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Hongkong Land to spend up to US$500 million in share buybacks
Hongkong Land Holdings, which has been persistently trading at less than a third of its NAV, plans to spend up to US$500 million to buy back shares from the market between now and Dec 31 2022.
The purpose of the buy backs is to reduce the capital of the company, which owns large tracts of prime properties in both Hong Kong, Singapore, and across the region.
As the holding of treasury shares is not provided for in the company&rsquo s constitution, any shares which are repurchased by the company will be cancelled.
According to Hongkong Land in its Sept 6 announcement, the buyback is in line with its long-standing capital allocation practice.
Its priorities are, first, investment in new assets to drive long-term growth and shareholder value next, continued payment of steady and, over time, increasing dividends and last but not least, investment in existing assets on an opportunistic basis, including through share buybacks.
&ldquo The group has and remains committed to retaining a strong balance sheet which provides financial resilience through the cycle,&rdquo the company adds.
For 1HFY2021 ended June 30, the company, having taken a write down in the fair value of its properties, reported a loss of US$865 million, an improvement from US$1.8 billion in the red from the year earlier period.
Without the writedown, the company&rsquo s underlying earnings for the same period would be US$394 million, up 12% y-o-y from US$353 million.
Despite the losses, Hongkong is paying an interim dividend of 6 US cents per share &ndash the same amount paid this time last year.
As at June 30, the company&rsquo s net asset value was US$14.75, down slightly from US$15.30 as at June 30 2020.
Hongkong Land to spend up to US$500 million in share buybacks
Hongkong Land Holdings, which has been persistently trading at less than a third of its NAV, plans to spend up to US$500 million to buy back shares from the market between now and Dec 31 2022.The purpose of the buy backs is to reduce the capital of the company, which owns large tracts of prime properties in both Hong Kong, Singapore, and across the region.
As the holding of treasury shares is not provided for in the company' s constitution, any shares which are repurchased by the company will be cancelled.
According to Hongkong Land in its Sept 6 announcement, the buyback is in line with its long-standing capital allocation practice.
Its priorities are, first, investment in new assets to drive long-term growth and shareholder value next, continued payment of steady and, over time, increasing dividends and last but not least, investment in existing assets on an opportunistic basis, including through share buybacks.
" The group has and remains committed to retaining a strong balance sheet which provides financial resilience through the cycle," the company adds.
For 1HFY2021 ended June 30, the company, having taken a write down in the fair value of its properties, reported a loss of US$865 million, an improvement from US$1.8 billion in the red from the year earlier period.
Without the writedown, the company' s underlying earnings for the same period would be US$394 million, up 12% y-o-y from US$353 million.
Despite the losses, Hongkong is paying an interim dividend of 6 US cents per share - the same amount paid this time last year.
As at June 30, the company' s net asset value was US$14.75, down slightly from US$15.30 as at June 30 2020.
Hongkong Land shares closed Sept 6 at US$4.20, down 0.47% for the day and up 2.19% year to date.
CDL and MCL Land secure $847 mil in green loans for joint developments
City Developments Limited (CDL) and MCL Land have secured green loans amounting to $847 million to finance two upcoming residential projects in Singapore the companies will be developing under a 50:50 joint venture.In May, CDL and MCL Land were awarded two Government Land Sales (GLS) plots at Northumberland Road and Tengah Garden Walk Executive Condominium (EC), having placed the top bids at both sites.
The 4.5-year $429 million green loan financing package for Northumberland Road is provided by DBS Bank, while UOB has provided the 4.5-year $418 million green loan for Tengah Garden Walk EC. The facilities mark both developers' first Singapore Overnight Rate Average (SORA)-based green loans.
The loans will fund the development of these two projects which are targeted to secure Singapore' s Building and Construction Authority (BCA) Green Mark GoldPLUS certifications and are consistent with CDL' s Sustainable Finance Framework as well as the Hongkong Land Green Financing Framework.
By attaining the BCA Green Mark GoldPLUS certifications, the projects will be classified as Eligible Green Projects aligned with Green Loan principles issued by the Loan Market Association and Asia Pacific Loan Market Association.
" As a sustainability pioneer that issued the first green bond by a Singapore company back in 2017 followed by the inking of the first green loan for new property developments in 2019, we have demonstrated that green financing offers an alternative financing avenue that plays a pivotal role in channelling capital towards building smarter, greener and more climate-friendly infrastructure," says Sherman Kwek, CDL' s group CEO.
" Including the latest loans for our two newly acquired projects, CDL has secured over $3 billion of sustainable financing to date, in the form of various green loans, a green bond and a sustainability-linked loan," he adds.
Tan Wee Hsien, CEO of MCL Land, says, " These green loans are important steps forward as part of MCL Land' s journey towards forging a more sustainable future for both our developments and customers in a post-pandemic world. We are keeping pace with our parent company, Hongkong Land, whose commitment to sustainability remains a key component of its efforts to empower the communities of today to aspire for a better tomorrow."
To date, Hongkong Land has secured sustainability-linked loans of US$1.9 billion ($2.6 billion) in the region and recently issued its US$500 million inaugural green bond and a HK$375 million ($64.8 million) green bond.
The Northumberland Road site, measuring 94,000 square feet, will be developed into a mixed-use project comprising around 407 residential apartments of up to 23 storeys and commercial retail space including an infant care and childcare centre on the ground floor.
Once completed, the development will enjoy direct access to Farrer Park MRT station on the North East Line, with Dhoby Ghaut MRT station, a triple-line MRT interchange, only two stops away. Green features range from energy efficient fittings such as 5-ticks air conditioning systems and LED lighting, as well as a Pneumatic Waste Conveyance System
Meanwhile, CDL and MCL Land will jointly develop an EC project comprising 12 blocks of up to 14 storeys with around 628 residential units in total at the Tengah Garden Walk EC site.
The site is the first EC site in Tengah New Town released under the GLS programme. Tengah New Town is set to become the first smart and sustainable town, with green features and smart technologies nestled within a forest park setting.
Tengah Garden Walk EC will be the first GLS private residential project that will be certified the BCA Green Mark GoldPLUS (Super Low Energy) rating.
The green loan of $418 million for the project will facilitate the adoption of more sustainable features within the development. Green features will include solar photovoltaic systems to replace 30% of energy consumption generated from the common areas and a passive facade design that encourages healthier ventilation and a reduction in overall heat gain.
I bought this when it was 4.19. Now reaching back my buy price. Will add more if it drops further.
What IF ahhh.. that gives me another week to ponder 
sure.can.work ( Date: 06-Aug-2021 16:34) Posted:
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What if after XD Jardine take it private?
stansays ( Date: 06-Aug-2021 16:24) Posted:
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Wait for XD to plunge again.
sure.can.work ( Date: 05-Aug-2021 18:37) Posted:
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Once the analyst " add" call... the stock lao sai further -0.09...with the up coming 0.06....which make this even more attractive at 4.4+...who dares to dangger this?
CGS-CIMB keeps ' add' call on Hongkong Land, sees performance stabilising
CGS-CIMB Research has maintained its " add" call and target price of US$5.70 ($7.70) for Hongkong Land Holdings after revaluation losses sent it US$865 million in the red for the 1HFY2021 ended June on July 29.Despite the loss, analysts Raymond Cheng, Will Chu, and Steven Mak point out that underlying earnings per share (EPS) grew 12% y-o-y to 16.9 US cents, primarily driven by a modest recovery in development properties recognition in China and Singapore from a low base in 1HFY2020.
For its China development properties, the analysts highlight that completions in Chongqing and Nanjing underpinned a 149% y-o-y increase in gross revenue, though gross profit margin narrowed to 22% due to surging land costs and price controls in Tier-1 and Tier-2 cities. " Management expects the gross profit margin for upcoming development properties recognition to lie between the high-teens and low 20%s, as its low-cost vintage land bank depletes," they note.
For its Hong Kong office portfolio, the analysts believe that negative rental reversions will likely persist into 2HFY2021, as average expiring rent in the second half of the year as well as FY2022 is around 13% higher than the latest average monthly expiring rent.
However, they view that vacancies are stabilising, noting that the vacancy rate for Hongkong Land' s office portfolio edged up only 0.1 percentage points as of end-1HFY2021.
Cheng, Chu and Mak also highlight that performance of the company' s Singapore office portfolio is also picking up. Its average office rent rose 3% h-o-h in 1HFY2021 and overall vacancy remained unchanged at 2.1% on a committed basis.
The analysts have kept their EPS forecasts unchanged. At a 56% discount to net asset value, which is 0.5 standard deviation below the five-year average, they view valuations on Hongkong Land as attractive.
Key downside risks to their rating include a prolonged Covid-19 outbreak and more property market tightening policies in China, while a potential re-rating catalyst is the turnaround of negative rental reversions in the company' s Hong Kong investment properties.
As at 3.10pm, shares in Hongkong Land are trading 3 US cents or 0.66% lower at US$4.54.
Underlying profit and revenue had done well . Improved by 12% and 8% respectively .it even rebounded back to almost 80+% of historical 19 earning .
So $4.60 is still 40% down from 2019' s $7.0 to $7.5 price level has considerable upside opportunity .
So $4.60 is still 40% down from 2019' s $7.0 to $7.5 price level has considerable upside opportunity .
stansays ( Date: 02-Aug-2021 16:39) Posted:
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Brokers' take: Hongkong Land upgraded to ' buy' amid upbeat office market sentiment
ANALYSTS from DBS Group Research, in a July 30 report, upgraded their call on Hongkong Land HongkongLand USD: H78 +1.1% to " buy" , amid expectations of an uptick in office market sentiment in Hong Kong' s Central.
The research team not only adjusted its recommendation upwards for the security from " hold" , it also upped its target price for Hongkong Land by 3.2 per cent or US$0.16 to US$5.23.
Explaining their view, the analysts said that while the office market in Central is currently in a downturn, rental decline is moderating and vacancy figures are stabilising. In addition, they noted that retail is improving and that the ongoing pandemic is being gradually brought under control - thereby indicative of a trend of steady rental income for Hongkong Land.
Hongkong Land is also expected to deliver a higher development profit for the second half of fiscal 2021 on the back of more project completions in China. It saw its attributable contracted sales in China jump 130 per cent to US$1.36 billion, and as at June this year, its unsold but unrecognised contracted sales stood at US$3.37 billion.
However, DBS projects that 55 per cent of these developments will be booked in the second half of FY2021, implying high earnings visibility in the near term.
Beyond this, the analysts noted that Hongkong Land' s stock price slipped 8 per cent in the last three months, and is currently trading at a 60 per cent discount to their assessed net asset value, against its 10-year average of 41 per cent.
" The worst for Central office market should be over with relatively stable vacancy and moderating rental decline," the team wrote. " We believe that investment value is re-emerging following the recent share price retreat."
Hongkong Land shares were up 0.7 per cent or US$0.03 at US$4.57 as at 3.32pm on Monday.
Hongkong Land narrows H1 loss, declares 6 US cent interim dividend
HONGKONG Land, a member of the Jardine Matheson Group, narrowed its net loss to US$863.2 million for the half-year ended June 30, from US$1.8 billion a year ago.
The loss included net non-cash losses of US$1.3 billion arising from the revaluation of the group' s investment properties due to lower open market rents. The year before, H1 net loss included net losses of US$2.2 billion, also due to investment property revaluations.
Underlying profit increased 11.8 per cent to US$394.4 million as revenue rose 8 per cent to US$885.8 million.
Loss per share was 37.06 US cents, compared with 78.31 cents a year ago. Going by underlying profit, earnings per share was 16.9 cents, up from 15.12 cents.
Net asset value per share as at end-June fell to 14.75 US cents from 15.3 cents.
The board has declared an interim dividend of 6 US cents per share, unchanged from a year ago. Payment will be made on Oct 13.
Hongkong Land said results were lifted by higher development properties profits due to the timing of sales completions. Contributions from investment properties remained resilient despite negative rental reversions in Hong Kong.
Vacancy at the group' s office portfolio in Hong Kong was 6.4 per cent at the end of June 2021, compared to 6.3 per cent at the end of 2020. On a committed basis it was 5.5 per cent, compared to 5.9 per cent the year before.
Competition to secure sites for development on the Chinese mainland remains fierce, Hongkong Land noted. The group secured three predominantly residential projects during the period, comprising a site in Lishui district, Nanjing and two further sites located in the Qiaokou and Guanggu districts of Wuhan.
" While higher second-half underlying profits are expected from the group' s development properties business due to more sales completions on the Chinese mainland, overall conditions are expected to be similar to those of the first-half," said chairman Ben Keswick.
Net gearing was 12 per cent as at end-June, compared with 13 per cent at the end of 2020.
The group had committed liquidity of US$4.4 billion, compared to US$4.3 billion at the end of 2020. The average tenor of debt was 6.4 years, down from 6.6 years at the end of last year.
Hongkong Land narrows H1 loss, declares 6 US cent interim dividend
Hongkong Land, a member of the Jardine Matheson Group, narrowed its net loss to US$863.2 million for the half-year ended June 30, from US$1.8 billion a year ago.The loss included net non-cash losses of US$1.3 billion arising from the revaluation of the group' s investment properties due to lower open market rents. The year before, H1 net loss included net losses of US$2.2 billion, also due to investment property revaluations.
Underlying profit increased 11.8 per cent to US$394.4 million as revenue rose 8 per cent to US$885.8 million.
Loss per share was 37.06 US cents, compared with 78.31 cents a year ago. Going by underlying profit, earnings per share was 16.9 cents, up from 15.12 cents.
Net asset value per share as at end-June fell to 14.75 US cents from 15.3 cents.
The board has declared an interim dividend of 6 US cents per share, unchanged from a year ago. Payment will be made on Oct 13.
Hongkong Land said results were lifted by higher development properties profits due to the timing of sales completions. Contributions from investment properties remained resilient despite negative rental reversions in Hong Kong.
Vacancy at the group' s office portfolio in Hong Kong was 6.4 per cent at the end of June 2021, compared to 6.3 per cent at the end of 2020. On a committed basis it was 5.5 per cent, compared to 5.9 per cent the year before.
Competition to secure sites for development on the Chinese mainland remains fierce, Hongkong Land noted. The group secured three predominantly residential projects during the period, comprising a site in Lishui district, Nanjing and two further sites located in the Qiaokou and Guanggu districts of Wuhan.
" While higher second-half underlying profits are expected from the group' s development properties business due to more sales completions on the Chinese mainland, overall conditions are expected to be similar to those of the first-half," said chairman Ben Keswick.
Net gearing was 12 per cent as at end-June, compared with 13 per cent at the end of 2020.
The group had committed liquidity of US$4.4 billion, compared to US$4.3 billion at the end of 2020. The average tenor of debt was 6.4 years, down from 6.6 years at the end of last year.
The counter ended at US$4.57 on Thursday, down US$0.04 or 0.87 per cent.
Hongkong Land prices US$500m green bonds due 2031 at 2.25%
HongkongLand USD: H78 0% on Wednesday said its inaugural 10-year US$500 million green bond offering was about three times subscribed.
The US dollar-denominated senior unsecured notes, which will mature on July 15, 2021, carry a coupon of 2.25 per cent per annum and a re-offer yield of 2.314 per cent, according to a term sheet seen by The Business Times.
Deal statistics showed an order book of US$1.6 billion. The bond was allocated to a mix of 97 per cent Asian and 3 per cent European institutional investors. Of this, 52 per cent went to fund managers, 37 per cent went to banks, 6 per cent went to insurers, 3 per cent to the public sector and 2 per cent to private banks and others.
The bond falls under the group&rsquo s medium-term notes programme and is expected to be rated A2 by Moody' s Investors Service and A by Standard & Poor' s. The issuer of the bond is the group&rsquo s subsidiary - The Hongkong Land Finance (Cayman Islands) Company.
Net proceeds from the issuance will be used to fund the group&rsquo s initiatives relating to green buildings, energy efficiency, renewable energy, clean transportation, sustainable water management and climate change adaptation, under the group' s newly-established green financing framework, Hongkong Land said
HSBC acted as the green structuring adviser, sole global coordinator and joint lead manager and joint bookrunner. The other joint lead managers and joint book runners are Bank of China (Hong Kong) and DBS.
Hongkong Land prices US$500m green bonds due 2031 at 2.25%
Property developer Hongkong Land on Wednesday priced its 10-year US$500 million green bond offering through its subsidiary The Hongkong Land Finance (Cayman Islands) Company.The US dollar-denominated senior unsecured notes carry a coupon of 2.25 per cent per annum and a re-offer yield of 2.314 per cent.
They also fall under the issuer' s guaranteed medium-term notes programme and will mature on July 15, 2031, according to a term sheet seen by The Business Times.
Net proceeds from the issuance will be used for on-lending to Hongkong Land Holdings and its subsidiaries. They will also be used to fund eligible projects under the group' s green financing framework.
The bonds are expected to be rated A2 by Moody' s Investors Service and A by Standard & Poor' s.
The joint bookrunners and joint lead managers for the issuance are HSBC, Bank of China (Hong Kong) and DBS. HSBC is also the green structuring adviser.
Shares of mainboard-listed Hongkong Land were trading 0.2 per cent or US$0.01 higher at US$4.76 as at 11.08am on Wednesday.
Why no announcement till now of who bought the 5 million shares?
nott1965 ( Date: 19-Jun-2021 21:18) Posted:
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What actually happened this counter? Is that lost faith in hk after China influence?
any hope to reverse? Can buy ?
any hope to reverse? Can buy ?
The 5 million shares were not short covering. Wonder if it was fat fingers? Hope it is the beginning of soe BB pushing the price to its true value of US$9
5 million shares matched at 5.03....an increase of 9 cents from last traded just b4 matching.
haven' t seen this huge vol.of 5M shares transacted in one instance for years....
something good is on the horizon i hope.
b4 the HKG riots share was steady at 7.00+
even if privatisation at 7.50, many long term investors are just breaking even.
haven' t seen this huge vol.of 5M shares transacted in one instance for years....
something good is on the horizon i hope.
b4 the HKG riots share was steady at 7.00+
even if privatisation at 7.50, many long term investors are just breaking even.
Yes. considering at lowest low at one point in the last 2 hours. Winding up amazingly. (USD @1.34 about now)
coolbear123 ( Date: 18-Jun-2021 17:31) Posted:
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