Longfor Properties-Aktie ,kein Leisetreter

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21.11.13 10:11 #26 alles günstig
Handelsplatz Geld-Stk. Geld Geld-Brief Brief Brief-Stk. Spread Zeit

Tradegate 2.000 1,091 € 1,20 € 2.000 9,99% 10:07:14

München 1.000 1,133 € 1,159 € 1.000 2,29% 09:50:15

Berlin 2.000 1,092 € 1,20 € 2.000 9,89% 09:28:01

Frankfurt 2.000 1,091 € 1,199 € 2.000 9,90% 09:50:17

buran und MfG und Dreimal Rosamunde  
15.01.14 09:11 #27 3 mal Parkett und einmal Elektronik
am günstigsten im Brief München ..Preis pro Anteil 1,081 € Schleife 1.000 spread 2,17% ..buran und MfG und Dreimal Rosmunde  
23.06.14 13:43 #29 die hübschen Order Assistentinnen
Handelsplatz Geld-Stk. Geld Geld-Brief Brief Brief-Stk. Spread Zeit
 Tradegate 8.149 0,859 € 0,943 € 7.423 9,78% 12:56:56
 München 1.000 0,891 € 0,912 € 1.000 2,36% 12:59:03
 Frankfurt 2.500 0,859 € 0,943 € 2.500 9,78% 12:56:55
 Berlin 8.149 0,859 € 0,943 € 7.423 9,78% 12:56:55

buran und MfG und kompakt nackt berpackt  
13.08.14 21:32 #30 Press Releases
13.08.14 21:36 #31 Hong Kong, August 05, 2014
-- Moody's Investors Service says Longfor Properties Co Limited's 1H 2014 results -- despite a lower profit margin -- support its Ba1 corporate family rating.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:37 #32 The rating outlook remains stable.
"Longfor's healthy level of debt leverage and adequate liquidity have balanced the impact of declining profit margins and interest cover," says Gerwin Ho, a Moody's Vice President and Senior Analyst.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:37 #33 While Longfor's revenue grew 4.7% year-on-ye.
to RMB15.9 billion, its gross margin contracted to 30.9% in 1H 2014 from 31.9% in 1H 2013.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:38 #34 The lower gross margin reflects the realization
of projects sold between 2H 2012 and the start of 2013 against an unfavorable pricing environment.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:39 #35 Longfor's EBITDA/interest coverage also decline.
to 3.6x in 1H 2014 on a last 12-month basis from 3.8x in all of 2013. This reflected a lower gross margin and higher operating expenses in 1H 2014, which included RMB310 million in provisions for two high-end projects in Shanghai that had high land costs and faced weak demand.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:39 #36 After excluding its 1H 2014 provision,
Longfor's EBITDA/interest coverage reached 3.7x in 1H 2014 on a last 12-month basis.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:40 #37 Moody's expects Longfor's profit margin
will trend down in 2H 2014 due to lower selling prices for contracted sales in the last 12 months and recognition of higher land costs.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:41 #38 Nevertheless, we expect interest coverage
to improve on a full-year basis in 2014, because of higher revenue recognition and normalized operating expenses in 2H 2014. We expect the company to recognize revenues of about RMB45 billion in 2014, based on its development and completion schedule, with 80-85% already contracted.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:41 #39 We also expect Longfor's 2014 full-year
contracted sales to grow about 10% year-on-year, supported by 59 projects available for sale in 2H 2014, including 11 brand new projects and 19 projects with new phases.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:42 #40 Longfor's
leverage and liquidity remain supportive of its Ba1 ratings.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:43 #41 At end-1H 2014,
the company had cash holdings of RMB18.1 billion, which can fully cover its short-term debt of RMB9.7 billion and fund its schedule land premium payment in the next 6 months.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:43 #42 Longfor's reported debt rose to RMB47.2 billion
at end-1H 2014 from RMB37.7 billion at end-2013 to finance its land acquisitions and project development, and to strength balance-sheet liquidity.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:44 #43 But, its debt leverage remained healthy,
with adjusted debt/capitalization at 51.5% and revenue/reported debt at 89.5% at end-1H 2014.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:44 #44 Moody's expects the company
will maintain its good financial discipline in land acquisitions and keep its debt/capitalization below 55% in 2014.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:45 #45 Longfor's shopping mall portfolio reached
763,349 square meters in GFA at end-1H 2014, up 39% year-on-year, with a healthy occupancy rate of 95.8%.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:45 #46 Its gross rental income grew to RMB378 million
in 1H 2014 from RMB304 million in 1H 2013. This recurring cash flow covers 28% of Longfor's gross interest expenses in 1H 2014, up from 23% in 1H 2013, and could provide some cushion against its more volatile development business.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:48 #47 The principal methodology used
in this rating was the Global Homebuilding Industry published in March 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:48 #48 Longfor Properties Company Limited
is one of the leading developers in China's residential and commercial property development sector. Founded in 1994, the company began its business in Chongqing and has since established a leading brand name in the municipality. As of 30 June 2014, it had an attributable land bank of 35.6 million square meters in GFA, spanning 23 cities in five major regions in China.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:49 #49 This publication
does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763
 
13.08.14 21:52 #50 Gerwin Ho
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
https://www.moodys.com/research/...T.mc_id=NLTITLE_YYYYMMDD_PR_305763  
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