Times China Holdings (P Chip)

Times Property Holdings is a property developer in China, focusing on the development of mid-market to high-end residential properties. Property development is the development of residential and commercial properties for sale. Property leasing is the development, leasing and sub-leasing of commercial properties owned by Co. or independent third parties. Property management is the provision of property management services to Co.'s residential customers. Co. has expanded its business to Guangzhou, Foshan, Zhuhai, Zhongshan, Qingyuan and Changsha.
  • Ticker1233
  • ISINKYG8904A1004
  • ExchangeHong Kong Stock Exchange
  • SectorReal Estate Investment & Services
  • CountryCayman Islands

Analysts

UOB
Nick Liu Sunliang ...
  • Shaun Tan

Times China Holdings - 1H19: In line with expectations.

1H19 results were in line with our expectations with core profit amounting to Rmb1,701m, up 43.8% yoy. Management maintained its full-year sales guidance of Rmb75b as 49.1% of its target was achieved in 7M19. The improvement in Times’ gross margin was driven by the booking of higher-margin products and urban redevelopment profits. Management notes that gearing and financing costs would remain stable. Maintain BUY with a target price of HK$17.60.

UOB
Joyce Chan Pui Lai ...
  • Julia Cheung Pui Man
  • Lee Yuk Kei
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Sandra Huang Jieqiong
  • Shaun Tan

Greater China Daily: Wednesday, August 7, 2019

KEY HIGHLIGHTS CHINA Sector Gold Gold back in fashion: Prices jump on trade risk escalation. Results Times China Holdings (1233 HK/BUY/HK$12.50/Target: HK$17.60) 1H19: In line with expectations. Update Yangtze Optical Fibre And Cable (6869 HK/HOLD/HK$12.96/Target: HK$14.80) 1H19 results preview: Overcapacity issue looming on near-term outlook. Upgrade to HOLD as negatives have been fully priced in. HONG KONG Results Wharf REIC (1997 HK/HOLD/HK$45.85/Target: HK$52.86) 1H19: Results in line; caught up in a “perfect storm”. TRADERS’ CORNER CAM CSI 300 (3188 HK): Trading Buy Range ...

UOB
Abdul Hadi Bin Abdul Manaf ...
  • Arandi Ariantara
  • Chong Lee Len
  • Jie Ying Chloe Tan
  • John Cheong Ming Chern
  • Julia Cheung Pui Man
  • Kowit Pongwinyoo
  • Lee Yuk Kei
  • Malaysia Research Team
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Philip Wong
  • Sandra Huang Jieqiong
  • Thananchai Jittanoon
  • Thunya Sutavepramochanon
  • Vincent Khoo Boo Aik

Regional Morning Notes - Wednesday, August 7, 2019

CHINA Sector Gold: Gold back in fashion: Prices jump on trade risk escalation. Results Times China Holdings (1233 HK/BUY/HK$12.50/Target: HK$17.60): 1H19: In line with expectations. Update Yangtze Optical Fibre And Cable (6869 HK/HOLD/HK$12.96/Target: HK$14.80): 1H19 results preview: Overcapacity issue looming on near-term outlook. Upgrade to HOLD as negatives have been fully priced in. HONG KONG Results Wharf REIC (1997 HK/HOLD/HK$45.85/Target: HK$52.86): 1H19: Results in line; caught up in a “perfect storm”. INDONESIA Update Wijaya Karya (WIKA IJ/BUY/Rp2,200/Target: Rp2,700): Expected Rp4....

UOB
Shaun Tan

CHINA PROPERTY SECTOR: 52-page report - Price = US$500:-

UOB Kay Hian published on 11th July this report on the China Property Sector, which contains 5 actionable investment ideas and includes forecasts for 2019, 2020 and 2021 for the companies’ key data (including net turnover, operating profit, EPS, PER, PBR, ROE and dividend yield). The report has sections on:- * Investment Highlights: page 1; * Determining Housing Demand Based On Population Changes: pages 3 – 7; * Integration In Yangtze River Delta (YRD) Bringing Opportunities: pages 8 – 11; * Greater Bay Area (GBA) To Outperform Rest Of China And Globally: pages 12 – 15; Stock Picks:- * Ronsh...

UOB
Nick Liu Sunliang ...
  • Shaun Tan

China Property - Embracing megacity clusters.

With the government’s efforts to foster and develop city clusters in China, we see huge housing demand in core metroplolitan areas arising from urbanisation and cross-regional population flows into those areas. The YRD and GBA will remain the main magnets for population in the future, given their vast potential. Urbanisation rates in YRD (68.5%) and GBA (84.4%) are higher than in the rest of China (59.58%). Maintain OVERWEIGHT. Our top picks are CIFI, Ronshine and Times China.

Times Property Holdings Limited: Covenant Quality Post-Sale Snapshot: US$500m 6.25% Senior Notes due 2021

CORPORATES ISSUER IN-DEPTH 11 January 2018 Source Documents: Offering Memorandum (9 Jan 2018) Peer Group: » Homebuilding See Snapshot User’s Guide for terminology, analytical criteria and our ranking of covenant structures. This report contains Moody's analysis of the principal protections and weaknesses of the covenant package of the Notes based on information contained in the Offering Memor

Moody's assigns B2 to Times Property's proposed USD notes (Chinese)

陈正量 分析师 企业融资部 Moody's Investors Service Hong Kong Ltd. 中国香港特别行政区 金钟道 88 号 太古广场一期 24 楼 联系电话 (记者) : 852-3758-1350 联系电话 (客户) : 852-3551-3077 刘长浩 董事总经理 – 企业融资 企业融资部 Moody's Investors Service Hong Kong Ltd. 中国香港特别行政区 金钟道 88 号 太古广场一期 24 楼 联系电话 (记者) : 852-3758-1350 联系电话 (客户) : 852-3551-3077 新闻稿发布处:  Moody’s Investors Service Hong  Kong Ltd. 中国香港特别行政区 金钟道 88

Moody's assigns B2 to Times Property's proposed USD notes

Rating Action: Moody's assigns B2 to Times Property's proposed USD notes. Global Credit Research- 09 Jan 2018. Hong Kong, January 09, 2018-- Moody's Investors Service has assigned a B2 rating to the USD senior unsecured notes proposed by Times Property Holdings Limited.

Moody's assigns B2 to Times Property's proposed USD notes

Rating Action: Moody's assigns B2 to Times Property's proposed USD notes. Global Credit Research- 09 Jan 2018. Hong Kong, January 09, 2018-- Moody's Investors Service has assigned a B2 rating to the USD senior unsecured notes proposed by Times Property Holdings Limited.

Times Property Holdings Limited: Covenant Quality Post-Sale Snapshot: US$300m 6.6% Senior Notes due 2023

CORPORATES ISSUER IN-DEPTH 24 November 2017 Source Documents: Offering Memorandum (22 Nov 2017) Peer Group: » Homebuilding See Snapshot User’s Guide for terminology, analytical criteria and our ranking of covenant structures. This report contains Moody's analysis of the principal protections and weaknesses of the covenant package of the Notes based on information contained in the Offering Mem

UOB
Nick Liu Sunliang ...
  • Shaun Tan

Times China Holdings - 1H19: In line with expectations.

1H19 results were in line with our expectations with core profit amounting to Rmb1,701m, up 43.8% yoy. Management maintained its full-year sales guidance of Rmb75b as 49.1% of its target was achieved in 7M19. The improvement in Times’ gross margin was driven by the booking of higher-margin products and urban redevelopment profits. Management notes that gearing and financing costs would remain stable. Maintain BUY with a target price of HK$17.60.

UOB
Abdul Hadi Bin Abdul Manaf ...
  • Arandi Ariantara
  • Chong Lee Len
  • Jie Ying Chloe Tan
  • John Cheong Ming Chern
  • Julia Cheung Pui Man
  • Kowit Pongwinyoo
  • Lee Yuk Kei
  • Malaysia Research Team
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Philip Wong
  • Sandra Huang Jieqiong
  • Thananchai Jittanoon
  • Thunya Sutavepramochanon
  • Vincent Khoo Boo Aik

Regional Morning Notes - Wednesday, August 7, 2019

CHINA Sector Gold: Gold back in fashion: Prices jump on trade risk escalation. Results Times China Holdings (1233 HK/BUY/HK$12.50/Target: HK$17.60): 1H19: In line with expectations. Update Yangtze Optical Fibre And Cable (6869 HK/HOLD/HK$12.96/Target: HK$14.80): 1H19 results preview: Overcapacity issue looming on near-term outlook. Upgrade to HOLD as negatives have been fully priced in. HONG KONG Results Wharf REIC (1997 HK/HOLD/HK$45.85/Target: HK$52.86): 1H19: Results in line; caught up in a “perfect storm”. INDONESIA Update Wijaya Karya (WIKA IJ/BUY/Rp2,200/Target: Rp2,700): Expected Rp4....

UOB
Nick Liu Sunliang ...
  • Shaun Tan

China Property: Embracing megacity clusters. OVERWEIGHT

With the government’s efforts to foster and develop city clusters in China, we see huge housing demand in core metroplolitan areas arising from urbanisation and cross-regional population flows into those areas. Naturally, the YRD and GBA will remain the main magnets for population in the future, given their vast potential. Urbanisation rates in YRD (68.5%) and GBA (84.4%) are notably higher than in the rest of China (59.6%). Maintain OVERWEIGHT with CIFI, Ronshine and Times China as top BUYs.

UOB
Joyce Chan Pui Lai ...
  • Julia Cheung Pui Man
  • Lee Yuk Kei
  • Neo Chen Wentao
  • Nick Liu Sunliang
  • Sandra Huang Jieqiong
  • Shaun Tan

Greater China Daily: Wednesday, August 7, 2019

KEY HIGHLIGHTS CHINA Sector Gold Gold back in fashion: Prices jump on trade risk escalation. Results Times China Holdings (1233 HK/BUY/HK$12.50/Target: HK$17.60) 1H19: In line with expectations. Update Yangtze Optical Fibre And Cable (6869 HK/HOLD/HK$12.96/Target: HK$14.80) 1H19 results preview: Overcapacity issue looming on near-term outlook. Upgrade to HOLD as negatives have been fully priced in. HONG KONG Results Wharf REIC (1997 HK/HOLD/HK$45.85/Target: HK$52.86) 1H19: Results in line; caught up in a “perfect storm”. TRADERS’ CORNER CAM CSI 300 (3188 HK): Trading Buy Range ...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

UOB
Shaun Tan

CHINA PROPERTY SECTOR: 52-page report - Price = US$500:-

UOB Kay Hian published on 11th July this report on the China Property Sector, which contains 5 actionable investment ideas and includes forecasts for 2019, 2020 and 2021 for the companies’ key data (including net turnover, operating profit, EPS, PER, PBR, ROE and dividend yield). The report has sections on:- * Investment Highlights: page 1; * Determining Housing Demand Based On Population Changes: pages 3 – 7; * Integration In Yangtze River Delta (YRD) Bringing Opportunities: pages 8 – 11; * Greater Bay Area (GBA) To Outperform Rest Of China And Globally: pages 12 – 15; Stock Picks:- * Ronsh...

UOB
Nick Liu Sunliang ...
  • Shaun Tan

China Property - Embracing megacity clusters.

With the government’s efforts to foster and develop city clusters in China, we see huge housing demand in core metroplolitan areas arising from urbanisation and cross-regional population flows into those areas. The YRD and GBA will remain the main magnets for population in the future, given their vast potential. Urbanisation rates in YRD (68.5%) and GBA (84.4%) are higher than in the rest of China (59.58%). Maintain OVERWEIGHT. Our top picks are CIFI, Ronshine and Times China.

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