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China sales affected
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zhuge_liang
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21-Apr-2008 12:52
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GuocoLand But JPMorgan analyst Joy Wang kept the firm at "overweight" with a target price of $3.55 on expectations that Q4 earnings will better than Q3. |
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zhuge_liang
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09-May-2007 00:32
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Luxury-home builder GuocoLand is imitating larger rivals into buying more properties abroad and getting into the property funds business. The developer, controlled by Malaysian tycoon Quek Leng Chan, is taking its cues from CapitaLand and Keppel Land, which have moved beyond building and selling homes into managing real estate funds. GuocoLand has become Singapore's best-performing property stock in the past 3 months. Analysts like the firm and see room for an additional 15-20% gain this year to bring its valuation in line with rivals. "The shift into real estate funds management allows the group to recycle capital more efficiently and also establish a high-margin, sustainable income stream," said JPMorgan analyst Christopher Gee, whose firm is arranging a $1.24 billion rights and convertible bond issue for GuocoLand. The developer's Malaysian arm -- GuocoLand (Malaysia) Bhd. listed Tower Real Estate Investment trust. More REITs would allow GuocoLand, valued by the market at US$2.3 billion, to garner fees from managing the trusts and profit when the price of the trust units rise. Selling its assets through property trusts would also help the developer to build up a war chest for overseas expansion. GuocoLand is already expanding its portfolio of commercial property in China, India, Malaysia, Singapore and Vietnam -- assets that could form the basis of other property trusts. Like peers SC Global and City Dev, GuocoLand has benefitted from Singapore's high-end home property boom, which has seen prices for apartments in prime districts surge by 25% in '06. Shares of GuocoLand, whose deluxe developments include flats with individual swimming pools, up 78% in the past 3 months, have outpaced the 165 average share price gain of Singapore-listed property stocks. "The property boom leaves no one behind but GuocoLand had been a laggard until its recent acquisitions brought it back into market focus. It's a sizeable company and the company has the resources to expand," said DBS Asset Management Chief Equities Strategist Peter Chiang. Fund managers previously ignored the firm as it had a low profile and was tightly held -- just 43% of shares are available for trading. Chairman Quek is known for his fondness for cigars and casino gambling and for keeping a low profile -- a further disincentive to would-be investors. "If there is little access to management, you probably feel that you don't know enough to invest in it," said one fund manager, who added that the stock's low liquidity has also kept him away. Quek, a cousin of Singapore tycoon Kwek Leng Beng, owns banking and industrial businesses including Malaysia's Hong Leong Financial Group and the Guoco Group |
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zhuge_liang
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16-Apr-2007 13:55
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GuocoLand jumped to a 10-year high after the firm said it would pump US$1.3 billion into a property project in Beijing. |
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psdtth2
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26-Jan-2007 04:28
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stock is now at $2.90. Will it reach $4? Patience. |
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Nostradamus
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21-Oct-2006 20:31
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It has ambitious plans to expand its footprints further into emerging real estate markets such as China, Malaysia and Vietnam. These measures could bode well for the Group's earnings growth. Following recent initiatives in Shanghai, Nanjing, Beijing and Vietnam, the Group is fast developing itself as Singapore's third regional developer - after CapitaLand and Keppel Land. Currently, the Group has 10.8m sf GFA (excluding Central Park) of landbank in China and 2.6m sf GFA in Vietnam. Its recent site purchase at the Vietnam Singapore Industrial Park will be developed into an integrated residential and commercial project, which is estimated to contribute an aggregate $80m to FY07-10 EBIT. UOBKH have also lifted their target price from $2.37 to $2.90. |
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Nostradamus
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26-Sep-2006 19:13
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It said it has won an investment license from Vietnam's Ministry of Planning and Investment to build a 24,000 square-metre mixed development project in Binh Duong Province in Vietnam, with an initial investment of US$58m. The project, which comprises building residential, retail, entertainment, sports and other commercial facilities, is scheduled for completion by 2009. "We have identified Vietnam as our new growth market and our investment in Vietnam is an extension of that strategy and a firm signal of our commitment towards Asia which we believe will be a key driver of global growth in the next five years," the group's managing director Trina Loh said. |
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Nostradamus
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28-Aug-2006 22:13
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Profit increased 88% for ye Jun 06 to $155.63m due to:
Stripping these one-time gains, there's nothing to shout about. In China, where the Government has been trying to cool down the property market, sales of units at West End Point, am 814-unit development in the Xicheng district in Beijing appear to have been affected. Only 35% of the 307 units launched has been taken up as of last Thu. L&T has a sell call on this stock. |
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