我的聲明

我的聲明:

這blog原是用來紀錄我收集各樣債券的資料和知識,方便自己学習。非我原創性的文章,都会儘量標明出處或作者。Blog內紀錄的債券不代表我擁有或建議任何人投資。每個人都要為自已的投資決定負責任。

我主要投資直債或Reits。歡迎大家一同交流,互相鼓勵。如果你有好的債券分析,也歡迎email給我放上來,公諸同好!

我也有另外一個網誌"Reits World 我的房託世界"是關於投資REITS的,歡迎瀏覽。http://reitsworld.blogspot.hk

2016年1月19日星期二

* 我的第一隻債券 建業地產


我擁有的第一隻債券是建業地產 Central China real Estate Ltd(832HK)的2018年到期債券,票面息口6.5%,買入時YTM=7.22%

ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
建業地產(832HK)CENCHI 6.5 6/4/187.22%98.352.3 Ba3BB-12/2/15
98.61/19/16

ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
建業地產(832HK)CENCHI 8 1/28/208.21%99.253.7 Ba3BB-12/2/15
1/19/16

最新債價參考(輝立証券)
最新債價參考(中銀網站)

最新公司及財務資料
信報網站

建業事件簿

9/3/2016
建業地產(00832.HK)公布,2月份,集團取得物業合同銷售額4.15億元人民幣,同比增70.5%,合同銷售建築面積78,661平方米,同比增50.8%。每平方米平均銷售價格為5,279元人民幣,同比增13%。

累計今年首兩個月,集團已取得物業合同銷售總額7.79億元人民幣,同比增66.8%,總合同銷售建築面積132,319平方米,同比增48.9%。每平方米平均銷售價格為5,888元人民幣,同比增12%。

15/2/2016

建業地產1月物業合同銷售額升63%

建業地產(00832)公布,1月物業合同銷售額3.64億元(人民幣‧下同),按年增加62.7%。期內,合同銷售建築面積5.36萬平方米,增加46.2%;每平方米平均銷售價格6780元,增加11.3%。


04/02/2016 
《神州民企》建業地產(832)1﹒72億元收購洛陽市多用途地
建業地產(00832)公布,於上月25日,集團於一掛牌出讓中,投得一幅位於洛陽市高新區土地使用權,總金額1﹒72億元(人民幣.下同)。
  土地位於洛陽市高新區河洛路以南、春城路以西、延光路以北,總占地面積約37416平
方米。公司預計,總建築面積約187820平方米,折合每平方米樓面地價約為917元。
  項目將作多用途發展,包括住宅、商業及車庫。建業地產計劃於2016年上半年開工,並
於2019年上半年竣工。
02/02/2016 
《神州民企》建業地產(0832)非全資附屬就貸款抵押鄭州土地
建業地產(00832)持有51%股權之附屬建業泰宏抵押鄭州總地盤面積約7萬平方米的三幅土地押記予中行,以作為該行授出3億元人民幣受託貸款責任之抵押品。公司通告





19 則留言:

  1. 1/29收到第一次債息 US$8,000

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  2. 《經濟通通訊社15日專訊》建業地產(00832)公布,於一掛牌出讓中,投得一幅位
    於三門峽市靈寶縣土地使用權,總金額2095萬元人幣。這幅土地位於三門峽市靈寶縣河濱西
    路西、雙田路北,總佔地面積約15424平方米。
      公司預計總建築面積約4﹒3252萬平方米,折合每平方米樓面地價約為484元人幣。
    項目將作多用途發展,包括低密度住宅、商業及車庫。建業地產計劃於今年上半年開工,並計劃
    於明年下半年竣工。(cy)

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  3. 建業地產公布,間接全資附屬建業住宅集團(中國)作為受託人,與洛陽國泰美居樂置業作為委託人,訂立房地產項目開發委託管理合同,為期60個月,計劃建築面積約88萬平方米。河南濟鋼房地產開發及洛陽美居樂房地產開發則作為擔保人。

    根據委託管理合同,國泰美居樂委託建業住宅集團(中國),在河南省洛陽市的美居樂廣場改造項目上開發、經營及管理住宅項目,而建業則收取品牌費及績效提成作為回報。

    公司指,美居樂廣場改造項目作為集團輕資產戰略的項目,進一步為集團發展提供新的增長動力。

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  4. 建業地產宣佈獲中國證監會核准,向合格投資者公開發行面值總額不超過30億元人民幣的公司債券。首期發行將自批覆之日起12個月內完成。

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  5. 2018債 99/99.5, 2020債 98.25/98.75
    上升了不小!能在內地發行30億人債,有可能回購美元債

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  6. 2018年 99.609/100.309
    2020年 100.092 /100.838

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  7. 建業地產股份有限公司公佈2016年3月未經審核合同銷售數據。2016年3月份,該集團取得物業合同銷售額人民幣8.13億元(下同),按年增長21.9%,合同銷售建築面積13.7萬平方米,按年增長10.5%。2016年3月份之每平方米平均銷售價格為5913元,按年增長10.3%。截至2016年3月31日止三個月,該集團已取得物業合同銷售總額15.93億元,按年增長40.4%,總合同銷售建築面積27.3萬平方米,按年增長28.0%。截至2016年3月31日止三個月之每平方米平均銷售價格為5,835元,按年增長9.7%。

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  8. 建業中國(00832)宣布,計劃發行首期規模10億元(人民幣‧下同)的五年期公司債券,可超額配售至不超過30億元。
    該債券為無擔保債券,意向性票面利率詢價區間為每年5.0%至6.5%,並將於上交所上市。

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    1. 發行人仔債,息率比美元債低2-3%,又冇匯率風險,看來美元債會買少見少!留心美元債被提早贖回的機會愈來愈高。

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  9. 建業地產宣佈,已經贖回到期的2016年的10.75%優先票據,本金總為為1.75億新元(下同),連同應付利息,建業地產支付合共約1.84億。

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  10. Announcement: Moody's: Central China Real Estate's 2015 results in line with expectations; margin decline a key challenge
    Hong Kong, April 07, 2016 -- Moody's Investors Service says that Central China Real Estate Limited's (CCRE) results for calendar 2015 were broadly in line with Moody's expectations. Consequently, the results will not immediately affect the company's Ba3 corporate family rating, its Ba3 senior unsecured rating, or the stable outlook on the ratings.
    "CCRE's 2015 results showed that the company achieved a moderate improvement in its leverage and liquidity, supported by robust revenue growth and the company's disciplined approach to land acquisitions," says Kaven Tsang, a Moody's Vice President and Senior Credit Officer.
    "These improvements partly mitigated the pressure on its interest coverage, which was in turn because of the sharp fall in its profit margins," adds Tsang.
    In 2015, CCRE achieved a strong 36.1% year-on-year growth in its reported revenues to RMB12.6 billion. Moody's estimates that the company's revenues grew by 41.3% year-on-year after incorporating the contribution from its joint ventures (JVs).
    At the same time, its adjusted debt—including its share of JV debt—was largely stable, due to improved cash flow from contracted sales and lower capex for land acquisitions.
    As a result, CCRE's revenue/adjusted debt—adjusted for its JV financials—strengthened to 86.0% in 2015 from 58.4% in 2014.
    Moody's notes that during 2015, CCRE cut prices to clear existing inventories in low tier cities.
    While such destocking efforts have enhanced the company's balance sheet and liquidity, its reported gross margin dropped sharply to 22.2% in 2015 from 33.6% in 2014. Moody's estimates that CCRE's JV projects faced a similar decline in profit margins.
    These sharp falls have offset the impact of revenue growth. Consequently, its JV-adjusted EBIT/interest fell to 2.1x in 2015 from 2.5x in 2014. This ratio is weak for the company's Ba3 ratings.
    While Moody's expects that CCRE's margin will remain under pressure over the next 1-2 years—due to destocking activities in low-tier cities—lower funding costs in China will partly mitigate the impact.
    Moody's expects that CCRE's JV-adjusted EBIT/interest will trend towards 2.5x over the next 1-2 years. Any deviation from such a trend—due to further margin contraction or significant increases in borrowings—will pressure its Ba3 ratings.
    Moody's further expects that CCRE will maintain moderate revenue growth over the next 1-2 years, supported by its stable contracted sales, and that the company will continue to adopt a disciplined approach towards managing its land acquisitions.
    As a result, its revenue/adjusted debt will stay at around 80%-85%.
    CCRE's contracted sales edged up 1.2% year-on-year to RMB15.7 billion in 2015. At end- 2015, the company registered unrecognized contracted sales of around RMB9.39 billion, including RMB1.96 billion from its JVs.
    CCRE also reported a 40.4% year-on-year increase in contracted sales to RMB1.6 billion during the three months between January and March 2016.
    Moody's expects that CCRE's current sales momentum, as well as the stable property market in its core Zhengzhou market, will provide some support for the company's contracted sales and revenues in 2016. According to CCRE, new projects will be launched in Zhengzhou in 2016. These projects will account for around 38.5% of its contracted sales target in 2016.
    Moody's points out that CCRE's liquidity has improved. In particular, its adjusted cash-to-short-term debt—including amounts due to and from JVs—rose to 1.5x at end-2015 from below 1.0x at end-2014. Such a liquidity position provides some buffer against the operating risks it faces in low-tier cities.
    Central China Real Estate Limited is a leading property developer in China's Henan Province. Founded in 1992, it listed on the Hong Kong Stock Exchange in June 2008.

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  11. 建業地產上月銷售額按年降五成
    建業地產(00832)公布,4月物業合同銷售額10.83億元(人民幣‧下同),按年減少50.8%;合同銷售建築面積15.4萬平方米,下跌66.8%;每平方米平均銷售價格為7027元,增加47.9%。
    另外,截至4月底止4個月,該集團合同銷售總額26.75億元,按年減少19.8%;總合同銷售建築面積42.7萬平方米,減少36.9%;每平方米平均銷售價格為6264元,上升27.1%。

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  12. 今天出清了建業2018年債@99.75。收了半年息。債價微賺。賣的原因是私銀降了槓干比率到40%。同樣的回報應該有其他更好選擇,所以放手了。

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  13. 請問如不是私行客,如何查詢私銀槓桿比率?

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    1. 比較困難,每間PB也會不同!

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