CIFI Holdings is an investment holding company based in the People's Republic of China. Co. is engaged in property development, property investment and provision of property management and property related services. Co.'s residential property development activities focus on developing quality, mass market residential properties with small-to-medium unit sizes, comfortable living environment and locations with good public transportation links. Co.'s commercial property development activities focus on developing office properties-for-sale. Additionally, Co. provides property management services to residential and commercial customers through the property management companies.
KWG Property Holding is an investment holding company. Co.'s portfolio provides different types of products, which include mid- to high-end residential properties, serviced apartments, villas, office buildings, hotels and shopping malls. Co.'s segments include: property development, which is engaged in the sale of properties; property investment, which is engaged in leasing of properties; hotel operation, which is engaged in the operation of hotels; and property management, which is engaged in the provision of property management services.
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.
Zhenro Properties Group Ltd. Zhenro Properties Group Limited is an investment holding company principally engaged in the sale of properties. Along with its subsidiaries, the Company provides sales of properties, property leasing business, provision of commercial property management services, and sales of goods and provision of design consultation services.
A director at CIFI Holdings Group Co Ltd bought 3,318,000 shares at 4.193HKD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. Th...
Since revenue of property developers has a lag of 2-3 years from pre-sales to carryover, most of the project settlements in 1H19 were sold in 2016-17. Therefore, earnings of property developers in 1H19 were still eye-catching. However, with the further tightening of policies and financing in the property sector, pressure on sales and investment will increase and impact the cash flow of developers. Maintain MARKET WEIGHT.
KWG’s 1H19 net profit of Rmb6.15b (up 184% yoy) is lower than our expectation. The property business is based in Guangzhou but is expanding nationwide and has entered nearly 40 cities with more than 150 projects on hand. The major growth drivers include a stable debt structure and high dividend rates. Maintain BUY with a target price of HK$9.01.
Dairy names reported in-line 1H19 results with sales on track with guidance while bottom lines were slightly ahead due to the positive impact from non-operating factors. Leaders continued to win market share via product innovation, brand investment and channel penetration. The recent raw milk upcycle, representing higher cost inflation, while we note other materials have gone down as well as mix-upgrade to more than offset higher price of milk. Maintain OVERWEIGHT on the sector.
CX’s fixed cash cover is likely to be below 1.0x in 2H19 and the carrier also has HK$16b in debt that is due by the year end, along with an estimated HK$7b in capex for the same period. Thus, CX will be facing a severe cash crunch unless it manages to raise further capital in the form of MTN or a rights issue. Fuel volatility will also not be in CX’s favour as the carrier has only hedged 30% of Brent fuel requirements for 2019. Maintain SELL. Target price: HK$9.10.
KEY HIGHLIGHTS Sector Macau Gaming 1H19 sector review and 2H19 outlook. Property Limited impact from renminbi fluctuation. Results Sun Hun Kai Properties (16 HK/BUY/HK$116.90/Target: HK$148.00) FY19: Results in line; strong balance sheet and positioning allow company to capitalise on opportunities. TRADERS’ CORNER WH Group (288 HK): Trading Buy Range BAIC Motor (1958 HK): Trading Buy Range
GREATER CHINA Sector Macau Gaming: 1H19 sector review and 2H19 outlook. Property: Limited impact from renminbi fluctuation. Results Sun Hun Kai Properties (16 HK/BUY/HK$116.90/Target: HK$148.00): FY19: Results in line; strong balance sheet and positioning allow company to capitalise on opportunities. INDONESIA Update Astra Agro Lestari (AALI IJ/BUY/Rp10,325/Target: Rp11,700): Expect 61.8% yoy net profit growth in 2020; upgrade to BUY. MALAYSIA Sector Telecommunications: 1H19 earnings affected by 4% yoy decline in service revenue. Telcos to continue focusing on customer acquisition and good...
FY19 earnings are in line with expectations with core profit of HK$32,398m (+6.6% yoy). SHKP reported FY19 contracted sales of HK$60b, up 40% yoy and trashing its HK$42.5b target. 70% of Hong Kong sales recognition planned for FY20 has been locked in while management maintains the “medium-term” Hong Kong contracted sales target of HK$40b for FY20. Full-year DPS of HK$4.95 represents an attractive yield of 4.2%. Maintain BUY and target price of HK$148.00.
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