reports
Powerlong Real Estate Holdings Ltd: 1 director
A director at Powerlong Real Estate Holdings Ltd bought 20,000,000 shares at 4.710HKD and the significance rating of the trade was 69/100. 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 th...
- Charles Wong Kok Min
- Joyce Chan Pui Lai
- Julia Pan Mengyao
- Nick Liu Sunliang
- Shaun Tan
Greater China Daily: Friday, October 25, 2019
KEY HIGHLIGHTS Results TAL Education Group (TAL US/BUY/US$37.79/Target: US$45.00) 2QFY20: Results beat expectations; 3QFY20 revenue guided at 6% above consensus estimate. Update Powerlong Real Estate Holdings (1238 HK/BUY/HK$5.18/Target: HK$6.48) Introduces commercial real estate projects. TRADERS’ CORNER Chow Sang Sang (116 HK): Trading Buy COMEC (317 HK): Trading Buy
- Nick Liu Sunliang
- Shaun Tan
Powerlong Real Estate Holdings - Introduces commercial real estate pro...
We attended the reverse roadshow organised by Powerlong. The company introduced its commercial real estate projects in Shaoxing, Hangzhou and Ningbo, and discussed the progress of its projects under construction across the country. The commercial operations could contribute about Rmb2.8b to revenue this year and the hotel segment should contribute Rmb600m. Maintain BUY with a target price of HK$6.48.
- Charles Wong Kok Min
- Chong Lee Len
- Jack Goh Tooan Orng
- Jie Ying Chloe Tan
- Jonathan Koh
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kong Ho Meng
- Kowit Pongwinyoo
- Loke Pei Hao
- Malaysia Research Team
- Nick Liu Sunliang
- Nicola Ho Fang Lin
- Shaun Tan
- Stevanus Juanda
- Vincent Khoo Boo Aik
Regional Morning Notes - Friday, October 25, 2019
GREATER CHINA Results TAL Education Group (TAL US/BUY/US$37.79/Target: US$45.00): 2QFY20: Results beat expectations; 3QFY20 revenue guided at 6% above consensus estimate. Update Powerlong Real Estate Holdings (1238 HK/BUY/HK$5.18/Target: HK$6.48): Introduces commercial real estate projects. INDONESIA Results Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,320/Target: Rp1,730): 9M19: Surpasses expectations; upgrade earnings forecasts by 20%. MALAYSIA Results Malaysia Marine and Heavy Engineering Hold...
G13 GENTING SINGAPORE
01238 POWERLONG REAL ESTATE HOLDINGS LTD.
1023 CIMB GROUP HOLDINGS BHD
KBANK KASIKORNBANK PUBLIC CO. LTD.
SUN SUNTECH SA
STMB SYARIKAT TAKAFUL MALAYSIA
PREIT PAVILION REAL ESTATE INVEST
DRT DIAMOND BUILDING PRODUCTS
MMHE MALAYSIA MARINE AND HEAVY EN
EAGLEHT EAGLE HOSPITALITY TRUST
- Nick Liu Sunliang
- Shaun Tan
Property - Desolate land market in early October.
Low-priced transactions in the land market have been occurring more frequently since Sep 19, and the land market is getting gloomier. Since 3Q19, financing has become tighter, and it is more difficult for developers to achieve rapid business expansion. Thus, overall, developers are turning more cautious in land acquisition, which explains the price and volume declines in the land market. Maintain MARKET WEIGHT.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Nick Liu Sunliang
- Shaun Tan
Property - Housing sales volume exceeds expectations.
To ensure sufficient cash flow, accelerating cash collection has become the only goal of property developers against the backdrop of financing restrictions. Based on the last few years, the fourth quarter is the peak period of supply from developers, and also a key period for them to achieve full-year targets. For October, we expect discount promotions to remain a key strategy of developers. Maintain MARKET WEIGHT.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
KOU KWG GROUP HOLDINGS LIMITED
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Nick Liu Sunliang
- Shaun Tan
Property - Weekly: Mortgage rates continue to increase in Aug 19
The LPR is an important measure to reduce the real interest rate and will improve the credit environment as well as alleviate the pressure from tightening financing caused by various policies in recent months. But in the short term, developers will have difficulty securing funds to support their financing and mortgages. However, in the long run, mortgage rates will be more market-oriented. Maintain MARKET WEIGHT.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
KOU KWG GROUP HOLDINGS LIMITED
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Nick Liu Sunliang
- Shaun Tan
Property - Housing sales volume continued to decline in Aug 19.
Although most developers still saw a mom rise in their Aug 19 sales performance, the market is not as good as the data implies. The increase in sales performance was caused by developers increasing their supply in the second half of this year, but the overall sell-through rate of the projects was not good. Also, compared with the same period last year, developers’ overall profit growth slowed down significantly in 1H19. Maintain MARKET WEIGHT.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
KOU KWG GROUP HOLDINGS LIMITED
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Nick Liu Sunliang
- Shaun Tan
Property - 1H19 results round-up: Rising pressure.
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.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
KOU KWG GROUP HOLDINGS LIMITED
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Johnny Yum Chung Man
- Julia Cheung Pui Man
- Katrina Chen Chucan
- Ken Lee
- Lee Yuk Kei
- Neo Chen Wentao
- Nick Liu Sunliang
- Sandra Huang Jieqiong
- Shaun Tan
- Zhifeng Shen
Greater China Daily: Monday, August 26, 2019
KEY HIGHLIGHTS CHINA Results AAC Technologies (2018 HK/HOLD/HK$36.95/Target: HK$39.80) 2Q19: Big miss, awaiting a mild recovery in 2H19. Brilliance Auto (1114 HK/BUY/HK$7.71/Target: HK$9.50) 1H19: Beats our estimates; raise target price to HK$9.50. China National Building Material (3323 HK/BUY/HK$6.92/Target: HK$8.44) 1H19: Results in line, de-leveraging slower than expected. CR Gas (1193 HK/HOLD/HK$39.75/Target: HK$38.00) 1H19: Solid earnings growth, low gearing and healthy cash flow. C...
01238 POWERLONG REAL ESTATE HOLDINGS LTD.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
01114 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED
601088 CHINA SHENHUA ENERGY CO. LTD. CLASS A
A2XN AAC TECHNOLOGIES HOLDINGS INC.
03323 CHINA NATIONAL BUILDING MATERIAL CO. LTD. CLASS H
01818 ZHAOJIN MINING INDUSTRY CO. LTD. CLASS H
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
01806 HUIFU PAYMENT (P CHIP)
- Nick Liu Sunliang
- Shaun Tan
Powerlong Real Estate Holdings - 1H19: Growth beats expectations.
Powerlong’s 1H19 net profit of Rmb2.45b (+37.2% yoy) is better than expectations. The strategic Yangtze River Delta region could help Powerlong maintain sales growth. In terms of commercial properties, the next three years will be the peak period for the company’s shopping mall business, with enhanced operating efficiency leading to higher rentals. Maintain BUY with a higher target price of HK$6.01.
- Nick Liu Sunliang
- Shaun Tan
China Property - Weekly: Valuation of some developers will decline.
The decision from Politburo meeting emphasised continued policy tightening, and we believe the real estate industry will find it difficult to obtain a dividend policy in the short term. However, we still recommend paying attention to real estate developers whose sales will keep growing in the industry, as sales data now represents operating profit 2-3 years later. Maintain MARKET WEIGHT.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
KOU KWG GROUP HOLDINGS LIMITED
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Nick Liu Sunliang
- Shaun Tan
China Property - Weekly: 1H19 results preview.
Amid expectations of a decline in investment, China’s policy fine-tuning will play a key role in stabilising the market. We expect the profit gap between housing developers to widen and industry concentration to increase significantly when total sales volumes show a downtrend. At the same time, the sector’s valuations will fall, but leading developers’ valuations will rebound. Downgrade to MARKET WEIGHT.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
KOU KWG GROUP HOLDINGS LIMITED
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Nick Liu Sunliang
- Shaun Tan
China Property - Weekly: Performances will continue to improve.
Last week (14-20 July), 32,842 new houses were sold in the 30 cities we monitor, down 11.46% wow. Transaction area totalled 3.49m sqm, down 10.17% wow. New inventory in 15 cities increased 9.42% wow. Transaction-to-new-launch ratio reached 0.97x, lower than the 1.30x in the week of 7-13 July. Leading developers are trading at 4.12-9.45x 2019F PE and at a 22.7-67.5% discount to last week's NAV. Maintain OVERWEIGHT.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
KOU KWG GROUP HOLDINGS LIMITED
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Nick Liu Sunliang
China Property - Weekly: Financing channel may not tighten further.
Last week (7- 13 July), 37,011 new houses were sold in the 30 cities we monitor, down 6.0% wow. Transaction area totalled 3.87m sqm, down 6.1% wow. New inventory in 15 cities increased 61.3% wow. Transaction-to-new-launch ratio reached 1.30x, higher than the 0.75x in the week of 30 June-6 July. Leading developers are trading at 4.1-9.2x 2019F PE and at a 21.4-65.2% discount to NAV last week. Maintain OVERWEIGHT.
SCNR SUNAC CHINA HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
600383 GEMDALE CORPORATION CLASS A
600340 CHINA FORTUNE LAND DEVELOPMENT CO. LTD. CLASS A
KOU KWG GROUP HOLDINGS LIMITED
06158 ZHENRO PROPERTIES GROUP LIMITED
601155 SEAZEN HOLDINGS CO. LTD. CLASS A
3301 RONSHINE CHINA HOLDINGS LTD
- Nick Liu Sunliang
China Property - Weekly: Trust financing will face tighter policies.
Last week (30 June-6 July), 39,221 new houses were sold in the 30 cities we monitor, down 8.5% wow. Transaction area totalled 4.11m sqm, down 6.9% wow. New inventory in 15 cities decreased 74% wow. Transaction-to-new-launch ratio reached 0.75x, lower than the 2.83x in the week of 23-29 June. Leading developers are trading at 4.14-9.53x 2019F PE and at a 23.7-67.1% discount to NAV last week. Maintain OVERWEIGHT.
- Nick Liu Sunliang
China Property - Weekly: Continuous policy fine-tuning.
Last week (23-29 June), 42,734 new houses were sold in the 30 cities we monitor, up 13.1% wow. Transaction area totalled 4.39m sqm, up 11.9% wow. New inventory in 15 cities decreased 74% wow. Transaction-to-new-launch ratio reached 2.83, higher than the 0.73 in the week of 16-22 June. Leading developers are trading at 4.3-9.6x 2019F PE and at a 25.3-68.2% discount to NAV last week. Maintain OVERWEIGHT.
- Nick Liu Sunliang
China Property - Weekly: Policy pressure has eased slightly
Last week (16-22 June), 37,670 new houses were sold in the 30 cities we monitor, up 3.73% wow. Transaction area totalled 3.91m sqm, up 0.85% wow. New inventory in 15 cities increased 25% wow. Transaction-to-new-launch ratio reached 0.73, lower than the 0.84 in the week of 9-15 June. Leading developers are trading at 4.4-9.8x 2019F PE and at a 27.4-70.6% discount to NAV last week. Maintain OVERWEIGHT.
- Nick Liu Sunliang
China Property - Weekly: Lower possibility of debt default.
Policy tightening of financing channels for developers means that the tightening of one financing channel may lead to financing demand being diverted to other channels. Overall, there is a huge demand for refinancing for developers this year, but the financing channels will not be completely closed. There will be a lower possibility of developers defaulting on their debts. Maintain OVERWEIGHT.
- Nick Liu Sunliang
China Property - Weekly update: Do not worry too much about financing.
Last week (9-15 June), 36,166 new houses were sold in the 30 cities we monitor, up 19.6% wow. Transaction area totalled 3.86m sqm, up 19.6% wow. New inventory in 15 cities increased 54% wow. Transactions-to-new launch ratio reached 0.84, lower than the 1.15 in the week of 2-8 June. Leading developers are trading at 4.3-9.6x 2019F PE and traded at a 25.7-69.4% discount to NAV last week. Maintain OVERWEIGHT.
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