Cheung Kong BUY

We maintain a BUY on both Cheung Kong (1) and Henderson Land (12).
Market Trend Neutral
Support 19,000
Resistance 20,500

Analysis
Hong Kong: A sharp decline in A-share market will definitely put selling pressure on H-shares before the Chinese New Year. Our target of 9,000 for HSCEI remains unchanged. Upstream oil companies like PetroChina (857) will be more defensive on the back of a rebound in crude oil price and attractive dividend yield. Maintain a BUY on PetroChina with price target of $11.0. Stronger-than-expected fourth-quarter GDP growth in US implied a little chance of rate cut in the first half of 2007 that may not be good news to Hong Kong property developers given the currency peg system. However, we maintain a BUY on both Cheung Kong (1) and Henderson Land (12) due to their aggressive investments in China’s property market and larger share price discount to NAV compared to their peers.  

The city's top developer Sun Hung Kai Properties (0016.HK: Quote, Profile , Research) advanced 2 percent to HK$93 and Cheung Kong (Holdings) (0001.HK: Quote, Profile , Research) leapt 2.3 percent to HK$104.70.  

After the release of 2006 final results, Mr. KS Li bought 3.916mn shares in total in Cheung Kong (1) from March 22 to 28 at an average price of $97.20 per share. Maintain BUY with target price of $112.  

von Grundstücken in Festlandschina auf. Die große Investitionsphase hat begonnen. Der hongkonger Tycoon und Chairman LiKa-Shing kauft laufend weitere Anteile an CheungKong auf, an der er mittlerweile 40% besitzt.

Der Halbjahresgewinn 2007 lag um 52% über dem Vorjahreszeitraum. Die Schätzungen lagen weit darunter.

Auch die Deutsche Bank hat am 28. Juni ihre Anteile von 2,25% auf 5,25% erhöht.

Ein Einstieg drängt sich hier förmlich auf.

 

1 CHEUNG KONG 126.7 +5 +4.11  

Sun Hung Kai Properties, Hong Kong's No. 1 developer by market value, climbed 6.3 percent to HK$123.20, set for a record high. Cheung Kong (Holdings) Ltd., the second biggest, added 5 percent to HK$126  

Wirtschaftsnews - von heute 07:10
Hang Seng Propertie +6,8 %, Immowerte auf Rekordfahrt


Hongkong 19.09.07 (www.emfis.com)
Nach der Entscheidung der FED in den USA die Leitzinsen nach vier Jahren erstmals zu senken, schafft in Hongkong eine Immobilienrallye. Der Zins wurde um 50 Basispunkte auf 4,75 Prozent gesenkt. Durch die feste Anbindung des HK Dollars an den US Dollar, wirkt sich diese Entscheidung auch in Hongkong aus.
Profitieren wird davon vor allem der Immobiliensektor. So ließen dann auch die Anleger in diesem Segment die Sektkorken knallen und hievten bis zur Mittagspause den Hang Seng Property Index um 6,8 Prozent auf ein neues Rekordniveau nach oben.

Die Werte im Einzelnen mit ihren augenblicklichen Zugewinnen:

Cheung Kong + 5,2 %
Sunh Hung Kai Properties + 7 % mit 127,40 HKD neues ATH
Henderson Land + 4,4 %
Sino Land + 7,7 %
New World + 4,35 % mit 22 HKD neues ATH
Hysan Development + 2,8 %
China Resources Beijing Land + 9 % mit 16,48 HKD neues ATH
Hang Lung Group + 11 %
Hang Lung Propertie + 12,4 % mit 34,50 HKD neues ATH


Quelle: EMFIS.COM, Autor: (il)  

Hong Kong's Cheung Kong Infrastructure target price hiked

Citigroup has raised its price target for Cheung Kong Infrastructure Holdings Ltd (CKI) by 5 pct to 31.50 hkd and kept a ""buy"" call on the stock, taking into account the company's recently announced acquisition and expansion projects.

The investment bank noted that CKI's acquisition of TransAlta Power Ltd would be earnings accretive as the internal rate of return (IRR) on the venture would be as high at 11 pct.

CKI said last week that it would buy Canada's TransAlta Power Ltd for 6. 29 bln cad. TransAlta Power holds 25-50 pct stakes in six power plants with total attributable capacity of 407 megawatts(MW).

Citigroup also noted that CKI's planned expansion of its 45 pct-owned Zhuhai Power Plant will also be EPS accretive with an expected high equity IRR of over 20 pct due to cost saving benefit.

The US house said it has raised its net profit forecast for CKI by 2.3 pct to 5.03 bln hkd for 2008 and by 1.0 pct to 4.37 bln hkd for 2009, after factoring in the above projects.

It also noted that CKI has the resources to undertake more expansions which would be EPS accretive.

""If CKI spends 20 bln hkd extra capital in 2008, its 2009 net profit will add 18.3 pct from our base case,"" Citigroup said, adding that the company's net debt to equity ratio is seen remaining low at 19.2 pct by end-2008.

At 2:38 pm, CKI shares were at 27.60 hkd, down 0.40 hkd or 1.43 pct.  

Cheung Kong (Holdings) Ltd jumped 2.7 percent to HK$131.80 and Sun Hung Kai Properties climbed 2.4 percent to HK$139.50.

HK RT Cheung Kong = 134,7h$ = +5%  

1 CHEUNG KONG 145.6 3.5 2.46 678,511 4,715  

Hong Kong's Cheung Kong wins MTRC Tseung Kwan O property project

Cheung Kong (Holdings) has won the MTR Corp (MTRC) tender for phase 3 of its Lohas Park housing project in Tsueng Kwan O, MTRC said in a statement.

Cheung Kong also won phase 1 and 2 of the Lohas Park project last year and early this year.

The site area for phase 3 of Lohas Park is 146,250 square feet, providing a gross floor area of 1.38 mln sq ft to accommodate four 49 to 54-storey residential blocks containing 1,648 units.

Total investment for the project is estimated, initially, at 5.0-6.0 bln hkd, Cheung Kong executive director Grace Woo said at a press briefing.

The project is scheduled to be completed in three years, she said.

Woo added that Cheung Kong is also interested in phase 4 of the Lohas Park housing project.

Lohas Park, formerly known as Dream City, is located at the future Tseung Kwan O South Station  

Cheung Kong (0001.HK: Quote, Profile , Research) leapt 3.7 percent to HK$151.70, Sun Hung Kai (0016.HK: Quote, Profile , Research) gained 4.34 percent to HK$168.20 and Hang Lung Properties Ltd (0101.HK: Quote, Profile , Research) rose 3.4 percent to HK$36.50  

HK mittags kleine Gewinnmitnahmen = -1,316% = 150h$  

Shares of Cheung Kong Infrastructure Holdings Ltd (1038.HK)

edged up 0.34 percent

to HK$29.90

 

after it said late on Monday it would buy about 4.9 percent of Greenlands Holdings Ltd

for HK$990.3 million cash (US$127 million).

 

Greenlands holds Southern Water Capital Ltd, which is a regulated water and waste water firm serving the southern part of England.

 

Cheung Kong (Holdings), billionaire Li's flagship property company,

rose 2.60 dollars or 1.9 percent to 142.70 dollars.

Henderson Land jumped 2.15 dollars or 3 percent to 73.15 dollars.

Sino Land was up 45 cents or 1.7 percent at 26.50 dollars.  

 

Hong Kong's Cheung Kong 2007 net profit up 53 pct; beats forecasts

Cheung Kong (Holdings) Ltd reported a net profit of 27.68 bln hkd for 2007, up 53 pct from 18.08 bln achieved a year earlier, on higher investment gains and strong earnings contribution from unit Hutchison Whampoa.

The net profit exceeded the forecasts of analysts surveyed by XFN-Asia, which had ranged from 22.5 bln to 25.1 bln hkd.

A summary of the company's results showed revenue at 15.44 bln hkd in 2007, up from 15.35 bln posted a year ago.

Earnings contribution from Hutchison Whampoa amounted to 15.29 bln hkd, up 53 pct from 10.007 bln a year earlier.

Hutchison Whampoa accounts for bulk of Cheung Kong's earnings.

Excluding Hutchison's contribution, Cheung Kong's 2007 net earnings would be 12.39 bln hkd, up 54 pct from 8.068 bln a year earlier.

Chairman Li Ka-shing said 2007 was another year of solid performance for the group, with good progress achieved across various core businesses.

""With enormous potential for growth, our property business in Hong Kong, the mainland and overseas markets progressed well as scheduled, and delivered solid, consistent growth in profits,"" he said in a statement.

Property sales fell to 13.41 bln hkd from 13.8 bln a year earlier, but profit contribution from the business rose slightly to 5.63 bln hkd from 5. 586 bln.

Contribution from property rental, including share of results of jointly controlled entities, was 1.23 bln hkd, up from 936 mln.

The company also recorded investment income of 5.49 bln hkd for the year, up from 1.31 bln a year earlier.

The company recommended final dividend of 1.95 hkd per share, bring full year dividend to 2.45 hkd per share, up from 2.20 hkd a year earlier.

Looking ahead, Li expects the inflationary trend and the cycle of interest rate cuts to continue. He said the negative real interest rate environment will provide further stimulus to overall market demand and sentiment.

Li said the US economy is likely to experience greater turbulence due to the fallout from the subprime troubles and continuing weakness in the country's housing market.

""There is a likelihood of further US interest rate reductions, and oil prices remain at high levels. The trend of a weaker US dollar against other currencies is expected to continue,"" he said.

He noted that economic growth in the mainland has moderated following its continuing structural reforms and macroeconomic measures.

But ""positive growth trends are expected to continue given the mainland's good economic fundamentals and huge market potential,"" he said, adding that Hong Kong's economy will continue to prosper  

Cheung Kong 2007 Net Profit HK$27.68 Bln Vs HK$18.08 Bln

Property developer Cheung Kong (Holdings) Ltd. (CHEUY) said Thursday its net profit for 2007 rose 53%, boosted by stronger contributions from affiliate Hutchison Whampoa Ltd. (0013.HK) and higher investment income. The blue-chip firm, run by tycoon Li Ka-shing, posted net profit of HK$27.68 billion for the 12 months ended Dec. 31, up from HK$18.08 billion a year earlier. The result was above the average forecast of HK$26.02 billion in a Thomson Financial poll of 16 analysts. Revenue rose 0.5% to HK$15.44 billion from HK$15.35 billion. The earnings contribution from telecommunications-to-ports conglomerate Hutchison Whampoa was HK$15.29 billion, up 53% from HK$10.01 billion in 2006. Excluding Hutchison Whampoa's contribution, Cheung Kong's net profit was HK$12.39 billion, up 54% from HK$8.07 billion the previous year. Cheung Kong's board proposed a final dividend of HK$1.95, up from HK$1.74 a year earlier.  

00001.HK   CHEUNG KONG   66.900   +3.750   +5.938%