reports
Kerry Properties: 1 director
A director at Kerry Properties bought 445,000 shares at 18.377HKD 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 the last two years cle...
KERRY PROPERTIES sees an upgrade to Positive due to a better fundament...
The general evaluation of KERRY PROPERTIES (HK), a company active in the Real Estate Holding & Development industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 15, 2022, the closing pric...
- Phillip Zhong
Morningstar | Kerry Properties' Full-Year Results a Miss due to Except...
Kerry Properties reported full-year core earnings of HKD 3.3 billion, down 50% year on year and 15% below our estimate. The miss was attributed to the fair value loss of investment in a subsidiary in Shanghai. Excluding that, property rental was broadly in line. While property development revenue was lower than projected, higher margin partially offset topline weakness. Full-year dividends totaled HKD 1.35 per share, same as a year ago excluding the special dividend. We maintain our no-moat rati...
- Phillip Zhong
Morningstar | Kerry Properties' Full-Year Results a Miss due to Except...
Kerry Properties reported full-year core earnings of HKD 3.3 billion, down 50% year on year and 15% below our estimate. The miss was attributed to the fair value loss of investment in a subsidiary in Shanghai. Excluding that, property rental was broadly in line. While property development revenue was lower than projected, higher margin partially offset topline weakness. Full-year dividends totaled HKD 1.35 per share, same as a year ago excluding the special dividend. We maintain our no-moat rati...
- Phillip Zhong
Kerry Properties' Full-Year Results a Miss due to Exceptional Items, U...
Kerry Properties reported full-year core earnings of HKD 3.3 billion, down 50% year on year and 15% below our estimate. The miss was attributed to the fair value loss of investment in a subsidiary in Shanghai. Excluding that, property rental was broadly in line. While property development revenue was lower than projected, higher margin partially offset topline weakness. Full-year dividends totaled HKD 1.35 per share, same as a year ago excluding the special dividend. We maintain our no-moat rati...
- Phillip Zhong
Morningstar | 00683 Updated Forecasts and Estimates from 25 Feb 2019
Going into the second half of 2018, Kerry Properties' two major residential projects in Hong Kong, Mantin Heights and Bloomsway, have largely been sold. The current project pipeline is limited to two phases of the Beacon Hill project and a joint venture with Sino Land for the Wong Chuk Hang station package. We expect earnings to be underpinned by the current order book as well as steady performance of the investment properties. We maintain our fair value estimate of HKD 33 and our no-moat rating...
- Phillip Zhong
Morningstar | Kerry's Interim Earnings Miss Due to Project Impairment,...
For the first half of 2018, Kerry Properties reported core earnings of HKD 1.6 billion, down 45% year on year. The company attributed the decline to an impairment loss of HKD 1.2 billion on a Macau project. Excluding the impairment loss, we estimate core earnings of HKD 2.5 billion, or 51% of our full-year estimate. The company declared an interim dividend of HKD 0.40 per share, down 11% from a year ago. All segments’ results were in line. The impairment resulted from a land rights dispute wit...
- Phillip Zhong
Kerry's Interim Earnings Miss Due to Project Impairment, but Major Seg...
For the first half of 2018, Kerry Properties reported core earnings of HKD 1.6 billion, down 45% year on year. The company attributed the decline to an impairment loss of HKD 1.2 billion on a Macau project. Excluding the impairment loss, we estimate core earnings of HKD 2.5 billion, or 51% of our full-year estimate. The company declared an interim dividend of HKD 0.40 per share, down 11% from a year ago. All segments’ results were in line. The impairment resulted from a land rights dispute wit...
- Phillip Zhong
Proposed Hong Kong Vacancy Tax Is Limited in Scope and Impact
Last Friday, the Hong Kong government announced a package of new measures to address the worsening housing affordability issue in the city. In particular, the government proposed a new property tax on vacant first-hand private residential units. Owners of such units with occupation permits issued for longer than 12 months, yet not occupied or rented for more than six months during the past 12 months, will be subject to a special rate that is 200% of the property's ratable value, or roughly 5% of...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
As support levels continue to hold for the MSCI ACWI and S&P 500, our neutral but constructive outlook remains. Additionally, we reiterate our expectation for more consolidation and volatility. In today's report we highlight actionable stocks within countries that are displaying bullish price and relative strength trends. • Asia/Pacific. In Japan, the TOPIX continues to exhibit leadership characteristics. Stay overweight. Broadly speaking, global Consumer Staples stocks are lagging, but Japan...
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- Phillip Zhong
Full-Year Earnings a Beat on Higher Booking of Hong Kong Development P...
Kerry Properties reported full-year core earnings of HKD 6.7 billion, up 81% year on year and 15% above our estimate. The strong earnings were attributed to faster-than-expected booking of development revenue in Hong Kong, as well as lower administrative expenses. Full-year dividends totaled HKD 1.50 per share, including a special dividend of HKD 0.15 per share, up 36% year on year. The payout ratio is low at 32%. While the rental portfolio performed as expected, the margins on the Hong Kong dev...
- Phillip Zhong
Higher Earnings for Kerry Properties Supported by Continued Strong Res...
Reflecting the continued strength of the Hong Kong residential property market, we expect Kerry to achieve higher revenue for full-year 2017, mainly based on the sales of completed properties at Mantin Heights. We adjusted our model to account for faster booking of units sold and better margin, resulting in 2017 revenue and earnings increasing by 8% and 10%, respectively. We increase our fair value estimate to HKD 28 from HKD 25, while maintaining the company’s no-moat rating. We continue to s...
- Phillip Zhong
Kerry Properties' Interim Results Slightly Below, High Dividend a Surp...
For interim 2016, Kerry Properties reported core earnings of HKD 2.8 billion, almost double the amount seen a year ago, or about 53% of our full-year estimate of HKD 5.3 billion. The increase was due to higher booking of development properties. The company declared an interim dividend of HKD 0.45 per share, up 50% from a year ago. While rental assets and hotels outperformed, the margins on the Hong Kong development properties were below our projection. We adjusted our assumptions on rental growt...
- 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-...
- Phillip Zhong
Kerry Properties’ future hinges on greenfield commercial development...
Kerry Properties reported full-year core earnings of HKD 3.7 billion, up 5% year on year. Excluding the disposal gain of investment, the core earnings are 3% above our estimate. The company achieved better-than-expected margin on recognized sales of several development projects in China. Full-year dividends totaled HKD 1.10 per share, up 22% from a year ago with payout ratio higher at 43%. Net gearing rose to 30% due to two large landbank acquisitions in Hong Kong and Shenzhen. We make no change...
- Phillip Zhong
Kerry Properties' Full-Year Results a Slight Beat
Kerry Properties reported full-year core earnings of HKD 3.7 billion, up 5% year on year. Excluding the disposal gain of investment, the core earnings are 3% above our estimate. The company achieved better-than-expected margin on recognized sales of several development projects in China. Full-year dividends totaled HKD 1.10 per share, up 22% from a year ago with payout ratio higher at 43%. Net gearing rose to 30% due to two large landbank acquisitions in Hong Kong and Shenzhen. We make no change...
- Phillip Zhong
Kerry Properties’ future hinges on greenfield commercial development...
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 ...
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
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 ...
- Phillip Zhong
Kerry Properties' Interim Results Lower as Expected, China Sales to Bo...
For interim 2016, Kerry Properties reported core earnings of HKD 1.4 billion, down 34% year on year. The decline was due to smaller profit contribution from associates, and was mostly expected. Earnings per share were HKD 1.41, down 27% year on year. The company declared an interim dividend of HKD 0.30 per share, unchanged from a year ago. We adjusted our revenue projection based on the timing of project completion. We maintain our fair value estimate of HKD 25 and the no-moat rating. Revenue wa...
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