Daily Brief Financials: Swire Pacific Ltd-Cl B, Agile Property Holdings, Central China Real Estate, Yanlord Land and more

• Yesterday Swire Pacific (A) (19 HK) (and Swire Pacific Ltd-Cl B (87 HK)) announced a buyback of shares according to the 2022 AGM mandates approved in May, limited to HK$4bn. 
• A reader question prompted me to look more closely at the rules. There are nuances NOT covered in the announcements. So I work through them. 
• The conclusions are surprising, and lead to one clear trading idea. 

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Pakuwon Jati
2. Softbank Group
3. Lenovo
4. China SCE
5. Kwg Property Holding

and more…

Yanlord Land’s H1/22 results were reasonably strong in our view, considering the depressed industry environment. The company’s sales and cash collections remained robust, supporting its liquidity profile. In addition, a high proportion of its cash balance remains freely available. We note that Yanlord’s operating performance held up relatively well (vs. that of developer peers), thanks to its high asset quality. Still, we broadly agree with management’s dim assessment of the Chinese property industry’s medium-term prospects.