Lai Fung Holdings (1125.HK)

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#1
Anyone knows why this company is trading at ~0.2x P/B?

Owned by Lai Sun Group.
Temasek Holdings (20%) has a stake in Lai Fung Holdings
2 NED sitting on Lai Fung's Board are from CapitaLand.

Thanks

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Finding Value in a Speculative World!
http://www.valueinvestasia.com/
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#1
Anyone knows why this company is trading at ~0.2x P/B?

Owned by Lai Sun Group.
Temasek Holdings (20%) has a stake in Lai Fung Holdings
2 NED sitting on Lai Fung's Board are from CapitaLand.

Thanks

-------------------------------------------------------------------------
Finding Value in a Speculative World!
http://www.valueinvestasia.com/
Reply
#2
(09-07-2014, 11:16 AM)weilieh Wrote: Anyone knows why this company is trading at ~0.2x P/B?

Owned by Lai Sun Group.
Temasek Holdings (20%) has a stake in Lai Fung Holdings
2 NED sitting on Lai Fung's Board are from CapitaLand.

Thanks

-------------------------------------------------------------------------
Finding Value in a Speculative World!
http://www.valueinvestasia.com/

Lai Sun ( 00191.hk ) and Lai Sun Prop ( 00488.hk) have not paid any dividend for many years.
Reply
#2
(09-07-2014, 11:16 AM)weilieh Wrote: Anyone knows why this company is trading at ~0.2x P/B?

Owned by Lai Sun Group.
Temasek Holdings (20%) has a stake in Lai Fung Holdings
2 NED sitting on Lai Fung's Board are from CapitaLand.

Thanks

-------------------------------------------------------------------------
Finding Value in a Speculative World!
http://www.valueinvestasia.com/

Lai Sun ( 00191.hk ) and Lai Sun Prop ( 00488.hk) have not paid any dividend for many years.
Reply
#3
The Lai Fung boss used to be 王祖賢 boyfriend.


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"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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#3
The Lai Fung boss used to be 王祖賢 boyfriend.


Sent from my iPhone using Tapatalk
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
Reply
#4
Third ave sells Lai Fung

聯交所資料顯示,基金Third Avenue Management於七月四日,在場內拋售300萬股麗國,每股1.09元,涉資327萬元,持股量降至14.89%。證券界指出,基金股東掟貨,或反映對公司前景不抱期望,不排除麗新系股份續遭其他股東減持。事實上,過去有少數股東余卓兒亦曾多次減持麗豐(01125)及麗國。

此外,麗新系近年在中國內地及香港頻頻以高價買地及投資發展項目,也惹起市場關注。內地傳媒報道,市值僅25.44億港元的麗豐,日前以超高價投得上海市黃浦區住宅地皮,作價5.77億元人民幣,較起標價高出逾62%。

麗展又於一二年十一月合組財團以高於市場預期的28.26億港元,投得將軍澳「限量」住宅地皮,被形容為「摸頂」,因同區其後推出的幾幅地皮,愈賣愈低,市場擔心隨時變成「富麗華酒店事件」翻版。

麗新系連環舉債144億
「富麗華酒店事件」發生於九七年樓市高峰期期間,林建岳當時已任麗展執行董事,該公司決定斥資69億港元,高價買入富麗華酒店重建,結果金融風暴後,本港樓市顯著下挫,麗展九九年勁蝕68億港元,成為虧損最大上市公司之一,系內負債高達一百多億港元,每年利息支出以億元計,其後需進行漫長的債務重組。

其他高價項目,包括麗展以投資額41億港元,獲海洋公園選定為海洋酒店項目中標者,及今年四月底,麗展高價奪得市區重建局土瓜灣新山道住宅發展項目,面對現時市況逆轉,項目隨時變成「摸頂」貨。

自一二年十一月起,麗新系內已公布完成的舉債項目,金額達115.4億港元。連同麗新發展為將軍澳地皮進行融資21.2億港元,及豐德麗(00571)的人民幣票據,系內舉債金額達144億港元。
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
Reply
#4
Third ave sells Lai Fung

聯交所資料顯示,基金Third Avenue Management於七月四日,在場內拋售300萬股麗國,每股1.09元,涉資327萬元,持股量降至14.89%。證券界指出,基金股東掟貨,或反映對公司前景不抱期望,不排除麗新系股份續遭其他股東減持。事實上,過去有少數股東余卓兒亦曾多次減持麗豐(01125)及麗國。

此外,麗新系近年在中國內地及香港頻頻以高價買地及投資發展項目,也惹起市場關注。內地傳媒報道,市值僅25.44億港元的麗豐,日前以超高價投得上海市黃浦區住宅地皮,作價5.77億元人民幣,較起標價高出逾62%。

麗展又於一二年十一月合組財團以高於市場預期的28.26億港元,投得將軍澳「限量」住宅地皮,被形容為「摸頂」,因同區其後推出的幾幅地皮,愈賣愈低,市場擔心隨時變成「富麗華酒店事件」翻版。

麗新系連環舉債144億
「富麗華酒店事件」發生於九七年樓市高峰期期間,林建岳當時已任麗展執行董事,該公司決定斥資69億港元,高價買入富麗華酒店重建,結果金融風暴後,本港樓市顯著下挫,麗展九九年勁蝕68億港元,成為虧損最大上市公司之一,系內負債高達一百多億港元,每年利息支出以億元計,其後需進行漫長的債務重組。

其他高價項目,包括麗展以投資額41億港元,獲海洋公園選定為海洋酒店項目中標者,及今年四月底,麗展高價奪得市區重建局土瓜灣新山道住宅發展項目,面對現時市況逆轉,項目隨時變成「摸頂」貨。

自一二年十一月起,麗新系內已公布完成的舉債項目,金額達115.4億港元。連同麗新發展為將軍澳地皮進行融資21.2億港元,及豐德麗(00571)的人民幣票據,系內舉債金額達144億港元。
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
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