KWG Property (01813.HK)

[soros]

KWG shares ( 01813.HK) closed at $5.72 on Friday. Still cheap at 0.66 x BV and within level for Valuebuddies investing.

Buts its joint venture partner ( Logan Property 03380.HK ) for the overpaid Aberdeen site has shot ahead by 50% since March to HK$6.78 ( = 1.73 x BV)

[bmann025]

Could anyone explain the difference between 'pre-sales values' and revenue?

I noticed here an elsewhere that these numbers can vary a lot. See also today results from 2777 with prop sales revenue approx 18 billions ('recognised revenue') and 'contracted sales' approx 38 billions.

[soros]

I believe that pre-sales is counted for "off -plan" transactions ( building work not yet started or not yet completed at site ). Revenue sales is counted for sale of completed property and handover to buyer .

But you should send an enquiry to the company for confirmation.

KWG PROPERTY (01813.HK) 0.000 (0.000%) Short selling $1.28M; Ratio 3.817% announced that for July 2017, the group’s pre-sales value amounted to RMB3.648 billion, representing a year-on-year increase of 68.5%.
(Posted on aastocks website 16 Aug 2017 .)

[bmann025]

M Stanley Believes KWG PROPERTY (01813.HK) to Outperform Peers in Next 15 Days
2017/08/29 12:34
Morgan Stanley, in its tactical idea report, believed that it is 60% to 70% likely for the share price of KWG PROPERTY (01813.HK) +0.430 (+7.288%) Short selling $17.76M; Ratio 7.214% to rise relative to the industry over the next 15 days. The broker kept the rating Overweight with target price of $7, after applying a 50% discount to the broker's forward NAV estimate.
During its analyst briefing, KWG provided guidance for a net profit CAGR of 30-40% in 2017-2020 CAGR, which is much higher than consensus' earnings forecast and the broker's forecast of a 7% CAGR.
http://www.aastocks.com/en/stocks/news/a...W.824039/1

[bmann025]

CLARIFICATION ANNOUNCEMENT
REGARDING CERTAIN PRESS ARTICLES
http://www.hkexnews.hk/listedco/listcone...830025.pdf

[bmann025]

Bocomgroup

http://researchreport.bocomgroup.com/std170830.pdf

[soros]

KWG has been a laggard in the current market and Morgan Stanley's target price at $7 was overtaken today .

MS broker's target price at 50% of forward estimated NAV puts it around $14 .

Now BOCOM have raised up their estimated NAV for KWG to over $14.

[soros]

We can see KWG's share price is a laggard in the China Property sector by comparing the closing share price ( at 30 Aug 2017 ) as a multiple of NAV for other China Property companies :


Evergrande ( 03333.HK) closing price today = HK$24.35 = NAV ( $3.59 ) x 6.78

Counrtry Garden ( 02007.HK) closing price today = HK$10.06 = NAV ( $3.60 ) x 2.79

Longfor ( 00960.HK) closing price today = HK$18.74 = NAV ( $11.78 ) x 1.59

Logan Property ( 03380.HK) closing price today = HK$7.40 = NAV ($3.90 ) x 1.88

KWG (01813.HK ) closing price today = $7.18 = NAV ( $8.75 ) x 0.82

Agile Group ( 03383.HK) closing price today = $9.45 = NAV ( $10.05) x 0.94

[soros]

Just notice that Country Garden ( 02007.HK) has announced spending $80 Mil on purchasing its own shares at around $10 level.

Not sure if it is trying to copy Evergrande's rise up North ?


COUNTRY GARDEN (02007.HK)  +0.390 (+4.033%) [Image: icon.png]   Short selling $111.77M; Ratio 21.155% [Image: icon.png]  announced its 8 million shares of share repurchase on the open market today at purchasing price ranging from $9.88 to $10.1, involving $80.4064 million. This is the first share repurchase year-to-date. The repurchased shares represent 0.0375% of total issued share capital.
(Quote is delayed for at least 15 mins.Short Selling Data as at 2017-08-30 16:25.)
posted on aastocks website .

[bmann025]

KWG (01813.HK ) closing price today = $7.18 = NAV ( $8.75 ) x 0.82

???

Above you quoted MS and Bocom with NAV estimates around HKD 14
(Older) Daiwa research has a 2016E NAV of HKD 14.82.
http://asiaresearch.daiwacm.com/eg/cgi-b...151109.pdf

(And RNAV is even higher)