28-11-2010, 08:58 PM
(This post was last modified: 23-10-2013, 02:42 PM by CityFarmer.)
hi guys/gals,
this gem has finally awakened n slowly creeping up.
[Image: 2010Nov-HongkongChineseLtd-1200x600-3.png]
this gem has finally awakened n slowly creeping up.
[Image: 2010Nov-HongkongChineseLtd-1200x600-3.png]
(11-10-2010, 11:43 PM)bongster31 Wrote:(29-09-2010, 09:03 PM)dydx Wrote: I find today's announcement on the latest valuation of Mandarin Gallery and Mandarin Orchard - OUE's principal property assets on Orchard Road - rather interesting.....
http://info.sgx.com/webcoranncatth.nsf/V...D003C65C2/$file/Announcement_on_Valuation_of_MOS_MG.pdf?openelement
Both properties - sitting on 99-year leasehold (from 1Jul1957) land owned by Ngee Ann Kongsi - have been revamped/updated at substantial costs (funded by debts) last year. As the remaining land leases have less than 46 years to run, unless their rental rates (and those along the Orchard Road belt) continue to hold or rise over time, the capital values of these 2 property assets will likely have to fall with the remaining lease periods.
It is also interesting to note that based OUE's last done share price of $2.99, Mr Market is attaching a 31% premium above its NAV/share of $2.28 as at 30Jun10. It looks like Mr Market is quite willing to value this counter based on and closer to its RNAV, which is not the case for most other property counters.
Hi dydx,
have u notice this counter called hongkong chinese 0655.hk? NAV HKD3, current price HKD1.05. they have a big stake in the lippo fund which in turn own OUE.
Vested in the former.
cheers,
bongster31