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Caixin Global

Articles from Caixin Global

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Dalian Wanda Commercial Properties / Credit

Dalian Wanda Commercial Properties (1567411D HK)

<ul><li>Dalian Wanda Group Co.’s property management unit expects to scrape up enough cash to pay off a 2 billion yuan ($281 million) note due this Saturday, the company said.</li><li>But with 8.9 billion yuan of domestic notes and offshore bond due within two months, Dalian still needs to dump some of its shopping malls and hotels.</li><li>The troubled property-to-entertainment conglomerate was reported to be considering such moves earlier this week.</li></ul>

Dalian Wanda Group Co.’s property management unit expects to scrape up enough cash to pay off a 2 billion yuan ($281 million) note due this Saturday, the company said.But with 8.9 billion yuan of domestic notes and offshore bond due within two months, Dalian still needs to dump some of its shopping malls and hotels.The troubled property-to-entertainment conglomerate was reported to be considering such moves earlier this week.

Wanda Group Expects to Pay $281 Million Note Due Saturday

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We suggest investors to accumulate CR Land after the recent pull back.</li><li>Our main thesis is its visible earnings growth acceleration (1%/11%/17% YoY in 2022-24E) driven by robust rental income (20-30% CAGR) and sales back to teens growth in 2023E.</li><li>This would help not widen its gap with others (FY22E - 20% YoY on average), but also make its 14th Five Year target closer to reach on the contracted sales side (+15% 2020-2025E CAGR), especially with the chance of policy relaxation in Tier 1 cities. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We suggest investors to accumulate CR Land after the recent pull back.Our main thesis is its visible earnings growth acceleration (1%/11%/17% YoY in 2022-24E) driven by robust rental income (20-30% CAGR) and sales back to teens growth in 2023E.This would help not widen its gap with others (FY22E - 20% YoY on average), but also make its 14th Five Year target closer to reach on the contracted sales side (+15% 2020-2025E CAGR), especially with the chance of policy relaxation in Tier 1 cities. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Land (1109 HK) – Outperforming FY22E

Hong Kong

China Resources Land is a leading property developer, investor, and operator focused on urban construction and operation in Mainland China. The company develops and manages residential properties, shopping malls, offices, and hotels, and also engages in asset-light management and eco-system elementary businesses. It was founded in 1994 and is headquartered in Hong Kong.

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China Resources Land (1109 HK)

Wanda Group Expects to Pay $281 Million Note Due Saturday

Dalian Wanda Group Co.’s property management unit expects to scrape up enough cash to pay off a 2 billion yuan ($281 million) note due this...

Caixin Global

CR Land (1109 HK) – Outperforming FY22E

Our main thesis is its visible earnings growth acceleration (1%/11%/17% YoY in 2022-24E) driven by robust rental income (20-30% CAGR) and sales...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

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