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35 Far East Consortium – Gaming segment becomes visible
November 29, 2018

FEC has strong contracted sales in 1HFY19 and revenue grew by 7% yoy; Interim DPS was maintained at HK$ 4 cents, same as 1HFY18; Gaming sector become increasingly important, for the first time, gaming sector started to contribute to revenue. Trans World Corporation contributed HK$177 million revenue in gaming and hotel operations; Revise up price target to HK$5.86



35 Far East Consortium – The Value of Diversification
June 28, 2018

FEC has a diversified property development portfolio and hotel portfolio in Australia, Singapore, UK&Europe, China, HK and Malaysia and has demonstrated its ability to time different cycles in different markets. In FY18, FEC has turned more bullish in Singapore and UK and increased land purchases in light of potential slowdown in other markets



A Battle for Survival – Intensified market consolidation & battle for resources
May 15, 2018

Tightening on property market comes to the harshest moment. We recommend names with strong access to acquiring lands from M&A, urban redevelopment projects and shanty housing redevelopment. SOE will have advantage in this elimination game: low funding cost, access to land resource and shanty housing redevelopment experience.



2007 HK Country Garden – Sales momentum in lower tier cities continues
April 12, 2018

Country Garden’s sales momentum remains strong in FY2017 and 1Q18; Revise up price target to HK$17.20, ‘HOLD’



3383 HK Agile – Diversifying non-property businesses
April 12, 2018

Thanks to the high margin of projects in Hainan and Zhongshan, growth of gross profit improved by 67% YoY to RMB 20.69 bn.Revise up price target to HK$17.80, ‘HOLD’



3900 HK Greentown – Uncertainty of profit pattern
April 12, 2018

Gross profit margin slightly dropped, low visibility on profit from non-investment projects. 2017 result in line; core net profit increased by 13.5% YoY; Revise up price target to HK$11.62, maintain ‘HOLD’



813 HK Shimao – Growth comes back again
April 3, 2018

Upgrade to ‘BUY’, net profit has bottomed out and accelerate its turnover for achievable sales growth. 2017 result in line; core net profit surged by 43.5% YoY



Far East Consortium – Strengthening alliance with The Star
March 29, 2018

FEC entered share subscription agreement with The Star Entertainment Group (ASX stock code SGR) in which FEC and Chow Tai Fook Group (CTF) each will subscribe for 4.99% of The Star’s new shares; Reiterate “BUY” and Price target of HK$5.34



688 HK COLI – Targeting stable high-quality growth
March 27, 2018

Upgrade to ‘BUY’ on steady growth and revise up price target to HK$33.92revise up price target to HK$33.92, reasonable profitability and low valuation; 2017 results in line



1813 HK KWG Seeking balance between scale and profitability
March 27, 2018

Downgrade to ‘HOLD’ and revise down TP to HK$12.50: 2017 result missed our estimation; core net profit dropped by 19% YoY, expansion execution takes times to testify



960 HK Longfor property Stable growth as always
March 27, 2018

Upgrade to ‘Buy’ and revise up TP to HK$ 25.34: 39% YoY growth of core net profit, GPM enhanced to 34%



3380 HK Logan Property – The best proxy in Great Bay area
March 23, 2018

87% YoY growth of core net profit, GPM enhanced to 35%; Revise up price target to HK$12.32, ‘HOLD’



1109 HK CR Lands – Winner of next 5 years, BUY
March 21, 2018

2017 result: slow growth, but high profitability; CR Lands’ multi-channel of land acquisition is irreproducible competitiveness to scale pursuer with high land cost.Upgrade to ‘BUY’ Revise up price target to HK$34.74



2777 HK R&F properties – High growth but higher gearing
March 21, 2018

Solid 2017 result, core net profit grew by 107% YoY; RMB 300 bn of sales target in 2020 implying 54% CAGR in 2017-2020; Revise up price target to HK$23.89, ‘HOLD’



3883 HK China Aoyuan – All eyes on scale – targeting RMB 73bn contracted sales in 2018
March 16, 2018

Solid 2017 result, robust growth in net profit, but GPM missed; Execution will be the key to achieve RMB 73bn of 2018 sales target; Revise up price target to HK$8.10, ‘HOLD’



35 HK FEC – Acquiring a small casino & hospitality group in Europe
March 6, 2018

FEC has announced that it had entered merger agreement with Trans World Corporation, which is engaged in hospitality and gaming business in Germany, Austria and Czech. Reiterate “BUY” and Price target of HK$5.34



1813 HK KWG – Shifting to fast track
February 5, 2018

Contract sales in Jan. surged 155% YoY to Rmb 5.56 bn. Rmb 100 bn of saleable resource support fastgrowth of contracted sales in 2018



3380 HK Logan Property – Abundant resource supports rapid growth
January 26, 2018

Logan targets 50% growth of contracted sales in 2018; Upgrade PT to HK$12.11; maintain ‘HOLD’



Land supply reform to support multi land supplies in future
January 18, 2018

Minister of Ministry of Land and Resource: Exploring separation of ownership, qualification and use right of rural homestead; government will not be the only land supplier in future



3883 HK China Aoyuan – Targeting RMB 100bn of sales by 2020
January 15, 2018

Positive profit alert for 2017, at least up 75% YoY; Looking forward, the company has strong confidence and targets a RMB 50-60bn of contracted sales in 2018 and RMB 70-80bn of contracted sales in 2019. Reiterate Buy and price target of HK$6.94



Fixed income – Ronshine China – Capex Expansion & Refinancing Pressure in Next 2 Years
January 10, 2018

High Capex for expansion ahead and gearing ratio should increase; Marketperform on RONXIN 19, still 180 bps value over MOLAND 19



35 HK FEC – 1H18 review
November 28, 2017

1HFY18 net profit surged by 52% yoy to HK$1.0bn (+52% yoy); interim DPS raised to 4 HK$ cents from 3.5 HK$ cents in 1HFY17; Price target upgrade to HK$5.34; hidden gem with deep NAV discount



Chinese High Yield Properties
November 3, 2017

The story in 2017 is playing safely & holding for carry. Asian bond market continued to enjoy abundant liquidity while Chinese funding contributing increasing shares. Supplies from property sector dominate the Chinese HY names due to depressed onshore bond issuance and a strong physical property market in China.



China Property Sector 1H17 Results Review
September 15, 2017

Majority of developers in 1H2017 delivered improved GPM, lower net gearing and lower borrowing costs. Some companies even showed ambition of further fast growth in next 4-5 years, which we think may look challenging in light of future tightening policies.



2H17 China Property Sector Outlook – Bubble Burst? Nope! Just Slow Down!
June 30, 2017

We expect the property sector valuation to de-rate in 2H17. We selectively overweigh developers with achievable presales growth, less share price gain YTD, and relatively low valuation.



China Aoyuan (3883.HK; Buy) – Continuous growth supported by strong execution
April 7, 2017

Initiate with Buy rating: High earnings visibility; low valuation; industry consolidation provides growth opportunity.



Initiation of Coverage: Far East Consortium (FEC, 35.HK)
October 25, 2016

Far East Consortium International Limited (FEC) is a medium-sized property conglomerate. It has a geographically diversified portfolio with a balanced revenue mix in property development, hotel, car park management and property investment. We initiate coverage on Far East Consortium with a Buy rating.


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