Equitymaster Agora Research Private Limited. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.
The company also has a valuable 3. Investors unfamiliar with K. Wah may be amazed by the financial metrics mentioned above, but this is not an undiscovered story. Everybody in Hong Kong knows about K. Even if the valuation multiples remain low, long-term investors will be rewarded through accumulation of strong earnings and dividends.
Wah sufficient credit for its superior long-term value creation. Wah with 5 other Hong Kong real estate conglomerates whose chairmen share the Forbes Hong Kong rich list shows that K. Wah has delivered the highest return for shareholders, yet it trades at a lower valuation than New World Development Co.
The NAV return demonstrates value delivered to public company shareholders. Each company has a slightly different business mix.
Arguments can be made that each is worth more than balance sheet book value. Operating assets like hotels, utilities, and real estate under development are not carried at fair market value. The average analyst estimate is for K.
Those numbers largely reflect the recognition of revenue and profit upon delivery of homes for which contract sales have already been reported.
The share price does not give the company sufficient credit for the long-term investment strategy which is generating those earnings and which may continue to do so for many years.
The sources of K. The savvy timing of K. A reference for gross margins from China real estate development was suggested in this Koneko article: Wah has achieved high margins by sticking to a few strong markets and using a long development cycle to increase exposure to land price appreciation and holding completed units for sale when conditions are most favorable.
The green sections indicate land acquired in or earlier, with a large block in Guangzhou even dating back to the early s. Completed but unsold space is retained at the discretion of the company in order to capture price appreciation.
The Windermere project in Shanghai illustrates the company strategy.The report highlights Galaxy’s nearly two-decade track record in the education technology space, an estimated $ billion market, and its plans moving forward, marked by exclusive partnerships.
About Galaxy Entertainment Group Ltd Galaxy Entertainment Group Limited, through its subsidiary, operates casino, hotels, and other entertainment facilities in Macau. 3, free stock research reports include value investing stock ratings and analysis - Profit with the world’s most innovative and independent equity research.
Click any link to see a free stock research report. Each research report breaks down the long term and short term potential of a stock's investment.
CEC Entertainment (CEC. Galaxy Entertainment Group Limited, an investment holding company, engages gaming and entertainment, and construction materials businesses in Macau, Hong Kong, and Mainland China. The company operates casino games of chance or games of other forms; and .
equity research│april 26, important disclosures, including any required research certifications, are provided at the end of this report.
if this report is distributed in the united states it is distributed by cimb securities (usa), inc. galaxy entertainment add, tp hk$, hk$ close. Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies These include equity, credit, commodities, real estate, money markets, currencies, multi-asset and alternatives.
Due to regulatory restrictions regarding the distribution of financial research, this report is.