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Companies: Guangdong Land Holdings Limited (GDLAN 124)

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Greenridge Global Equity Research
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Update Nov-21-17 Click Here>>

 

Update Sept-13-17 Click Here>>
Update April -26-17 Click Here>>
Update March-31-17 Click Here>>
Initial Report March-30-15 Click Here>>



Update Notes:1-25-18

Profit Expected In 2017 After Legacy Property Sale

Property Sale Improves 2017 Results.  GDL announced it expects to report Net Profit of at least HK$46.0 million for fiscal 2017, due in large part to the profit booked on the sale of old staff quarters in Shenzhen.  Through the first nine months of 2017, GDL had reported a Net Loss of roughly HK$3.0 million, which had been attributable to the sharp decline in sales and deliveries of the remaining units of the Ruyingju project. 

Model Update.  Other than adding in the profit tied to the property sale in H2:17, we left the remainder of our model in tact as we believe the Buxin Project is continuing to move along on schedule. 

Maintaining Rating & Target.  The gain on property sale in Q4:17 had little impact on the remainder of our model.  With Buxin continuing to move on schedule we are reiterating our Buy rating and HK$4.50 target price on Guangdong Land.  Our target price is based on our DCF model covering the duration of the Buxin project, which is nearly the same as the reassessed NAV of GDL as calculated by Vigers in the GDI Circular.

 

Company Description:

Guangdong Land Holdings Limited (GDL) is a Hong Kong-based investment holding company principally engaged in property investment and development.  The Company owns investment properties and developments in Guangdong, including its flagship property, the Buxin Project, a mixed-use commercial and residential project in the gold and jewelry district of Shenzhen.  GDL is a publicly listed subsidiary of Guangdong Investment Limited [HK: 270], which is a subsidiary of Guangdong Holdings Limited, a provincial level State Owned Enterprise.

Issued Shares***** 1,711,536,850 (as at 30 Nov 2017)
Industry Properties & Construction - Properties - Property Development(HSIC***)
Listing Date 08 Aug 1997
Financial Year Ends 31 Dec 2016
Chairman Huang Xiaofeng
Principal Office 18th Floor
Guangdong Investment Tower
148 Connaught Road Central
Hong Kong
Place of Incorporation Bermuda
Listing Category Primary Listing
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