reports
- Damon Shen
- Jieqi Liu
China And Hong Kong Property: A comparison between H-REITs and C-REIT...
CSRC announced on 19 April that China and Hong Kong REITs will be included in Stock Connect. In the short term, we believe investors will find H-REITs attractive, considering the quality of underlying assets and liquidity of the stocks. Please find an updated list of C-REITs and H-REITs in this report. Maintain MARKET WEIGHT on Hong Kong’s and China’s property sectors. Maintain BUY on LINK REIT, which is trading at an 2025 yield of 8%.
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
360ONE 360 ONE WAM LTD
- Damon Shen
- Jieqi Liu
Hong Kong Property: Expect modest pull-back of primary sales in 2Q24; ...
CCL Index fell after increasing for three consecutive weeks while CVI Index rose over 60, reflecting a change in banks' attitude towards granting mortgages from lukewarm to optimistic. CRI rose again by 0.55% mom. With expectation of fewer interest cuts, we foresee primary sales pulling back in 2Q24. However, we maintain our forecast of property prices (-2%) and maintain MARKET WEIGHT on the sector. We prefer retail landlords over developers. Top pick: Wharf REIC.
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Channel checks and observations...
In Shanghai, the new home market shrank further with divergence among regions; the secondary market saw volume rebound with a weak ASP performance. In Hong Kong, sales performance is still divergent among developers despite new home transactions growing by nearly 15x mom in Mar 23, reflecting a mild recovery of market sentiment. Maintain MARKET WEIGHT. Top picks: CR Land, COLI, SHKP and LINK REIT.
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
1238 POWERLONG REAL ESTATE HOLDINGS LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
- Damon Shen
- Jieqi Liu
China And Hong Kong Property Strategy: Monitoring the recovery of seco...
New-home sales in 50 core mainland cities weakened further in the second week of March. Second-hand home sales in Beijing/Shanghai/Guangzhou/Shenzhen are picking up while transaction volume was still lower yoy in Jan-Feb 24. Hong Kong property sales volume continues to surge. However, home buyers are still very picky and sensitive to pricing. Maintain MARKET WEIGHT on the China and Hong Kong property sector. Expect attitudes toward POE and quasi-SOE developers to improve in the near term.
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
1238 POWERLONG REAL ESTATE HOLDINGS LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
86 SUN HUNG KAI & CO LTD
- Damon Shen
- Jieqi Liu
China and Hong Kong Property Strategy: Divergence of policies and prop...
The 2024 NPC meeting gave little evidence of strong policy support to the property sector. New-home sales in 50 core mainland cities remain weak. Second-hand home sales in Beijing/Shanghai/Guangzhou/Shenzhen are picking up. Hong Kong saw a very strong rebound in new-home sales after the 2024 Budget Speech. Maintain MARKET WEIGHT on the China and Hong Kong property sector. Expect a continuous sales recovery to drive the re-rating of Hong Kong developers.
00016 SUN HUNG KAI PROPERTIES LIMITED
00823 LINK REAL ESTATE INVESTMENT TRUST
01109 CHINA RESOURCES LAND LIMITED
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
00884 CIFI HOLDINGS (GROUP) CO. LTD.
00014 HYSAN DEVELOPMENT CO. LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
1238 POWERLONG REAL ESTATE HOLDINGS LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
Hysan Development: 1 director
A director at Hysan Development bought 130,000 shares at 12.936HKD and the significance rating of the trade was 51/100. 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 cl...
- Damon Shen
- Jieqi Liu
Hong Kong Property: Government removes all cooling measures on Hong Ko...
Financial Secretary Paul Chan delivered the 2024-25 Budget speech in the morning, announcing the removal of all cooling measures (BSD, NRSD and SSD) on property transactions. HKMA also eased countercyclical macroprudential measures for mortgage loans. Overall, in the near term, we expect a strong rebound of transactions to help the stabilisation of property price. Upgrade sector to MARKET WEIGHT on higher transaction volume and better liquidity for developers. Top pick: SHKP.
- Damon Shen
- Jieqi Liu
Hysan Development (14 HK): 2023: In-line results with lower DPS; highe...
Hysan’s underlying profit dropped 14.0% yoy to HK$1,832m, in line with our estimate. Turnover fell 7.2% due to: a) AEIs on 10% of retail area, and b) negative rental reversion of offices. Net gearing ratio further increased to 27.2%. Annual DPS declined 25% yoy to HK$1.08. The retail business has climbed out of the trough, but offices are likely to continue facing challenges. Trim FY24/25 earnings forecasts by 2.1%/5.4% respectively. Maintain BUY. Lower target price to HK$17.99.
- Bella Lu Yifei
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Friday, February 23, 2024
KEY HIGHLIGHTS Sector Automobile Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99) 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50) 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Targ...
- Arsit Pamaranont
- Bella Lu Yifei
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Leow Huey Chuen
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Friday, February 23, 2024
GREATER CHINA Sector Automobile: Weekly: BYD’s price cuts trigger a new round of price war between EVs and ICE-cars. Maintain UNDERWEIGHT. Top SELLs: BYD, XPeng and Li Auto. Top BUY: CATL. Results Hysan Development (14 HK/BUY/HK$13.80/Target: HK$17.99): 2023: In-line results with lower DPS; higher growth visibility of retail in 2024. Lenovo Group (992 HK/BUY/HK$8.84/Target: HK$10.50): 3QFY24: Solid results; recovery in FY25 could be slower than expected. Trip.com (9961 HK/BUY/HK$331.40/Target: H...
BCP THE BANGCHAK PETROLEUM PCL
MAJOR MAJOR CINEPLEX GROUP PCL
G13 GENTING SINGAPORE
00992 LENOVO GROUP LIMITED
V03 VENTURE CORPORATION LIMITED
F34 WILMAR INTERNATIONAL LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
AXIATA AXIATA GROUP BERHAD
PENT PENTAMASTER CORP BHD
SIDO INDUSTRI JAMU DAN FARMASI SI
SDPL SIME DARBY PLANTATION BHD
IFAST IFAST CORP LTD
09961 CTRIP.COM INTERNATIONAL
With a more favourable environment, HYSAN DEVELOPMENT improves to Posi...
HYSAN DEVELOPMENT (HK), a company active in the Real Estate Holding & Development industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 22, 2022, the closing price was HKD 23.50 and its p...
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...
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