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If you agree that this is a super, super value stock, then why do you think that it will drop below $7?
Qanghoo ( Date: 13-Apr-2018 11:06) Posted:
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I think it' d drop back to < 7. But, yes, super, super value stock. Only thing is, need to wait for chng kay to start engine. DYODD though.
sunview ( Date: 13-Apr-2018 10:53) Posted:
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At the current price of US$7.06 and a NAV of US$15.63, it looks like a safe buy in the longer term. FY17 dividend of 20 US cents gives a yield of 2.8%. Net gearing at the end of last year was 7%,
Outlook from the chairman in AR 2017: " The strong contribution from the Group&rsquo s investment properties to underlying profit is expected to be maintained in 2018, while further improvements are anticipated from the Group&rsquo s development properties in mainland China and Singapore."
The company has bought back, on 9/4/2018, 12.3287m shares at US$7.00 each to be cancelled.
Separately, in a press release by Yanlord Land yesterday, HongKong Land has won a freehold tender in District 10 (Tulip Garden) for $906.9m through a joint bid under its subsidiary MCL Land. The site, targeted for completion by year 2023, could potentially yield up to 670 prime residential units.
Like always move in opposite direction to STI
An overdue price surge of HK Land to SGD 7.14 today. Despite very decent results in 2017, in terms of P/E, HK Land is the most " undervalued" counter among the STI index counters. Should you still have spare cash and wanted to participate in this most " hated" bull run, this is a pretty safe counter with at least 25% upside.
Traditional wisdom says, this is the best timing to buy this counter because of the following reasons:-
(i) this is one of the most hated STI Index stock counter. Instead of moving up together with the STI when the market is moving up on daily basis, its price dropped from the 2017' s hgih of $7.89 to$6.72.
(ii) Record Underlying Operation result in 2017 and estimated 2018 result should be better.
(iii) Moving around $6.7ish to $6.9ish for an extended period of a few months.
(iv) Decisive Trend Reversal today
(v) at least 20% upside potential
Good investments!
Traditional wisdom says, this is the best timing to buy this counter because of the following reasons:-
(i) this is one of the most hated STI Index stock counter. Instead of moving up together with the STI when the market is moving up on daily basis, its price dropped from the 2017' s hgih of $7.89 to$6.72.
(ii) Record Underlying Operation result in 2017 and estimated 2018 result should be better.
(iii) Moving around $6.7ish to $6.9ish for an extended period of a few months.
(iv) Decisive Trend Reversal today
(v) at least 20% upside potential
Good investments!
Will USD go up or come down in the coming year?
I personally think that USD would not come down against Singapore Dollar in 2018 and 2019.
Reasons being:-
(1) FED will continue to hike the FED rates in the coming two years
(2) US Company is repatriating trillions of USD back to US in order to take advantage of the new Tax Law passed in the year end of 2017
(3) Continue tightening of QE by the FED
The impact is being felt most prominently in the Libor (London Interbank Offered Rate), the most important reference rate for the global interbank market. The USD Libor rate has been rising steadily in all maturities since about the end of 2014. The dollar-Libor for three-month loans in March 2017 were trading at around 1.1%. Currently, this dollar-Libor rate stands at around 2%. Good Investing!
3 Month LLIBOR USD Rate from March 17 - March 18
I personally think that USD would not come down against Singapore Dollar in 2018 and 2019.
Reasons being:-
(1) FED will continue to hike the FED rates in the coming two years
(2) US Company is repatriating trillions of USD back to US in order to take advantage of the new Tax Law passed in the year end of 2017
(3) Continue tightening of QE by the FED
The impact is being felt most prominently in the Libor (London Interbank Offered Rate), the most important reference rate for the global interbank market. The USD Libor rate has been rising steadily in all maturities since about the end of 2014. The dollar-Libor for three-month loans in March 2017 were trading at around 1.1%. Currently, this dollar-Libor rate stands at around 2%. Good Investing!
3 Month LLIBOR USD Rate from March 17 - March 18
IOI Properties scraps tie-up with HK Land for Singapore Project
http://www.straitstimes.com/business/companies-markets/ioi-properties-scraps-tie-up-with-hongkong-land-for-spore-project
Key Takeaways for shareholder of HK Land and potential investor:-
1. The termination of agreement with Hongkong Land was due to " non-fulfilment of certain conditions precedent"
2. Mr. Lee from Hong Leong Investment Bank said " Without the contribution from Hongkong Land, we expect IOI Properties' net gearing to be stretched... with the estimated development cost in the region of $700 to 800 million."
3. An industry source said the deal termination could be due to differing views on the market.
4. As mentioned earlier, don' t think that HK Land has to make any major financial commitment, at least not until the proposed JV is completed when all the regulatory and other approvals are satisfactorily met. HK Land should be walking away from this deal unscathed.
Good Investment!
http://www.straitstimes.com/business/companies-markets/ioi-properties-scraps-tie-up-with-hongkong-land-for-spore-project
Key Takeaways for shareholder of HK Land and potential investor:-
1. The termination of agreement with Hongkong Land was due to " non-fulfilment of certain conditions precedent"
2. Mr. Lee from Hong Leong Investment Bank said " Without the contribution from Hongkong Land, we expect IOI Properties' net gearing to be stretched... with the estimated development cost in the region of $700 to 800 million."
3. An industry source said the deal termination could be due to differing views on the market.
4. As mentioned earlier, don' t think that HK Land has to make any major financial commitment, at least not until the proposed JV is completed when all the regulatory and other approvals are satisfactorily met. HK Land should be walking away from this deal unscathed.
Good Investment!
Latest Analyst Reports:-
(i) DBS Research : Target Price of HK Land is USD 8.53
https://research.sginvestors.io/2018/03/hongkong-land-hkl-sp-dbs-research-2018-03-09.html
(ii) CIMB Research: Target Price of HK Land is UD 9.1
https://research.sginvestors.io/2018/03/hongkong-land-holdings-ltd-cimb-research-2018-03-09.html
The closing price of HK Land in SGX today is USD 7.00 only. There is around 20-30% upside based on the analyst reports at the current price level!!!
Good investment!
(i) DBS Research : Target Price of HK Land is USD 8.53
https://research.sginvestors.io/2018/03/hongkong-land-hkl-sp-dbs-research-2018-03-09.html
(ii) CIMB Research: Target Price of HK Land is UD 9.1
https://research.sginvestors.io/2018/03/hongkong-land-holdings-ltd-cimb-research-2018-03-09.html
The closing price of HK Land in SGX today is USD 7.00 only. There is around 20-30% upside based on the analyst reports at the current price level!!!
Good investment!
Impressive.
According the Preliminary Financial Report for HK Land for the Financial Year of 2017, its Net Asset Value per share is US$15.63!!! (An increased by 18% as compared to 2016)
I apologies for my earlier wrong conclusion as stated in the quotation below. And, I really see that HK Land' s share price cannot be lower than US$ 7.5 per share as it is highly undervalued. Even though HK Land do not have the intention to selling any of their Investment Properties, but, it is still a big bargain to buy US$ 15 worth of property with less than half the price at the moment!
I went to check the notes to the accounting report and found that, for HK Land, the Fair values of completed commercial properties in Hong Kong and Singapore are generally derived using the income capitalisation method. This valuation method is based on the capitalisation of the net income and reversionary income potential by adopting appropriate capitalisation rates, which are derived from analysis of sale transactions and valuers' interpretation of prevailing investor requirements or expectations. The prevailing market rents adopted in the valuation have reference to valuers' view of recent lettings, within the subject properties and other comparable properties. Very sorry that, I used a different approach - the direct comparison method comparing to other comparable properties instead.
Good day ahead!
I apologies for my earlier wrong conclusion as stated in the quotation below. And, I really see that HK Land' s share price cannot be lower than US$ 7.5 per share as it is highly undervalued. Even though HK Land do not have the intention to selling any of their Investment Properties, but, it is still a big bargain to buy US$ 15 worth of property with less than half the price at the moment!
I went to check the notes to the accounting report and found that, for HK Land, the Fair values of completed commercial properties in Hong Kong and Singapore are generally derived using the income capitalisation method. This valuation method is based on the capitalisation of the net income and reversionary income potential by adopting appropriate capitalisation rates, which are derived from analysis of sale transactions and valuers' interpretation of prevailing investor requirements or expectations. The prevailing market rents adopted in the valuation have reference to valuers' view of recent lettings, within the subject properties and other comparable properties. Very sorry that, I used a different approach - the direct comparison method comparing to other comparable properties instead.
Good day ahead!
Jimboy ( Date: 17-Nov-2017 09:54) Posted:
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Thank you Jimbou for the info,
Good investment!
Good investment!
To recap, on June 12 last year, IOI Properties said it has signed a memorandum of agreement with Hongkong Land for the proposed project, subject to regulatory and other approvals. Upon completion of the proposed joint venture (JV), IOI Properties will hold 67% of the JV company and Hongkong Land will hold 33%. It said that the proposed joint venture was expected to be completed before the first quarter of 2018.
I don' t think HK Land has to make any major financial commitment, at least not until the proposed JV is completed when all the regulatory and other approvals are satisfactorily met. In the meantime, HK Land has just made two pretty big sized land deals since the beginning of 2018 showing that they have very strong balance sheet and good credit ratings.
Recent land purchase in Thailand and China:-
(i) HONGKONG LAND AND CENTRAL GROUP BUY UK EMBASSY SITE IN BANGKOK FOR US$595M
2018/02/01
https://www.mingtiandi.com/real-estate/projects-real-estate/hongkong-land-central-group-buy-uk-embassy-bangkok-595m/
(ii) HONGKONG LAND BUYS US$745M NANJING SITE FOR $1.9B COMMERCIAL COMPLEX
2018/01/18
https://www.mingtiandi.com/real-estate/projects-real-estate/hongkong-land-pays-rmb-4-8b-nanjing-site-build-rmb13b-commercial-project/
Good investment!
I don' t think HK Land has to make any major financial commitment, at least not until the proposed JV is completed when all the regulatory and other approvals are satisfactorily met. In the meantime, HK Land has just made two pretty big sized land deals since the beginning of 2018 showing that they have very strong balance sheet and good credit ratings.
Recent land purchase in Thailand and China:-
(i) HONGKONG LAND AND CENTRAL GROUP BUY UK EMBASSY SITE IN BANGKOK FOR US$595M
2018/02/01
https://www.mingtiandi.com/real-estate/projects-real-estate/hongkong-land-central-group-buy-uk-embassy-bangkok-595m/
(ii) HONGKONG LAND BUYS US$745M NANJING SITE FOR $1.9B COMMERCIAL COMPLEX
2018/01/18
https://www.mingtiandi.com/real-estate/projects-real-estate/hongkong-land-pays-rmb-4-8b-nanjing-site-build-rmb13b-commercial-project/
Good investment!
If we read the below article carefully, the key takeaways for HK Land share holders or potential investors are:-
(i) In the 2Q FY2018 report, IOI Properties stated that the proposed joint venture with HK Land was pending the fulfilment of unspecified conditions precedents.
(ii) In addition to some conditions precedent remain pending at the time of writing, say sources. IOI Properties' process of obtaining longer-term financing has also hit a snag.
(iii) Any major breach of terms and conditions, URA can forfeit the Central Boulevard Land and the deposit and other payments from IOI Properties.
(iv) Edge highlighted the " RM79.7 million impairment loss from a joint venture" in IOI Properties' 2Q FY 2018 report.
(v) My personal opinion is that, HK Land' s potential financial lost should be Mininmal if this proposed JV failed to take place (unless there is more updates to suggest otherwise.)
Good day and good investment!
(i) In the 2Q FY2018 report, IOI Properties stated that the proposed joint venture with HK Land was pending the fulfilment of unspecified conditions precedents.
(ii) In addition to some conditions precedent remain pending at the time of writing, say sources. IOI Properties' process of obtaining longer-term financing has also hit a snag.
(iii) Any major breach of terms and conditions, URA can forfeit the Central Boulevard Land and the deposit and other payments from IOI Properties.
(iv) Edge highlighted the " RM79.7 million impairment loss from a joint venture" in IOI Properties' 2Q FY 2018 report.
(v) My personal opinion is that, HK Land' s potential financial lost should be Mininmal if this proposed JV failed to take place (unless there is more updates to suggest otherwise.)
Good day and good investment!
Jimboy ( Date: 07-Mar-2018 10:26) Posted:
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Newsbreak: Has IOI Properties&rsquo Singapore tie-up hit a snag?http://www.theedgemarkets.com/article/newsbreak-has-ioi-properties-singapore-tieup-hit-snag
Mar 5, 2018
A proposed joint venture in Singapore by property developer IOI Properties Group Bhd, worth at least S$2.84 billion, is said to be facing setbacks, raising questions about its viability.
The proposed development, first announced on June 12, 2017, would have seen IOI Properties partner Hongkong Land Holdings Ltd (HKL), a property investment, management and development group listed on the London Stock Exchange.
But some conditions precedent remain pending at the time of writing, say sources. The process of obtaining longer-term financing has also hit a snag, The Edge has learnt, potentially throwing a wrench in the works.
To recap, on June 12 last year, IOI Properties announced a memorandum of agreement with HKL for the proposed partnership, subject to regulatory and other approvals. The partnership sought to jointly own and undertake development on a 1.09ha land parcel in the Marina Bay financial district in Singapore. It said that the proposed joint venture was expected to be completed before the first quarter of 2018.
IOI Properties had, via its wholly owned unit Wealthy Link Pte Ltd, successfully tendered for the land from Singapore&rsquo s Urban Redevelopment Authority (URA) on Nov 11, 2016, for S$2.84 billion. It had borne the investment cost alone at the time. If the partnership takes off, a HKL subsidiary would effectively share 33% of IOI Properties&rsquo investment cost by injecting S$0.94 billion (RM2.783 billion) into the joint venture.
The cash injection would be used to partly repay IOI Properties&rsquo loans to Wealthy Link for the tender. The developer would get four spots on Wealthy Link&rsquo s board of directors while HKL would have two.
IOI Properties said in November 2016 that the land tender was &ldquo an opportunity for the group to venture into prime office tower development with complementary mixed-use development located in the central business district of Singapore with close proximity to prestigious commercial developments such as One Raffles Quay and Marina Bay Financial Centre&rdquo . The land parcel is sandwiched between One Raffles Quay and Marina Bay Financial Centre, both of which are managed by HKL.
According to HKL&rsquo s half-yearly results presentation in August 2017, the land is envisioned to house two office towers with 1.26 million sq ft of net office floor area and 30,000 sq ft of retail podium space, with direct connectivity to its other properties in the district.
When contacted, HKL declined to comment on the matter.
IOI Properties, in a brief reply to The Edge, said &ldquo Everything is in progress at the moment. We will make the necessary announcements should there be any updates in the future.&rdquo
Its share price closed at RM2.05 apiece last Thursday, giving it a market capitalisation of RM11.29 billion. The counter fell as low as RM1.79 in December but has since recovered with a 12-month return of over 5%.
Meanwhile, HKL&rsquo s market capitalisation is roughly US$17.43 billion (RM68.3 billion). Founded in 1889, it owns and manages approximately 800,000 square metres of prime office and luxury retail property across Asia, mainly Singapore and Hong Kong. Part of the Jardine Matheson group, it has secondary listings in Bermuda and Singapore.
The clock is already ticking for the proposed development to proceed. According to IOI Properties&rsquo announcement to Bursa Malaysia in November 2016, the URA requires successful land tenders to complete their proposed developments within 84 months, or seven years. Should any tender conditions be breached &mdash including missing the completion deadline &mdash the URA may repossess the land as if IOI Properties had not tendered for the land, according to the November 2016 Bursa filing. Any payments made to the URA may also be forfeited in that scenario.
According to a previous disclosure to Bursa Malaysia, 5% of the tender amount &mdash S$400 million (RM1.33 billion) &mdash was deposited upon submission of the tender document.
The URA requires 25% of the tender amount to be paid within 28 days after the land tender succeeds and the remaining 75% within 90 days after that.
Notably, IOI Properties has seen its short-term borrowings surge following the successful tender in November 2016. Over the financial year ended June 30, 2017 (FY2017), its short-term loans rose from RM464.45 million as at June 30, 2016, to as high as RM9.82 billion for the quarter ended March 31, 2017 (3QFY2017).
As at end 2QFY2018, IOI Properties hadRM8.69 billion in short-term borrowings. Of that amount, approximately RM7.52 billion (S$2.47 billion) is denominated in Singaporean dollars. Total borrowings stood at RM12.16 billion. For that quarter, it reported a net profit of RM109.14 million, down 60% year on year, due to lower contribution from its overseas properties and a RM79.7 million impairment loss from a joint venture. Quarterly revenue fell 40.8% to RM707.44 million.
In the same quarterly report, the developer stated that the proposed joint venture with HKL was pending the fulfilment of unspecified conditions precedents.
You can buy the share in terms of US$ but pay in S$ according to your broker' s exchange rate on the day of transaction. If you sell this share in the future because of one reason or the other, most stock brokers would provide service to keep the sold balance in US$ if you expect further apprecciation in US$.
SGX listing rules require HK LAnd to give you the option to opt for dividend to be paid in SG$ or US$ when dividen announced. Ask your broker for details.
Good investment!
SGX listing rules require HK LAnd to give you the option to opt for dividend to be paid in SG$ or US$ when dividen announced. Ask your broker for details.
Good investment!
huathuat88888 ( Date: 02-Mar-2018 01:11) Posted:
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Wamted to buy this. But quoted in USD. Sianzxz.
Seems like time to re-considered HK Land again, my personal opinition is that :-
(i) This counter has totally missed the STI rally since mid of last year despite the announcement of sterling mid-year operation result.
(ii) In Half Year 2017' s result, HK Land' s Net Asset Value was US$14.54. On the other hand, it' s current share price is around US$6.8ish only. In other words, the market does not factor HK Land' s revaluation gain or loss into their purchase/selling considerations because HK Land has no intention to sell their investment properties. As such, Cheung Kong Properties selling Central cheap should not have much impact on HK Land' s share even though it might negatively affect HK Land' s fair market price.
(iii) According to my observation and guestimate, HK Land will have a bumper full year operation P& L result for FY 2017 and it will continue to FY 2018 too.
(iv) Due to Fed Reserve' s hawkish stand on inflation and market growth prospect, we are expecting 10 US$ Treasury rate moving up to north of 3% by end of 2018. As such, USD has found strong support at the current US$ 1 to S$ 1.30+ range. And, the market is expecting US$ to further move up instead of moving down in 2018 given that ECB' s Draghi hinted that ECB can not stop buying EU Govt bonds yet earlier on this Monday. (i.e. ECB will not be able to tighten their monetary policy so soon yet, as such, Euro would be weaken against US$ instead)
(v) Pretty safe to buy HK Land at this US6.8+ level. Should the market " meltup" is more short life than expected, it would be much better to hold on to this " sleepy" counter vs those counters with share price that have shot through the moon at the moment. Should the market " meltup" continues after correction, instituitions might like to buy these type of solid but lagging blue trips instead putting all their bets into the hot counters.
Good investments and trading!
(i) This counter has totally missed the STI rally since mid of last year despite the announcement of sterling mid-year operation result.
(ii) In Half Year 2017' s result, HK Land' s Net Asset Value was US$14.54. On the other hand, it' s current share price is around US$6.8ish only. In other words, the market does not factor HK Land' s revaluation gain or loss into their purchase/selling considerations because HK Land has no intention to sell their investment properties. As such, Cheung Kong Properties selling Central cheap should not have much impact on HK Land' s share even though it might negatively affect HK Land' s fair market price.
(iii) According to my observation and guestimate, HK Land will have a bumper full year operation P& L result for FY 2017 and it will continue to FY 2018 too.
(iv) Due to Fed Reserve' s hawkish stand on inflation and market growth prospect, we are expecting 10 US$ Treasury rate moving up to north of 3% by end of 2018. As such, USD has found strong support at the current US$ 1 to S$ 1.30+ range. And, the market is expecting US$ to further move up instead of moving down in 2018 given that ECB' s Draghi hinted that ECB can not stop buying EU Govt bonds yet earlier on this Monday. (i.e. ECB will not be able to tighten their monetary policy so soon yet, as such, Euro would be weaken against US$ instead)
(v) Pretty safe to buy HK Land at this US6.8+ level. Should the market " meltup" is more short life than expected, it would be much better to hold on to this " sleepy" counter vs those counters with share price that have shot through the moon at the moment. Should the market " meltup" continues after correction, instituitions might like to buy these type of solid but lagging blue trips instead putting all their bets into the hot counters.
Good investments and trading!
Acl2013 ( Date: 19-Nov-2017 14:30) Posted:
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Will wait for U$6.80, according the weekly chart lower uptrend line support position, if can&rsquo t reach, let it go.
I just realized that this company does not report quarterly in details like others. The recent 9 Nov announcement " interrim management statement" is like their 3rd quarter report. The stock price started to decline after 10 Nov. Any views on this?
I think this is the right mentality to own HK Land....Good Investment!
Hippocrates ( Date: 27-Oct-2017 17:31) Posted:
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