Picasso Low at work
13 years ago
Friday, 1 July 2011
Thursday, 23 June 2011
STXOSV
one of the few strong stock remain , support at 118-119 area ... key R at 125 follow by 133 ...
Tuesday, 7 June 2011
EZRA - update
potential triple bottom at around 150 level .. target 163 ... cut loss if breakdown 150 ...
Wednesday, 18 May 2011
Indo Agri
watch 210 resistance , breakout will lead to target of 220 ... very good support at 201 level ...
Wednesday, 13 April 2011
NOL - update
a breakout of 202 with healthy volume will likely send the price to 210 at least ...watch out for it ...
Tuesday, 25 January 2011
Wednesday, 12 January 2011
Monday, 3 January 2011
Friday, 19 November 2010
Monday, 15 November 2010
Yue Xiu Property - The Sleeping Dragon Awakens
Guangzhou-based property developer, Yuexiu Property Company Limited
(Yuexiu), is an SOE that has transformed from a conglomerate into a pure property
play after a series of business restructuring. Its parent is Yue Xiu Enterprises, the
principal investment vehicle of the Guangzhou Municipal Government. Currently,
Yuexiu has a landbank of 9.2m sqm, with 7.1m sqm in Guangzhou and the rest in
Zhongshan, Jiangmen, Foshan, Yantai and Hong Kong.
Business restructuring and management reshuffling an attractive story.
Yuexiu has undergone major restructuring in the past few years to become a
pure property developer. There were also substantial changes in its upper
management in 2008. We believe such changes would trigger a new round of
growth within the company.
Yuexiu benefits from its SOE status. As an SOE, Yuexiu not only enjoys
lower borrowing costs from Guangzhou banks, it is also able to borrow more
readily in Hong Kong where the lending rate is significantly lower. Yuexiu is
also able to negotiate for higher plot ratios for its property development
projects, which can be difficult to obtain in China.
The “Three Old Redevelopment” programme in Guangzhou provides
ample opportunities. Under this programme, old urban areas, old villages and
old factories in Guangzhou would be redeveloped. As a Guangzhou-based
SOE, Yuexiu is very likely to be a beneficiary. The company is currently in
talks with its parent and the Guangzhou government to acquire an old factory
site under the programme from its parent.
Strong earnings growth expected in 2010-12. With increasing margins and
more projects in the pipeline for the next few years, we project Yuexiu to
deliver core net profit of Rmb900m in 2010, Rmb1,598m in 2011 (+78%) and
Rmb2,152m in 2012 (+35%).
Initiate coverage with BUY. We estimate Yuexiu’s end-10 NAV for its
existing landbank at Rmb34.36b, or HK$4.33/share. Our target price of
HK$3.00 represents a 30% discount to end-10 NAV, slightly lower than the
sector average of 37% discount and implying a 38.9% price upside.
(Yuexiu), is an SOE that has transformed from a conglomerate into a pure property
play after a series of business restructuring. Its parent is Yue Xiu Enterprises, the
principal investment vehicle of the Guangzhou Municipal Government. Currently,
Yuexiu has a landbank of 9.2m sqm, with 7.1m sqm in Guangzhou and the rest in
Zhongshan, Jiangmen, Foshan, Yantai and Hong Kong.
Business restructuring and management reshuffling an attractive story.
Yuexiu has undergone major restructuring in the past few years to become a
pure property developer. There were also substantial changes in its upper
management in 2008. We believe such changes would trigger a new round of
growth within the company.
Yuexiu benefits from its SOE status. As an SOE, Yuexiu not only enjoys
lower borrowing costs from Guangzhou banks, it is also able to borrow more
readily in Hong Kong where the lending rate is significantly lower. Yuexiu is
also able to negotiate for higher plot ratios for its property development
projects, which can be difficult to obtain in China.
The “Three Old Redevelopment” programme in Guangzhou provides
ample opportunities. Under this programme, old urban areas, old villages and
old factories in Guangzhou would be redeveloped. As a Guangzhou-based
SOE, Yuexiu is very likely to be a beneficiary. The company is currently in
talks with its parent and the Guangzhou government to acquire an old factory
site under the programme from its parent.
Strong earnings growth expected in 2010-12. With increasing margins and
more projects in the pipeline for the next few years, we project Yuexiu to
deliver core net profit of Rmb900m in 2010, Rmb1,598m in 2011 (+78%) and
Rmb2,152m in 2012 (+35%).
Initiate coverage with BUY. We estimate Yuexiu’s end-10 NAV for its
existing landbank at Rmb34.36b, or HK$4.33/share. Our target price of
HK$3.00 represents a 30% discount to end-10 NAV, slightly lower than the
sector average of 37% discount and implying a 38.9% price upside.
Friday, 5 November 2010
Thursday, 28 October 2010
Saturday, 16 October 2010
Thursday, 7 October 2010
Wednesday, 6 October 2010
Thursday, 30 September 2010
Tuesday, 21 September 2010
Friday, 10 September 2010
Tuesday, 7 September 2010
Monday, 6 September 2010
Tuesday, 31 August 2010
Thursday, 26 August 2010
Thursday, 5 August 2010
Thursday, 29 July 2010
Tuesday, 20 July 2010
Genting
breakout time ??? key resistance at 120 , a good breakout could mean 130 in the near term ... watch out !!
Friday, 9 July 2010
Monday, 28 June 2010
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