I agree with your first paragraph, but disagree with the last 3 sentences of the second paragraph.
What are strategic lands in HK? Biding for HK$50,000/ft office land (012.HK)? Biding for HK$20,000/ft residental land in Ap Lei Chau? Or biding for high costs Kai Tak lands?
HK is a small city. As a profit seeking property developer, I think the most important is to buy relatively cheaper lands c.f. other competitors ... and maximising profit margins.
016.HK is already a very conservative property developer! ... with the lowest gearing among those local big property develpers, not to say those Mainland China developers!
Student says:
回覆刪除Value Sir,
I agree with your first paragraph, but disagree with the last 3 sentences of the second paragraph.
What are strategic lands in HK? Biding for HK$50,000/ft office land (012.HK)? Biding for HK$20,000/ft residental land in Ap Lei Chau? Or biding for high costs Kai Tak lands?
HK is a small city. As a profit seeking property developer, I think the most important is to buy relatively cheaper lands c.f. other competitors ... and maximising profit margins.
(P.S. I have 016.HK , but no 012.HK) ^_^
早上買入新地，後再補回文章。
刪除我同意昂貴地皮可能會付出代價，當然我希望用合理價錢買入策略的地皮，但是現實不可能。
我亦同意換地似乎划算些，當然針無二邊利，在這失衡市況，在做生意時會變得尷尬，要看主席的功力，我相信他。
我今早更用實際行動證明。
Student says:
刪除Value sir,
I just can't understand why your last sentence mentioned "certain risks" ?
016.HK just paid serveral thousands/sq.ft. for those N.T. lands ... which are relatively cheap!
Besides, nowadays N.T. is not a rural area and the closer to Mainland China is its advantage.
Student says:
刪除I think the risk of 016.HK is on the management attitudes to the share price.
Nowadays high-tech/internet cos. are leading the market. Property developers cos. have to do more in order to attract investors' interest.
For examples:
1113.HK buy back its shares.
012.HK pay 1 for 10 bonus shares annually.
004.HK divided into 004.HK and 1997.HK.
Student says:
刪除Value Sir,
Just noted you have buy more 016.HK this morning ... Good Good Luck to you!
(P.S. I am not going to buy it more until the management have show to me their "concern of the market price".)
我喜歡以鐵路網絡為核心，其他地區為副，這亦是新地一向的發展策略。
刪除今次補地價的投資大，亦要付起基建配套，當然新地亦計過數，但始終不能貫徹以往策略，感到有小許不妥。
當然做生意要審時度勢，所以很靠經驗及能力，新地能抵禦市場風浪。
但總的，我仍是傾向是業務經營宜保守些。
我個人不需要股價要追趕，其實，留些傳統非跑出市場更安全，市場逆轉時，你會發現好處。
刪除我只要公司專注業務即可。
可能我將來仍需增持，我仍未足夠。
Student says:
刪除016.HK is already a very conservative property developer! ... with the lowest gearing among those local big property develpers, not to say those Mainland China developers!
Can you find another one? ^_^
我很期待海漩的招標策略成為市場佳話。
刪除不是人人可以這樣玩，這些江湖地位不是你想要就要。
我最近增持了會德豐，今次信置的股息亦可能要股票。
見到年報才知內子有2手私臧，今次吾夠膽叫她沽了！！
回覆刪除新地仍然很穩健。
刪除我正在看新世界年報，新地是龍頭即使龍頭，新世界的盈利能力明顯遜色。
刪除仍是一隻令人值得信任的股票。 榭
回覆刪除這市場位置不是輕易得來。
刪除佢地的管理層多年來保持住這優勢。 榭
刪除只要保往這優勢，後來者無咁易追到佢。
刪除南豐，會德豐是後來新勢力。
Student says:
刪除NanFung & 020.HK are far beyond 016.HK.
016.HK is not just a property developer, but also a malls investor!
南豐及會德豐的財力及品牌不弱。
刪除(我估計)
在港發展實力有力打入五甲。
刪除Student says:
刪除Value Sir,
For your reference: For fiscal year 2016/17
016.HK earned HK$41,782M
012.HK earned HK$21,916M
004.HK earned HK$21,440M
1113.HK earnedHK$19,415M
019.HK earned HK$ 9,644M
017.HK earned HK$ 7,676M
083.HK earned HK$ 7,415M
683.HK earned HK$ 6,537M
101.HK earned HK$ 6,195M
Nanfung : Unknown
You can see 016.HK is the top of the biggest!
我持有全部的公司，從數據看，新地確實一支獨秀。
刪除Student says:
刪除I hope 016.HK will be more successful ... otherwise we will be more disappointing. XD
只要財務穩健，佢不會出事，樓市崩盤，佢都唔會第一個有事，最安全。
刪除Student says:
刪除I hope so.
大股東說會研究拆細每手股數，如果成事，便可更靈活買入，期特。 榭
回覆刪除其實，我覺得機會幾大。
刪除新地為屯門及西貢補地價在現今市況是明智之舉
回覆刪除加上地價連建築成本及基建配套, 估計總成本大概11000-12000左右
只要樓價平穩, 尚有一定的利潤空間
新地要維持每年推出大量單位, 必須補充土地儲備, 現今土儲足夠未來4-5年, 西貢項目估計亦要3-5年才可以賣樓花, 時間上是配合的
面對中資狂攻本港, 港資發展商暫時運用手上農地轉換, 是合理的, 至少地價方面是可以掌握, 容易計數, 無需與對手鬥搶之下亦能補充土儲
香港樓價居高不下, 但港資地產股股價無論PB還是NAV都存在折讓, 要去到08前超過1倍的估值, 個人認為短期內機會不大, 去到0.8-0.9已是非常樂觀了
現價不便宜, 但勝在夠穩健, 財務實力強, 能抵抗經濟衝擊
若食息又想食價, 或許1113更大機會跑出
地可補足，我希望樓價能健康發展，最好不要出現任何傷亡。
刪除關於農地，所以我這年亦買入恒基及新世界去到一個合適比例。
關於估值，無可能出現太平宜估值，始終樓市仍在高位熱銷，除非出現突破發展。
新地仍然係我至愛，我唔熟地產股但知組合應要有地產股，所以主力持有新地，因為它實在很穩健，現在我只可用月供股票形式增持，希望下年可以減少每手股數，方便策略性逢低增持。若基本因素無變，我會超長線持有。
回覆刪除它不會令你失望。
刪除