HK Land: Revaluation gain of US$3.3b. Posted 1H rev of US$754.7m -1.4% yoy with net profit of $3.9b +142% yoy. Bottom line was boosted by US$3.3b in revaluation gains, excluding which, net profit would have been $365.3m -23.4% yoy. On commercial side, office rental reversions were generally positive with vacancy at 2.5% and retail portfolio had full occupancy. Co is receiving rental income from 1/3 stake in MBFC with 3rd tower due to complete nxt yr. Two residential projects were completed causing a drop in rev yoy.
Sales in Macau project The Residence and Apartments at Mandarin Oriental progressing well with 89% of units sold. In Sg, MCL land has sold 48% of new dev Terrasse due for completion in 2014. A residential site was acq for US$200m which is expected to yield 600 high-rise apartments.
Dividend of US 6.0c per share declared. Co now trades at 0.7x P/B compared to Keppel Land at 1.4x and Capitaland at 0.9x. HSBC maintains Underweight with higher TP of US$6.50 from US$6.00 previously. Both JPM (TP US$8.32) and Macq (TP US$6.60) maintains Outperform
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