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
UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property - Policy interpretation: Investment opportunities still exist in the property industry

This year's government work report has no special new ideas regarding real estate, which is basically consistent with the previous policies. However, "housing is not for speculation" has become a long-term policy. The real estate industry plays a key role in supporting the economy, especially in the current economic environment. We believe that real estate is still the main pillar of China's economy. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property - Gradually recovering from COVID-19 impact

With the Covid-19 epidemic under control, the property market is recovering gradually while housing demand has rebounded. In a stable market, the improvement in large developers’ sales will continue to promote industry concentration. Also, signs of policy relaxation in the property market are strengthening to ensure stable industry development, which means long-term investment opportunities for big developers. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property - 2019 results review: Long-term investment opportunities

Revenue from projects sold in 2017-18 was recognised in 2019, with developers’ revenue recognition usually seeing a lag of 2-3 years (from pre-sales to the carryover stage). Therefore, earnings of property developers in 2019 were still significant. Although developers have cut their sales targets for 2020 amid the current market conditions, policy loosening is still expected to take place. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Times China Holdings - 2019: In line with expectations; margins to expand on cheap landbanking and lower financing cost

2019 results were in line with our expectations with core profit of Rmb5,465m, up 30.0% yoy. Management gave a conservative 2020 contracted sales guidance of Rmb83b, which implies a 6% yoy growth. Meanwhile, the company continues to ramp up its urban redevelopment business which could lead to a gradual expansion in sales margins. Financing cost is also expected to decline 1-2ppt over the next two years. Maintain BUY with a lower target price of HK$18.25.

UOB
Cherrie Tan Yue ...
  • Jayson Kong
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • K Ajith
  • Lee Yuk Kei
  • Nick Liu Sunliang
  • Shaun Tan
  • Tham Mun Hon
  • Vanness Wong Wan
  • Ziv Ang Sze Champ

Greater China Daily: Wednesday, March 11, 2020

KEY HIGHLIGHTS Economics Inflation Inflation normalisation disrupted. Strategy Repricing Growth Positive on beneficiaries of reduced mobility restriction, but lowering 2020 real GDP growth to 4.5% yoy. Sector Aviation International traffic likely to remain weak for 2020, but low fuel prices and state support lower risk profile. Results Powerlong Holdings (1238 HK/BUY/HK$5.14/Target: HK$6.61) 2019: Strong sales, in line with our expectation. Times China Holdings (1233 HK/BUY/HK$14.00/Target: HK$18.25) 2019: In line with expectations; margins to expand on cheap landbanking and lower...

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property - Policy interpretation: Investment opportunities still exist in the property industry

This year's government work report has no special new ideas regarding real estate, which is basically consistent with the previous policies. However, "housing is not for speculation" has become a long-term policy. The real estate industry plays a key role in supporting the economy, especially in the current economic environment. We believe that real estate is still the main pillar of China's economy. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property - Gradually recovering from COVID-19 impact

With the Covid-19 epidemic under control, the property market is recovering gradually while housing demand has rebounded. In a stable market, the improvement in large developers’ sales will continue to promote industry concentration. Also, signs of policy relaxation in the property market are strengthening to ensure stable industry development, which means long-term investment opportunities for big developers. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Property - 2019 results review: Long-term investment opportunities

Revenue from projects sold in 2017-18 was recognised in 2019, with developers’ revenue recognition usually seeing a lag of 2-3 years (from pre-sales to the carryover stage). Therefore, earnings of property developers in 2019 were still significant. Although developers have cut their sales targets for 2020 amid the current market conditions, policy loosening is still expected to take place. Maintain OVERWEIGHT.

UOB
Nick Liu Sunliang ...
  • Shaun Tan
  • Ziv Ang Sze Champ

Times China Holdings - 2019: In line with expectations; margins to expand on cheap landbanking and lower financing cost

2019 results were in line with our expectations with core profit of Rmb5,465m, up 30.0% yoy. Management gave a conservative 2020 contracted sales guidance of Rmb83b, which implies a 6% yoy growth. Meanwhile, the company continues to ramp up its urban redevelopment business which could lead to a gradual expansion in sales margins. Financing cost is also expected to decline 1-2ppt over the next two years. Maintain BUY with a lower target price of HK$18.25.

UOB
Cherrie Tan Yue ...
  • Jayson Kong
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • K Ajith
  • Lee Yuk Kei
  • Nick Liu Sunliang
  • Shaun Tan
  • Tham Mun Hon
  • Vanness Wong Wan
  • Ziv Ang Sze Champ

Greater China Daily: Wednesday, March 11, 2020

KEY HIGHLIGHTS Economics Inflation Inflation normalisation disrupted. Strategy Repricing Growth Positive on beneficiaries of reduced mobility restriction, but lowering 2020 real GDP growth to 4.5% yoy. Sector Aviation International traffic likely to remain weak for 2020, but low fuel prices and state support lower risk profile. Results Powerlong Holdings (1238 HK/BUY/HK$5.14/Target: HK$6.61) 2019: Strong sales, in line with our expectation. Times China Holdings (1233 HK/BUY/HK$14.00/Target: HK$18.25) 2019: In line with expectations; margins to expand on cheap landbanking and lower...

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
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...

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