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Teresa,
Time will prove I am right.
Again, cut stake....
Henry$$$ what's the bad news coming up?
Reduce stake before too late
CIMB - Pan Hong Property (S$0.965) - Encouraging sales at good prices
Presales were encouraging. The Nanchang project has enjoyed good reception with presales of 120k sq m GFA since its launch in May. Based on presold units as at early October, we believe Pan Hong has locked in almost 100% of our estimated revenue for FY07 and 14% for FY08.
Upgrading earnings and NAV. We have lifted our FY07-09 EPS estimates by 1.5- 32.2% as we raise the ASP for different projects by 11-25%, trim the LAT rate from 7.4% of sales proceeds to 5.5% and factor in a revised Rmb/S$ exchange rate of 4.90. Based on our revised assumptions, NAV for existing land bank has risen to S$1.20/share. The further acquisition of land bank could lift our NAV to S$1.29/share.
Keeping Outperform with higher target price of S$1.29 (previously S$0.89). With 1.8m sq m of attributable land bank spread across second and third-tier cities in China, Pan Hong is set to tap the expanding property market. Continuous presales and the active replenishment of its land bank could act as near-term catalysts. We continue to peg our target price at our NAV estimate of S$1.29, which now includes our revised assumptions and value-enhancement from potential land deals. Reiterate Outperform.
Sunshine had been moving 5 section ago, PanHong will do the catching up very soon.
Look out! Good luck.
This stock had been trading below the avg line since announcement. But had shown sign of move up. The MFI (money flow index) and RSI had increased by 20+ %. Worth taking a look at this outperformed stock which had mentioned in the BT many,,,,*.
Pan Hong fell as much as 7.2% after the company said a mired land purchase deal may affect its financial performance for FY07.
The firm said in a statement that it is suing a land owner there for failing to complete a HK$101.5 million land sale.
Pan Hong said its financial performance and net asset value for FY07 could be affected if its legal claims are unsuccessful. It added that its performance would depend on the compensation awarded by Hong Kong courts.
The firm said it had recognised a gain of about 77.8 million yuan in the first quarter ended Mar from the deal, arising from the difference between the purchase price and net fair value of the assets.
The news will disappoint the market. While near term core earnings will not be substantially affected, but NAV will be reduced and sentiments will be negative. Excluding the Beihai site, NAV will be around $0.75. On back of this, the share can be derated to around 10-20% discount to its apprasied NAV, can be traded at around $0.60-0.68.
Rising from its long sleep? Any more upside from here?
I am holding on to it ..since the IPO day.
Need advise ... is there hope for this one? Should hold, level or dispose ... NOW? Thanks ...
this is a good stock with good results.. but dont think can survive on monday too... the gain over on friday provides more room for profit taking....
keep a look out.
PanHong ups 7c with high volume today.
PanHong moving upwards slowly. Keep a lookout for it.
my broker ask me to buy this. anyone any comments?
good breakout. vested
any hopes on this counter? been going sideways for a long time. Is the annual report out yet?
Honggu Kaixuan Phase 1 project 98.5% fully sold. The units with a combined GFA of circa 42,060 m2 worth RMB 187m have been sold to both institutional customers and VIP card holders by the end of the 1st launch day.
The VIP card is a marketing promotion whereby the buyers need to purchase it before they are entitled to purchase the units. However, having the VIP card does not guarantee an available unit as well. The strong demand and fast turnover of units underpin the Groupstrategy to target only the 2nd and 3rd tier cities.
The Group?s land bank has surged from 0.81 m m2 in Sept 06 to 2.9 m m2 in Apr 07 (inclusive of current projects under development and futureprojects).
Singapore developers could take their cue from Pan Hong. To test the water for an upcoming launch, it decided to sell limited edition VIP cards, which give holders the right to choose their units first when the project is ready. The result - a few thousand residents of Nanchang, Jiangxi, lined up to purchase the 1,000 cards on sale at 5,000 yuan ($980) apiece, an event recorded on television, according to Wong Lam Ping, executive chairman of Pan Hong Property Group. Aimed at the high income group, the project is a mixed development with a total gross floor area of 390,000 m2, consisting of about 2,300 apartment units, an office block and retail space. Mr Wong said the land was originally acquired in 2000, and although construction only started last year, the land value had already risen 5 times.
pump air too long but cannot go up and suddenly burst open.so cheong