstanding, according to data compiled by Bloomberg. Of that, $939 million matures before the end of 2013, the data show. The company last sold bonds in November when it issued HK$300 million of 3.35 percent notes due 2012. Its S$730 million of 5.125 perpetual notes, sold to investors at par in September, have fallen to yield 5.098 percent and reached 5.021 percent on Sept. 23, Nomura prices show.


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