Tai Cheung Holdings (0088)

[port]

>listed since 1972

>in mar04, bought a site at the peak for 250m. redevelopment of 6 semi-Ds completed in 08. GFA: 23330 ft2.

> in 2012, sold one semi-D at close to 400m or abt 57k/ft2.

> balance sale of 19443ft2 should generate abt 1100~2000m of sale.

> own 35% of sheraton hong kong.

>issued shares: 618m
> mkt cap: 3863m
> cash b4 purchase of repulse bay site for 1670m: 3000m
>total debt: 120m
> last successful land tender in 2002.

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http://www.luxehomes.com.hk/articles/new...rty-market

Tai Cheung Holdings is taking its time selling its 3 Plunkett's Road project. The completed project comprises six semi-detached four-storey houses of about 7,000 sq ft each. One of the houses sold for about HK$400 million last year, representing an average selling price of more than HK$57,000 per square foot. Each house has a private lift, a private garden and a roof garden with jacuzzi. The clubhouse provides gym and other facilities.

[port]

EPS........DPS......REPS......NAV over the yrs

FY.. cts
97..44..26...18....870
98..49..12..37....830
99..(63)..1...(64)...710
00..1.......1....0.....720
01..(14)...2....(16)...730
02..12....4......8.......740
03..(48)...2.....(50)....660
04..16.....5......11......730
05..30.....10.....20.....503
06..35......14.....21.....526
07..44......18.....26.....560
08..57......23......34....590
09..39......23......16....652
10..48.....27......21......677
11..114....30.....84.......766
12..119.....30....89.......858
13..91......30....61........923

total eps over the last 17yrs: 574 ct or average of 33 cts/yr
cagr eps: 4%
current mkt px of 600 imply expectation of eps decline of 1% over next 10 yrs.
total DPS: 258 ct.
total REPS: 316 ct

[port]

Plans for the development of our Repulse Bay site have been submitted to
various government departments for approval. Construction work is expected
to begin in early 2013.

Metropole Square, an industrial building in Shatin with approximately 430,000
sq.ft., has been given a formal approval by government for a Special Waiver
for Conversion from industrial to office and shop uses. No land premium is
payable. Alteration works for upgrading the building will commence early
next year.

sale px of metropole square range from 2500-5000/ft2.
valuation of 1075-2150m vs PPE of 12m as at 30sept2012

[port]

Oct2000:
ITS SHARE PRICE NOWHERE NEAR REFLECTS ITS N.A.V.
http://www.targetnewspapers.com/TolfinWe...01004A.HTM

[port]

1969 年，當時投資市場氣氛尚未複元，因此當政府推出尖沙咀彌敦道半島酒店旁的前工展會場地拍賣及開出底價 3,000 萬元時，卻無人承投而被迫收回。
香港市場氣氛好轉是在 1970 年，香港政府推出中環文華酒店對面的地皮（即
今之怡和大廈），並准許投得者以分期付款方式繳付地價時，置地公司以志在必得的姿態，用當時的 2 億 5,800 萬元高價投得，使股市有若打下一支振奮針，於是香港股市應聲而起。其後政府再度推出尖沙咀那塊曾在一年前收回的地皮拍賣時，竟由 3,000 萬元的底價叫起，被多個財團追逐直至 1.3 億元才下槌。此地盤即由和記企業和大昌地產聯合投資興建的喜來登酒店。

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大昌地产： 与英资公司合作发展地产
http://lz.book.sohu.com/chapter-6713-110781860.html

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大昌集團(088)於1972年上市，當年與長江實業(001)、新鴻基地產(016)、恒隆地產(101)和合和(054)被稱為華資地產界的「五虎將」，過往作風保守，現時只可算是中型地產公司，但從投資角度看，卻有不少潛在價值。
該集團作風保守，多年都沒有重估物業盈餘入帳，以致每股帳面值8.58元未能顯示真正價值。就以手上35%股權的喜來登酒店(780間房)為例，帳面值只有7,200萬元，但年報內估值卻達79.8億元(內含54億元流動資產)，35%相等於28億元，每股可增值4.4元。
該集團持有物業包括：沙田新都廣場、屯門柏麗廣場、港島環角路3號、山頂賓吉道3號及美國加州商廈等，帳面值僅21億元，其中山頂物業本為6幢洋房，其中一幢以4億元售出，剩下5幢估值已是20億元，而環角路3號值逾1億元，其他物業總面積達1,729,577方呎，粗略計起碼值逾50億元(扣除加州商廈發展成本)，每股可增值8.1元，每股資產淨值21元，市帳率應為0.28倍，現金30億元，扣除年初買入淺水灣地皮地後，還有13億元，息率5%，於現價6.09元買入，目標價訂於9元，潛在升幅48%。

[port]

大福证券 june 2007

　大昌集团(0088)将于下周三公布2007年会计年度(年结:3月31日)业绩，焦点应在其售楼活动的最新情况。集团可供出售的物业包括分布在沙田、香港仔、筲箕湾、新蒲岗及屯门、由140万平方工厦/写字楼楼面组成的已落成物业组合，以及舂坎角豪宅项目的未售出单位。

　山顶宾吉道豪宅项目的建筑工程被编排在本月进行，售楼活动或快将展开。该项目提供6座洋房，每座约5,000平方。大约一年前公司雄心勃勃地将每座洋房的目标售价定于1.50至2亿元(以可销售楼面面积算，每平方售价高达40,000元)，从类似豪宅物业的最新成交价格来看，公司的目标售价现时看来并不苛求。假设该项目的销售价值为12亿元，扣除我们估计的4.50亿元总成本后，税后盈利净额为6.20亿元(每股1.0元)。

　大昌在过去几年建成的可供出售工厦/写字楼物业的平均帐面成本只约为每平方1,000元，远较其每平方至少3,000元的重置/重建价值为低。这意味重估盈余为28亿元(每股4.5元)。

　大昌持有五星级的尖沙咀喜来登酒店35%权益。其2007年中期年报显示，拥有782个房间的喜来登酒店截至2006年9月30日的专业估值达63亿元，意味每个房间的公平值为800万元。不过，若以重建价值评估，可建730,000平方新综合商业大楼的喜来登酒店地皮应值88亿元，或每平方12,000元。这意味大昌应占喜来登的潜在重估盈余为8.60亿元(每股1.4元)。

　综合而言，大昌的变现价值或可达到每股15.5元。倘若管理层在提升股东价值方面作出更大的承担，该股股价的折让应可大大收窄。目标价调升至10.85元(昨收6元)，对我们估计的每股资产净值有30%折让。

[port]

mid 2012, TCH bought repulse bay site for 1.67b. estimated development costs: 2.1b.

with cash balance of 1.3b, how is TCH expected to fund the repulse bay development?

Given its past conservative profile, it is very likely to continue to divest its remaining residential & commercial properties to raise cash rather than taking on significant amount of debt.

note some of its commercial properties were completed in 1997, probably at cost of less than 1k/ft

[port]

California bullet train zooms forward with legal settlement (2013/04/19 10:16AM)

--------------------------------------------------------------------------------

By Sharon Bernstein
LOS ANGELES, April 18 (Reuters) - California''s proposed
bullet train cleared a key legal hurdle on Thursday, as farmers
in the state''s major agricultural region removed their
opposition as part of a legal settlement.
The high-speed rail line, a major priority of Democratic
Governor Jerry Brown, would send passengers hurtling right
through the state''s fertile San Joaquin Valley as they zoomed
from San Diego to points north, including Sacramento and San
Francisco. The full project, estimated to cost $68 billion, is likely
to face additional obstacles as plans are made to cut through
other parts of the state. Critics have said it is too expensive,
and should be put on hold.
Under plans approved at boththe state and federal level,
the first leg to be built would stretch from Merced to Fresno in
the state''s breadbasket.
But last year, the Madera and Merced County Farm Bureaus
sued to stop that stretch from being built, saying it would harm
theregion''s agricultural heritage and businesses. Other
opponents, including the city of Chowchilla and Madera County,
also sued.
Chowchilla and Madera County settled earlier this year, but
the farmers held out. On Thursday, they agreed to withdrawtheir
lawsuit in exchange for the state''s promise to pay their legal
fees and put aside money to preserve agricultural land along the
route, according to court documents.
Under the agreement, the California High Speed Rail
Authority agreed topreserve farmland in several ways. For each
acre (0.4 hectare) taken out of farming for use by the train,
the authority will purchase an acre elsewhere that will stay in
farming.
The state will also set aside $4 million to preserve
additionalagricultural land in the region. In addition, it will
also pay about $972,000 for the farm groups'' legal fees.
"We''re a farming community, and we want to continue to be a
farming community," said Tom Coleman, a pistachio grower who is
president o the Madera County Farm Bureau.
The settlement was welcomed by Brown, who last week
pointedly rode a bullet train in China as a way to drum up
support for the California rail project.
With the lawsuits settled, the state is now free to begin purchasing land for the first leg, said Lisa Marie Alley, a
spokeswoman for the High Speed Rail Authority.

(Reporting by Sharon Bernstein; Editing by Alex Dobuzinskis and
Lisa Shumaker)
((sharon.bernstein@thomsonreuters.com))

Keywords: USACALIFORNIA/RAIL

[soros]

The most recent TCH accounts show NAV at $8.5 and cash at bank of $ 1.69 Bil. So I think there is no problem getting a bank loan for the building construction.

[port]

sale px of 3 plunkett rd went up from abt 400m to 500m
http://www.luxehomes.com.hk/properties/p...oad/113545