share_log

星星地产(1560.HK)新股报告

Star Real Estate (1560.HK) IPO Report

羣益證券(香港) ·  Jul 1, 2016 00:00  · Researches

Star Land is a property developer, which is mainly engaged in the development of the property industry in Hong Kong for sale or lease. the business is mainly divided into two divisions: property development and property investment. Since its establishment in 2010, the bazaar has completed a new industrial complex (that is, the Tien International Centre), and the construction of another new industrial complex (that is, the Star Centre) started in June 2013, and the project is expected to be completed in the fourth quarter of 2016.

We establish a recognized stock market.

The company is in charge of

(1) the collective property development projects are located in areas with sustainable development capabilities in Hong Kong; (2) equipped with the ability to purchase new projects and identify development land in Hong Kong; (3) have rich and stable management skills, its business is strong, and can quickly respond to market demand; (4) effective project management and volume monitoring and control (5) the bazaar has established a relationship with the real estate agent and has used it to collect the property industry for reconstruction and investment.

Overview of the industry

According to public market data, 12 new industrial buildings were completed in the past five years. At the same time, between April 2013 and June 2014, 476 existing industrial buildings were located on "industrial" sites. The ╱ of the new industrial estate is distributed in Kowloon West, Kowloon West and New Territories West. As at 31 December 2015, the total stock of industrial buildings was about 26 million sq ft, based on the data of the Department. The number of private sector workers completed in 2015 is about 980000 sq ft, and the total savings as at 31 December 2015 is about 0.4 per cent. The number of projects completed in 2016 and 2017 is expected to be as low as 137000 sq ft and 281000 sq ft respectively. These new construction and property industries are located in Kowloon and the New Territories, that is, the locations of traditional industrial sites.

Despite the decline in 2016 (mainly due to private sector workers and non-new private sector workers), the private sector market is relatively stable in terms of the Hong Kong market as a whole. Due to the general increase in the average sales of private sector workers between 2010 and 2015, coupled with the fact that the average sales volume of private sector workers has generally increased between 2010 and 2015, as a result of the general increase in the average sales of private sector workers between 2010 and 2015, as well as the fact that the average sales of private sector workers have generally increased between 2010 and 2015, as well as the fact that the average sales of private sector workers have generally increased between 2010 and 2015, the gap between home-to-home sales has been continuously widened and the possibility of completing transactions has been reduced. Secondly, according to the data of the inflation Assessment Agency, the supply of private sector workers has been declining during the period from 2010 to 2016. The low supply of private sharing workers will lead to a decline in transaction volume during the inspection period. In addition, the cooling measures in the receiving property market (that is, the implementation of double stamp printing in February 2013) have further increased transaction costs. Its transactions are more in the face of the company than in the direct transfer property, and the relevant transactions will not be recorded in the data of the source deviation valuation agency.

As at 31 December 2014, the floor area of writing equipment was about 11.9 million square feet (equivalent to about 11060700 square metres). The vacancy rate of writing posts recorded a general decline, with an average annual wave activity of 4.2% from 2010 to 2014. From 2010 to 2015, the overall standard and rent index of words writing have been rising steadily. The character and rent index of the studio word writing (as the sub-category under the word market) is the same as that of the whole word writing market.

Profit ability and duty number

Based on the historical records of the past three years, the collective income increased from no income in 2013 to HK $7877 million in 2015, while the profit increased from HK $228,000 in 2013 to HK $371,000 million in 2015, with a compound annual growth rate of 1175.6%. The increase in profits during the period to September was mainly due to the recognition of income from the completion and sale of Tianzhong Centre's factory units.

Collection purpose

HK $6.79 million (based on HK $1.62 per share in the sale) of the proceeds from this collection will be used for the following purposes: about 70% of the proceeds will be used for the acquisition of land for development in Hong Kong and land equipment for the development of the replacement industry. The directors of the Consortium confirm that on the last practicable date, any target development sites will be identified for future development; about 20% will be used for repayment; and about 10% will be used for general financial assistance.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment