2017年4月25日星期二

25 Apr 17 - The Camera Man

The Camera Man (Part 2 of 2)

Author: T Howell

■  24 Apr 17 - The Camera Man


   “Come on, Jadie! Let's take a picture with Daddy!” It was her mother’s voice. The voice was soft and tender, like she was talking to a little kid. A sound of a train was hooting somewhere, and there were many people walking in and out of the platforms. Sure enough, a cute girl with a pink dress and shoulder-length hair came running into the woman’s welcoming arms.



   “Say cheese!” It was a man’s voice this time. Her father’s. A man with short greased hair was laughing joyfully and aiming the camera at his wife and daughter, who was smiling in a cute goofy way. A train hooted again somewhere, and steam filled the scene as another bright flash hit Jade’s eyes, and she realised she was standing in her bedroom the entire time of her flashback, shaking slightly.

   “I… I want to calm down…” Jade stammered as she slightly knocked her father out of the way with her shoulder and finally out the house. She walked aimlessly, and stopped by the old teddy bear shop, staring at one of her favourite fluffy old bears with its wide eyes twinkling. She recalled how her mother’s eyes also sparkled whenever she called out her name. Hot tears streamed down her face uncontrollably as she ran down the street, stumbling on her feet occasionally, forcing every bit of sadness out of her. She let a sob escape her throat, when she ran past the familiar place she got her red bike. The place her mother had bought her the red bike.

   Then she stopped running. She’d already arrived at the end of the street. The brick wall towered over her. She looked up slowly, surprised and somewhat shocked on how she’d run so quickly, yet she wasn't panting her lungs out. Looking to her right, she noticed the familiar art workshop she used to have lessons at, where she would draw pictures with her mother and laugh with the teachers who taught there. She walked over, looked through the window and gasped in surprise. It was the piece of drawing she drew with her mother and father when she was only six, hanging with a frame just above the receptionist’s desk. The colourful painting has a family of three, plus a giant teddy bear behind them, with words “Family Forever” plastered at the very front of the piece of art. Family forever… Jade staggered backwards a bit before turning around and running home. Family forever… The words kept ringing in her mind as she was running all the way back from where she came. She crashed through the front doors, panting slightly, and searched the house.

2017年4月24日星期一

24 Apr 17 - The Camera Man

The Camera Man (Part 1 of 2)

Author: T Howell




   Jade rushed through the automatic doors and crashed into her mother’s room.

   “Mom!” Her face streamed with tears as she rushed to sit on her mother’s bed and held her hand tightly. She glanced desperately at the computer screen. Her heart rate is falling.

   “It's all going to be alright, Mom. Just keep looking at me!” Jade cried, terrified. But her mother only smiled and closed her eyes, whispering, “I love you, Jade.” Her head lolled to one side, and the grip on Jade’s hand loosened, as if in a quiet, peaceful sleep, but the room echoed with a long single beep.

   “Jade! Wake up!” Mom, don't leave… “Jade you got to get up now, it's late!” No Mom please… “WAKE UP JADE!”

   Jade jumped and sat up, rubbing her eyes. The sun was shining through the silk white curtains, as if signalling the start of a new day, nearly blinding her. She was on her bed. She must've had a bad dream.

   Suddenly, a bright flash was seen, and her father stood at the doorway, holding up his camera and smiling at the screen.

2017年4月7日星期五

07 Apr 17 - 泓富產業信託(0808) 全年業績

美國加息周期雖已確認,削弱了收息投資產品的吸引力,但本港上市的眾多REITs收益穩定,靈活度高,滙率風險低的收息之選,仍然獲不少好息者青睞。 領展房產基金(0823)和冠君產業信託(2778)股價離一年高位不遠,引證了房託股對追求穩定回報的投資者仍有一定的吸引力。

領展房產基金(0823)和冠君產業信託(2778)1年圖 2017年4月

現時香港共有多隻REITS上市,不少都是由上市公司背景,或就是由上市公司分拆出來。 例如由長實(0001)旗下的置富產業信託、泓富產業信託及匯賢產業信託;越秀(0123)旗下越秀房產信託基金;恆基(0012)旗下陽光房產;富豪國際(0078)旗下富豪產業信託(1881);鷹君(0041)旗下冠君產業(2778)。

■  15 Apr 16 - 越秀房產信託(0405)全年業績
■  18 Feb 16 - 陽光房產信託(0435)中期業績
■  09 Aug 16 - 置富產業信託(0778)中期業績
■  27 Aug 16 - 泓富產業信託(0808)中期業績
■  11 Jul 16 - 領展房產基金(0823)全年業績
■  31 Mar 17 - 朗廷酒店投資(1270)全年業績
■  24 Apr 16 - 春泉產業信託(1426)全年業績
■  27 May 16 - 冠君產業信託(2778)全年業績
■  01 May 16 - 匯賢產業信託(87001)全年業績

冠君產業信託(2778)的寫字樓收入佔6成多,而同業的泓富產業信託(0808)寫字樓收入佔比亦接近6成,受惠於寫字樓空置率低企。

泓富產業信託(0808)今年3月以8.86億元出售海名軒物業(三樓、五樓及六樓之商用物業),出售金額較於2016年12月的評估價值(即 5.94億元)溢價 49%,這代表出售金額相當於泓市值19%。 出售的原因包括
▪  海名軒物業為泓富產業信託的三層非核心資產
▪  資產增值工程潛力已達到最大限度
▪  對泓富產業信託的資產淨值帶來增長

海名軒物業2016年收入淨額為2422萬元,這代表泓富(0808)以36倍市盈率沽出物業。

泓富(0808)現時資產淨值約為75.1億元,出售海名軒後,資產淨值上升至78億元。 現價市值46億元計算,巿賬率為0.59倍。

泓富(0808)去年9月提出以18.75億元收購觀塘一項商用物業,顧慮到收購後的資產負債比率將由26.5%升至37.1%,收購不獲通過。

紅磡 都會大廈 泓富產業 808


泓富產業信託(0808)

泓富產業信託(0808)於2005年上市,擁有t項多元化之物業,包括以下物業之全部或部分。 都會大廈、泓富產業千禧廣 這2項物業物業收入佔總收入5成左右。

▪  三座甲級寫字樓: 都會大廈,泓富產業千禧廣場,創業街9號
▪  一座商用物業: 泓富廣場
▪  兩座工商綜合物業: 潮流工貿中心,創富中心(部分)
▪  一座工業物業: 新寶中心(部分)



本網誌內容版權為「藍冰」所有,未經授權不得轉載。


公司簡介泓富產業信託(0808) 為房地產投資信託基金,主要投資於商用物業組合。
目前市值(港元)46.22億元
現時股價(港元)3.18元 (2017-04-07 收市價)
市盈率8.15倍
每股盈利(港元)0.390港元
市帳率0.61倍
每股帳面淨值(港元)5.17港元


2017年4月2日星期日

02 Apr 17 - 恒基地產(0012) 全年業績

恒地(0012)旗下九龍灣創豪坊(Mega Cube)3月初開始拆售,216個單位沽出近90%。 資料顯示,創豪坊216個單位,推售初期呎價約8000餘元起,至後期發展商大幅提價40%,最貴一個單位呎價1.7萬元,挑戰全區最貴商廈。

物業位於九龍灣宏光道8號,前身為工廈巨昇中心,原申請改裝為酒店,最終活化成寫字樓。 大廈經約3年時間翻新,現樓高9層,包括7層寫字樓及2層零售樓面,總可售樓面面積約18萬方呎,寫字樓每層約2.4萬方呎,提供161個寫字樓單位及55個會議室,

九龍灣 創豪坊(Mega Cube) 恒基

恒地表示,繼「高爾夫‧御苑」及「創豪坊」近期成功開售後,集團計劃在今年再推售4個住宅項目,以及兩個商業/寫字樓物業。連同尚餘存貨,集團在本港有約2600個住宅單位及60萬平方呎優質商辦樓面於今年可供出售。

■  11 Jun 16 - 恒基地產(0012) 全年業績
■  28 Feb 17 - 新鴻基地產(0016) 中期業績
■  22 Jul 16 - 恒隆地產(0101) 全年業績
■  17 Mar 17 - 嘉里建設(0683) 全年業績

地產股企業
發展商恒基(0012)、 新地(0016)、 新世界(0017)、長實(1113)、
會德豐(0020)、信置(0083)、 嘉華(0173)、 嘉里(0683) 等
收租股恒隆(0101)、 九倉(0004)、 希慎(0014)、 鷹君(0041)、
合和(0054)、 太古(1972) 等

恒基地產(0012)的聯營公司中華煤氣、美麗華及香港小輪為集團帶來穩定之經常性收益。 加上逐步上升的物業租賃收入,為恒基股東提供穩步上升的股息,亦為集團供應相當穩定的現金流。

李兆基 李家傑 李家誠 恒基

#     企業     市值業務佔淨收益比例 (最近業績)
1 九龍倉(0004) 2,020億元物業銷售佔淨收益1成,
物業租賃佔7成半,
酒店、物流、通訊、媒體及娛樂佔1成
2 恒基地產(0012)1,750億元物業銷售佔淨收益2成半,
物業租賃佔4成
酒店、百貨佔1成,
公用事業及能源佔2成半
3 新鴻基地產(0016)3,300億元物業銷售佔淨收益2成,
物業租賃佔6成,
酒店經營、電訊、運輸基建及物流佔2成
4 新世界發展(0017) 930億元物業銷售佔淨收益7成,
物業租賃佔1成,
服務、百貨佔1成,
基建佔1成
5 信和置業(0083) 850億元物業銷售佔淨收益4成半,
物業租賃佔4成,
酒店經營、物業管理佔1成半
6 恒隆地產(0101) 910億元物業銷售佔淨收益1成半,
物業租賃佔8成半
7 嘉里建設(0683) 390億元物業銷售佔淨收益2成,
酒店佔半成,
物業租賃佔7成半
8 長實地產(1113) 1,990億元物業銷售佔淨收益7成,
物業租賃佔1成半,
酒店佔1成,
房地產投資信託權益佔半成
9 太古地產(1972) 1,450億元物業銷售佔淨收益1成半,
物業租賃佔8成半


本網誌內容版權為「藍冰」所有,未經授權不得轉載。


恒基地產(0012)

恒基地產(0012) 為投資控股公司,透過旗下附屬公司在香港及中國內地從事物業發展及投資、建築工程、基建項目、酒店業務及管理、財務借貸、百貨業務、項目管理、以及物業管理。 集團持有約4500萬平方呎新界土地儲備,為本港擁有最多新界土地之發展商。 中國國內物業發展方面,集團在北京、上海、長沙、重慶、南京、瀋陽、西安及蘇州均有住宅發展項目。

此外,集團持有多間香港上市公司,包括香港小輪(0050)、恒基發展(0097)、香港中華煤氣(0003)、美麗華酒店(0071)和港華燃氣(1083)。

恒基2014年將零售業務「千色店」借殼旗下恒基發展(0097)上市。

恒基地產(0012) 集團架構圖

公司簡介恒基地產(0012)從事香港之物業發展及投資、發展計劃管理、建築、物業管理、百貨業務、酒店業務、財務、投資控股、基建項目及在中國之物業發展。
目前市值 (港元)1,751億元
現時股價 (港元)48.15元 (2017-03-31 收市價)
市盈率 7.99倍
每股盈利 (港元)6.03元
市帳率 0.66倍
每股帳面淨值 (港元)72.46元
恒基地產(0012)


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