KWG Property (01813.HK)

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#81
Bocomgroup about result

http://researchreport.bocomgroup.com/std180327.pdf
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#82
Update for Substantial shareholder - Kong Jianmin : ( Latest Disclosure reported in SCMP )

26 Mar 2018: 1,946,955,652
19 Jan 2018 : 1,946,555,652
16 Jan 2018 : 1.946,255,652
15 Jan 2018 : 1,945,955,652
12 Jan 2018 : 1,945,655,652
11 Jan 2018 : 1,945,355,652
10 Jan 2018 : 1,945,055,652
04 Jan 2018 : 1,944,455,652
03 Jan 2018 : 1,944,155,652
02 Jan 2018 : 1,943,855,652
19 Dec 2017 : 1,942,955,652
07 Dec 2017 : 1,941,455,652
05 Dec 2017 : 1,940,855,642
01 Dec 2017 : 1,940.455,652
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#83
Here is an explanation on difference between "contracted sales" and "revenue" ( I copied from another company report ) :

Firstly we would like to remind shareholders on the use of contracted sales vs revenue (delivery). When we
talk about contracted sales, we refer to the amount we sell in any particular year, but if we wish to book the
related profit, we have to wait for the handover of the keys to our customers, and this is called revenue, which
usually takes place 9-12 months after sales are made. This is why we are confident on the performances in
2018, as more than half of the scheduled property delivery in 2018 are pre-sold in 2017. Of course other factors
like land costs, profit margin, tax, interest cost, construction cost and unexpected delay may also come into
place.
The pressure now for any property developer in Mainland China is the chase of scale. Naturally we all
understand that if one operates from a bigger scale, the obvious advantage are i) management and other
costs as a percentage of project will be reduced, ii) the design of various types of building can be standardized
and results in faster delivery, iii) with more construction, better bargaining power with suppliers and
contractors, iv) the branding results will be better as you are more visible, and v) more cash on hand for land
purchase.
What most shareholders may not be aware is that banks in Mainland China like to lend money only to those
‘big’ developers and not interested at all in those small ones, and even if they do lend money to smaller
developers, the interest rate would be much higher, so eventually smaller players will be marginalized and
trampled.
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#84
Copied from aastocks.com website :

Credit Suisse's research report had it that KWG PROPERTY (01813.HK) +0.060 (+0.566%) 's 2017 core profit grew 15% yearly to RMB3.5 billion, in line with its and consensus estimates.

KWG PROPERTY was maintained Outperform at the target price $14.3, lifted from $9.6.

(Quote is delayed for at least 15 mins.Short Selling Data as at 2018-03-29 12:25.)
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#85
Announced on 3 April 2018 by KWG :

For March 2018, the Group’s pre-sales value amounted to RMB5,060 million,
representing a year-on-year increase of 34.8%. The Group’s pre-sales area amounted
to approximately 288,000 square meters, representing a year-on-year increase of 28.0%.
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#86
Update for Substantial shareholder - Kong Jianmin : ( Latest Disclosure reported on HKEX website.))

12 Apr 2018 : 1,947,855,652
11 Apr 2018 : 1.947,555.652
09 Apr 2018 : 1,947,255,852
26 Mar 2018 : 1,946,955,652
19 Jan 2018 : 1,946,555,652
16 Jan 2018 : 1.946,255,652
15 Jan 2018 : 1,945,955,652
12 Jan 2018 : 1,945,655,652
11 Jan 2018 : 1,945,355,652
10 Jan 2018 : 1,945,055,652
04 Jan 2018 : 1,944,455,652
03 Jan 2018 : 1,944,155,652
02 Jan 2018 : 1,943,855,652
19 Dec 2017 : 1,942,955,652
07 Dec 2017 : 1,941,455,652
05 Dec 2017 : 1,940,855,642
01 Dec 2017 : 1,940.455,652
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#87
(28-03-2018, 07:12 PM)soros Wrote: Here is an  explanation on difference between "contracted sales" and "revenue"  ( I  copied from another company report ) :

Firstly we would like to remind shareholders on the use of contracted sales vs revenue (delivery). When we
talk about contracted sales, we refer to the amount we sell in any particular year, but if we wish to book the
related profit, we have to wait for the handover of the keys to our customers, and this is called revenue, which
usually takes place 9-12 months after sales are made. This is why we are confident on the performances in
2018, as more than half of the scheduled property delivery in 2018 are pre-sold in 2017. Of course other factors
like land costs, profit margin, tax, interest cost, construction cost and unexpected delay may also come into
place.
The pressure now for any property developer in Mainland China is the chase of scale. Naturally we all
understand that if one operates from a bigger scale, the obvious advantage are i) management and other
costs as a percentage of project will be reduced, ii) the design of various types of building can be standardized
and results in faster delivery, iii) with more construction, better bargaining power with suppliers and
contractors, iv) the branding results will be better as you are more visible, and v) more cash on hand for land
purchase.
What most shareholders may not be aware is that banks in Mainland China like to lend money only to those
‘big’ developers and not interested at all in those small ones, and even if they do lend money to smaller
developers, the interest rate would be much higher, so eventually smaller players will be marginalized and
trampled.

That delay may explain part of the difference.

However 2017 revenue was only about 50% of 2016 pre-sales. There must be an additional and even more substantial reason.
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#88
RE: KWG Property (01813.HK)
Update for Substantial shareholder - Kong Jianmin : ( Latest Disclosure reported on HKEX website.))

17 Apr 2018 : 1,948,755.652
16 Apr 2018 : 1,948,455,652
13 Apr 2018 : 1,948,155,652
12 Apr 2018 : 1,947,855,652
11 Apr 2018 : 1.947,555.652
09 Apr 2018 : 1,947,255,852
26 Mar 2018 : 1,946,955,652
19 Jan 2018 : 1,946,555,652
16 Jan 2018 : 1.946,255,652
15 Jan 2018 : 1,945,955,652
12 Jan 2018 : 1,945,655,652
11 Jan 2018 : 1,945,355,652
10 Jan 2018 : 1,945,055,652
04 Jan 2018 : 1,944,455,652
03 Jan 2018 : 1,944,155,652
02 Jan 2018 : 1,943,855,652
19 Dec 2017 : 1,942,955,652
07 Dec 2017 : 1,941,455,652
05 Dec 2017 : 1,940,855,642
01 Dec 2017 : 1,940.455,652
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#89
2018/04/16 14:29 ( posted on aastocks.com )
Deutsche Bank foresaw in its research report that the overall physical market would relatively weaken this year due to tighter credit, but it remained positive on the sector for its resilient earnings visibility in 12 months and potential sales growth.

The broker broadly adjusted the target prices on China property developers, while it stated its preference for those with sufficient and cheap salable resources in higher-end cities, including SUNAC (01918.HK) -0.650 (-1.967%) and KWG PROPERTY (01813.HK) -0.440 (-3.943%)
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#90
Hi Soros, Nice chatting with you at Changi airport. The HK$22000psf land is freehold or leasehold?
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