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CHEUNG KONG PR.HDG.LTD. with less fundamental stars is reduced to Neut...
CHEUNG KONG PR.HDG.LTD. (HK), a company active in the Real Estate Investment Trusts industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. ...
- Please Change Name Stephanie Lau
Moody's: Cheung Kong Property's interim 2017 results support its A2 ra...
Announcement: Moody's: Cheung Kong Property's interim 2017 results support its A2 rating. Global Credit Research- 07 Aug 2017. Hong Kong, August 07, 2017-- Moody's Investors Service says that Cheung Kong Property Holdings Limited's interim 2017 results support its A2 issuer rating and stable outlook.
- Please Change Name Stephanie Lau
Moody's: Cheung Kong Property's A2 rating unaffected by proposed joint...
Announcement: Moody's: Cheung Kong Property's A2 rating unaffected by proposed joint acquisition of ista. Global Credit Research- 01 Aug 2017. Hong Kong, August 01, 2017-- Moody's Investors Service says that Cheung Kong Property Holdings Limited's proposed joint acquisition of 100% of ista Luxemburg GmbH will not immediately affect its A2 issuer rating or stable rating outlook.
- Please Change Name Stephanie Lau
Cheung Kong Property Holdings Limited: Update following 2016 results a...
CORPORATES CREDIT OPINION 10 July 2017 Update RATINGS Cheung Kong Property Holdings Limited Domicile Cayman Islands Long Term Rating A2 Type LT Issuer Rating - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Stephanie Lau 852-3758-1343 VP-Senior Analyst step
- Phillip Zhong
Developer Stocks not Likely to Be Affected by New Prudential Measures
The Hong Kong Monetary Authority announced its eighth round of prudential measures targeting mortgage lending. Two of the measures will directly impact borrowers’ ability to finance property purchases, affecting about 20% of the borrowers. The impact will be mostly felt in the secondary market where bank mortgages are the main source of funding. The impact on the primary market is less certain as borrowers are increasingly relying on developer financing. Fundamentally, we believe these demand-...
- Please Change Name Franco Leung
Moody's assigns A2 to Cheung Kong Property's proposed perpetual securi...
Rating Action: Moody's assigns A2 to Cheung Kong Property's proposed perpetual securities. Global Credit Research- 11 May 2017. Hong Kong, May 11, 2017-- Moody's Investors Service has assigned an A2 rating to the proposed senior perpetual securities to be issued by Radiant Access Limited, a wholly owned subsidiary of Cheung Kong Property Holdings Limited.
- Please Change Name Franco Leung
Moody's affirms Cheung Kong Property's A2 ratings; outlook stable
Rating Action: Moody's affirms Cheung Kong Property's A2 ratings; outlook stable. Global Credit Research- 11 Apr 2017. Hong Kong, April 11, 2017-- Moody's Investors Service has affirmed Cheung Kong Property Holdings Limited's A2 issuer rating, as well as the senior unsecured rating and provisional A2 senior unsecured rating on the guaranteed medium term note program of CK Property Finance Limited, a wholly-owned subsidiary of CKP.
- Phillip Zhong
Another Acquisition Outside the Property Sector
Cheung Kong Properties, or CKP, announced last week that it will acquire the entire equity stake of Reliance Home Comfort, a building equipment service provider in Canada, for HKD 16.4 billion. This is the company’s third acquisition outside the real estate sector since late 2016. Pending more clarity on the transaction, we maintain our fair value estimate of HKD 65 and our narrow economic moat rating. Reliance, a private company owned by Alinda Capital Partners, provides heating and cooling ...
- Please Change Name Franco Leung
Moody's: Cheung Kong Property's strong 2016 credit metrics support its...
Announcement: Moody's: Cheung Kong Property's strong 2016 credit metrics support its A2 rating. Global Credit Research- 24 Mar 2017. Hong Kong, March 24, 2017-- Moody's Investors Service says that Cheung Kong Property Holdings Limited's strong 2016 results support its A2 issuer rating and stable outlook.
- Phillip Zhong
CKP's Full-Year Results in Line, Focus on Capital Management
Cheung Kong Property Holdings reported full-year 2016 revenue and underlying profit of HKD 70 billion, including share of contributions from joint ventures, and HKD 18 billion, up 19% and 16% year on year, respectively. Along with a revaluation gain, profit attributable to shareholders totaled HKD 19.4 billion or EPS of HKD 5.05. The company declared full-year dividend of HKD 1.53 per share, up 9% year on year. The results are in line with our projections. We assume the company will scale back i...
- Phillip Zhong
Power Assets Holdings Declares HKD 5.00 Special Dividend; Our Fair Val...
Narrow moat-rated Power Assets Holdings’ Board of Directors approved a HKD 5.00 special dividend that will be paid on Feb. 28. This special dividend has been long discussed and anticipated given the company’s sizable net cash position and seemingly limited acquisition opportunities. Even with the expected purchase of a 20% stake in Australian utility Duet Group, which is pending regulatory approval, for AUD 1.46 billion (HKD 8.3 billion), Power Assets, or PAH, will still be sitting on net ca...
- Phillip Zhong
Cheung Kong Group Confirms Joint Bid for Duet Group, Our Fair Value Es...
As expected, Cheung Kong Infrastructure Holdings, or CKI, and Power Assets Holdings, or PAH, will be jointly bidding for Australian utility Duet Group but somewhat surprisingly, Cheung Kong Property Holdings, or CKPH, will be making its maiden utility foray. Both CKI and CKPH will take 40% stakes in the joint venture and PAH, the remainder. We leave our fair value estimates for the three companies as well as Cheung Kong Hutchison Holdings unchanged for now. The companies have been undertaking th...
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...
- Phillip Zhong
Resumption of CKP Share Buyback is Positive
Cheung Kong Property, or CKP, resumed its share buyback program, acquiring 12 million shares for HKD 627 million from Dec. 5 to Dec. 7. The resumption of the buyback signaled the company’s intention to exercise prudent capital management in an environment where there is a dearth of suitable investment opportunities in the Hong Kong and China property space. The buyback alleviates some investors’ concern following the company’s recent foray into the nonproperty space through the acquisition...
- Phillip Zhong
Acquisition of Aircraft-Leasing Business Muddles Strategy
Cheung Kong Properties, or CKP, has announced that it will acquire CK Hutchison Holdings’s CK Capital, which holds the aircraft-leasing business. The transaction involves CKP paying HKD 6.3 billion in cash to acquire shares of CK Capital and assuming HKD 1.3 billion in debt. The transaction cost is at book value. We believe the transaction should lift CKP’s earnings and valuation slightly. However, the entry into a nonproperty business increases the risk profile and may confuse investors as ...
- Phillip Zhong
New Stamp Duty Negative on Transaction Volume in the Near Term
The Hong Kong government announced a new ad valorem stamp duty, or AVD, late on Nov. 4. Effective Nov. 5, except for first-time homebuyers who are Hong Kong residents, homebuyers are subjected to a new AVD of 15%. Thus, Hong Kong residents who are not first-time homebuyers are subject to an AVD of 15%, replacing a previous AVD scale ranging from 1.5% to 8.5%. Nonresidents are subject to the new AVD of 15% in addition to an existing Buyer’s Stamp Duty, or BSD, of 15%. First-time homebuyers who ...
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