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Delayed Hong Kong Stock Exchange  -  03/31 04:08:07 am EDT
4.420 HKD   -2.21%
05/16Shimao Logs $888 Million Contracted Property Sales in April
05/13Shimao Group Holdings Limited Announces Unaudited Group Sales Results for the Month and Four Months Ended April 30, 2022
05/10Shanghai Shimao’s January-April Sales Plunge 63%
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Shimao Shares Lead Declines Among Chinese Developers Despite Signs of Support From Beijing

12/13/2021 | 02:32am EDT

By Clarence Leong

Chinese property developers were trading lower in Hong Kong, led by Shimao Group Holdings Ltd., as new signs of support for the sector from Beijing failed to lift investor sentiment.

Shimao's shares fell as much as 14% on Monday to HK$6.95, their lowest level in almost a decade. The stock was 11% lower in afternoon trade, with year-to-date losses at 71%. The company's property-management arm, Shimao Services Holdings Ltd., fell 8.8%, taking this year's losses to 40%.

Among other property names Sunac China Holdings Ltd. declined 5.7%, and Logan Group Co. was down 6.4%.

The decline in Shimao companies shares was likely due to investors being spooked by a selloff in the bonds of Shimao Group, Morningstar analyst Cheng Wee Tan said.

A $1 billion Shimao bond due in July 2026 was quoted at about 70.9 cents to a dollar mid-afternoon Hong Kong time Monday, down from 78 cents at the start of the session, according to Tradeweb.

Investors may be concerned about dilution risks if developers seek to raise more capital from equity fundraising, Mr. Tan said.

Shimao last week said it would issue new shares to raise 1.17 billion Hong Kong dollars (US$150.0 million) in net proceeds for debt repayment.

The broader property sector is beginning the week on a weaker footing after Fitch Ratings said last week that China's most indebted developer, China Evergrande Group, and another big developer Kaisa Group Holdings Ltd. had defaulted on debt following missed U.S. dollar bond payments.

The declines come despite more easing signals from Beijing over the weekend. U.S. investment bank Jefferies said in a research note that Beijing's overtures to the sector at an annual work conference last week offered "the most supportive tone since easing in late September."

Jefferies added that it expects officials to start relaxing city-level policy this month or in the first quarter, which could boost home buyers' sentiment and support a gradual recovery in the market.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

12-13-21 0232ET

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 End-of-day quote.3.77%
KAISA GROUP HOLDINGS LTD. 10.53% 0.84 Delayed Quote.7.69%
LOGAN GROUP COMPANY LIMITED 0.46% 2.18 Delayed Quote.-63.42%
MORNINGSTAR, INC. 2.91% 243.99 Delayed Quote.-28.66%
SHIMAO GROUP HOLDINGS LIMITED -2.21% 4.42 Delayed Quote.-13.33%
SHIMAO SERVICES HOLDINGS LIMITED 6.60% 4.2 Delayed Quote.-22.51%
SUNAC CHINA HOLDINGS LIMITED -5.18% 4.58 Delayed Quote.-61.12%
05/16Shimao Logs $888 Million Contracted Property Sales in April
05/13Shimao Group Holdings Limited Announces Unaudited Group Sales Results for the Month and..
05/10Shanghai Shimao’s January-April Sales Plunge 63%
05/10Shimao Unit Proposes Delaying Principal Payment on $74 Million Renminbi Bonds
04/29SHIMAO : Announcement of unaudited financial results of Shanghai Shimao Co., Ltd. for the ..
04/24OCBC Sues Shimao Over Unpaid Loan
04/22SHIMAO : Announcement of audited financial results of Shanghai Shimao Co., Ltd. for the ye..
04/21Fitch Withdraws Chinese Property Developer Shimao, Logan's Ratings
04/14Shimao Books over $1 Billion Contracted Property Sales in March
04/13SHIMAO : 2022 March Investor's Newsletter
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Analyst Recommendations on SHIMAO GROUP HOLDINGS LIMITED
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Sales 2021 148 B 23 407 M 23 407 M
Net income 2021 11 084 M 1 748 M 1 748 M
Net Debt 2021 90 047 M 14 203 M 14 203 M
P/E ratio 2021 1,16x
Yield 2021 26,7%
Capitalization 13 576 M 2 137 M 2 141 M
EV / Sales 2021 0,70x
EV / Sales 2022 0,71x
Nbr of Employees 30 418
Free-Float 36,1%
Duration : Period :
Shimao Group Holdings Limited Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Mean consensus HOLD
Number of Analysts 21
Last Close Price 3,58 CNY
Average target price 8,45 CNY
Spread / Average Target 136%
EPS Revisions
Managers and Directors
Sai Tan Hui Vice Chairman & President
Wing Mau Hui Chairman
Lai Kuen Kan Independent Non-Executive Director
Hong Bing Lü Independent Non-Executive Director
Ching Kam Lam Independent Non-Executive Director