Wing Tai Properties Limited · HKEX:369
Wing Tai Properties — H1 2024 Earnings Presentation
39 slides from Wing Tai Properties's earnings presentation, 2024
Slide 1: Wing Tai Properties Limited Interim Results 2024
Wing Tai Properties Limited INTERIM Results 2024 永泰地產有限公司
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward- looking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or similar words that express an
Slide 3: Agenda
Agenda • A Snapshot of 1H 2024 • Key Achievements • Land Bank • Business Review • Property Development • Property Investment & Management • Hospitality Investment & Management • Strengthened Capital Structure • Future Plans & Strategies • 2024 Interim Results Highlights • Appendix
Slide 4: A Snapshot of 1H 2024
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Slide 5: Key Achievements
Key Achievements • We managed to maintain the occupancy of our flagship Landmark East twin towers at approximately 90% level. We successfully obtained 3 certificates, of which WELL v2 Platinum issued by International WELL Building Institute in 2024, and BEAM Plus Existing Buildings Platinum issued b
Slide 6: Balanced and diversified land bank in Hong Kong
Balanced and diversified land bank in hong kong Development properties Investment properties 1. OMA OMA 6. Landmark East (“Upper Gold Coast” series) 7. Shui Hing Centre 4 2. OMA by the Sea (“Upper Gold Coast” series) 8. Le Cap 8 9 1 2 5 3. Site at Gage Street/ 9. La Vetta Graham Street, Central 7 6
Slide 7: Land bank in London
Land bank in London Cavendish Square 66 Shoe Lane 4 5 30 Gresham Street 10 Brook Street 7 6 1 No.1 Savile Row 10 Fleet Place 4 35 Berkeley Square 2 3 7
Slide 8: Land bank (as at 30 June 2024)
Land bank (as at 30 June 2024) Land Bank Overview (sq.ft.) Strategic land bank with focus in Hong Kong Valuation Property Investment as at Property Attributable Total Development Hong Kong London Others 20% 80% Gross Floor Area / (’000 sq. 30 June (’000 sq. ft.) (’000 sq. ft.) (’000 sq. ft.) 2024 Sa
Slide 9: Business Review
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Slide 10: Property Development
Property Development 10
Slide 11: Sale and development pipeline (As at June 2024)
Sale and development pipeline (As at 30 JUNE 2024) Project pipeline Available Estimated Completion Saleable Area / Property Development Portfolio Group’s Gross 2024 2025 2026 2027 2028 and Floor Area Interest beyond (’000 sq. ft.) Hong Kong Completed OMA OMA* 22# 100% Development OMA by the Sea* 26#
Slide 12: Completed Development in Hong Kong
Completed Development in Hong Kong OMA OMA (466 units), So Kwun Wat Road, Tuen Mun • Saleable area of approximately 234,000 sq. ft. for 466 residential apartment units • Medium-density residential development • Cumulatively, around 95% (in terms of number) of the residential units were sold as at 30
Slide 13: Completed Development in Hong Kong – Cont'd
Completed Development in Hong Kong – Cont’d OMA by the Sea (517 units), Castle Peak Road, Tai Lam, Tuen Mun • Saleable area of approximately 252,000 sq. ft. for 517 residential apartment units • Medium-density residential development • Cumulatively, around 96% (in terms of number) of the residential
Slide 14: Project Under Development in Hong Kong
Project Under Development in Hong Kong Mixed-use Development at Gage Street/ Graham Street, Central • Combined gross floor area up to 433,500 sq. ft. • Earmarked for mixed-use development encompassing a Grade A office tower, a luxury international hotel, retail shops and green open space • Forming p
Slide 15: Project Under Development in Hong Kong – Cont'd
Project Under Development in Hong Kong – Cont’d Residential site near Sheung Shui MTR Station • Won a government tender in June 2021 for a consideration of HK$2.6 billion • Gross floor area of approximately 284,170 sq. ft. • Medium-density residential development adjacent to Fanling Golf Course • In
Slide 16: Project Under Development in Hong Kong – Cont'd
Project Under Development in Hong Kong – Cont’d Residential site at Hin Wo Lane, Sha Tin, near Tai Wai and Hin Keng MTR stations • Won a government tender in September 2022 for a consideration of HK$786 million • Gross floor area of approximately 89,339 sq. ft. • In February 2023, obtained approval
Slide 17: Property Investment & Management
Property Investment & Management 17
Slide 18: Investment portfolio in Hong Kong
Investment portfolio in hong kong Gross floor area Occupancy as at (’000 sq. ft.) 30 June 2024 Grade A Offices Landmark East (AIA Kowloon Tower/ 1,338 90% AXA Tower) Industrial Property Shui Hing Centre* 187 83% Le Cap 36 81% Residential Properties La Vetta 72 71% * Obtained the Town Planning Board
Slide 19: Investment portfolio in London
Investment portfolio in london 1) Commercial Property on Brook Street, West End • Net internal area of approximately 19,000 sq. ft. of Grade A office and retail space 2) Commercial Property at Berkeley Square, West End • Net internal area of approximately 7,900 sq. ft. of Grade A office space 3) Com
Slide 20: Investment portfolio in London – Joint Venture
Investment portfolio in london – JOINT VENTURE 1) Commercial Property at Cavendish Square, West End • Group’s interest of 33% • Net internal area of approximately 13,000 sq. ft. of Grade A office space 2) Commercial Property at Shoe Lane, the City • Group’s interest of 21% • Net internal area of app
Slide 21: Investment portfolio in London – Joint Venture (Cont'd)
Investment portfolio in london – JOINT VENTURE (Cont’d) 3) Commercial Property on Fleet Place, the City • Group’s interest of 25% • Net internal area of approximately 192,000 sq. ft. of Grade A office and retail space 4) Commercial Property at Gresham Street, the City • Group’s interest of 50% • Net
Slide 22: Hospitality Investment & Management
HOSPITALITY INVESTMENT & MANAGEMENT 22
Slide 23: Hospitality portfolio
Hospitality portfolio Lanson Place Properties – Investment & Management • Strong brand recognition in Hong Kong and key gateway cities in Asia by customers as well as property owners Lanson Place Causeway Bay, Hong Kong • Group’s interest: 100% • 188 units (soft re-open in March 2024) • A member of
Slide 24: Hospitality portfolio – Cont'd
Hospitality portfolio – Cont’d Lanson Place Properties – Management Yiju Apartment, Shenzhen 1,610 units Lanson Place Parkside, Shanghai 182 units Shenzhen Shanghai Lanson Place Winsland, Lanson Place Singapore Hong Kong Two MacDonnell Road, 109 units Hong Kong 216 units Manila Kuala Lumpur Lanson P
Slide 25: Hospitality investment and management
Hospitality investment and management • Following an extensive refurbishment project led by the world- renowned Parisian hotel design maestro Pierre-Yves Rochon, Lanson Place Causeway Bay hotel soft opened in March 2024. The elegant and sophisticated French design is well-received. • Lanson Place Wa
Slide 26: Strengthened capital structure
Strengthened capital structure November 2014 August 2017 November 2017 November 2022 Sixth drawdown of HK$100 Seventh drawdown of S$160 Eighth drawdown of S$100 Completion of a 5-year million unrated 10-year fixed million 4.35% unrated senior million 4.35% unrated senior HK$1,900 million syndicated
Slide 27: Future Plans & Strategies
Future Plans & Strategies 27
Slide 28: Future plans & strategies
Future plans & strategies In near term In mid-to-long term Property • Continue the sale of the remaining units of our “Upper • Deliver well-designed, sustainable and high quality Gold Coast” series, namely OMA OMA and OMA by the residential and commercial properties Development Sea • Maximise return
Slide 29: 2024 Interim Results Highlights
2024 INTERIM Results Highlights 29
Slide 30: Financial results summary
Financial results summary For the six months ended 30 June (HK$’M) 2024 2023 Revenue 560 477 17% Gross profit 308 314 2% Change in fair value of investment properties and financial (849) (437) 94% instruments including joint ventures Loss from operations (1,233) (179) 589% Share of results of joint
Slide 31: Financial results summary – Cont'd
Financial results summary – Cont’d For the six months ended 30 June (HK$’M) 2024 2023 Basic loss per share (HK$) (0.99) (0.28) 254% Core earnings per share (HK$) 0.02 0.05 60% Interim dividend per share (HK cents) 3.0 6.0 50% Dividend payout 41 81 49% 31
Slide 32: Segment results overview
Segment results overview For the six months ended 30 June (HK$’M) 2024 2023 Property Development Revenue (excluding inter-segment sales) 221 143 55% Fair value changes in investment properties and financial instruments 8 1 including joint ventures Loss before taxation (589) (4) Core loss bef
Slide 33: Segment results overview – Cont'd
Segment results overview – Cont’d For the six months ended 30 June (HK$’M) 2024 2023 Hospitality Investment & Management Revenue 27 19 42% Fair value changes in investment properties including joint ventures (55) (20) Loss before taxation (120) (50) Core loss before taxation (65) (30) 117% O
Slide 34: Balance sheet summary
Balance sheet summary 30 June 31 December (HK$’M) 2024 2023 Total assets 32,519 33,988 4% Net assets 24,592 26,095 6% Equity attributable to shareholders of the company 22,995 24,440 6% Investment properties 18,893 19,693 4% Interests in joint ventures 5,219 5,086 3% Properties for sale 3,462 3,834
Slide 35: Balance sheet summary – Cont'd
Balance sheet summary – Cont’d 30 June 31 December (HK$’M) 2024 2023 Total borrowings 6,912 6,808 2% Net borrowings 4,109 4,166 1% Gearing ratio 16.7% 16.0% (net borrowings to net assets) Maturity profile of borrowings Repayable: Within one year 3,180 46% 2,808 41% Between one and two years 342 5% 5
Slide 36: Appendix
Appendix 36
Slide 37: Investment Thesis
Investment Thesis A credible integrated property developer in Hong Kong with a balanced and 1 well-diversified development and investment portfolio spanning the region and beyond Constantly grow the residential property development operations by proactively 2 yet cautiously acquiring land bank Lever
Slide 38: Five years financial summary
Five years financial summary Interim results Full Year Results 1H 2024 1H 2023 2023 2022 2021 2020 2019 (HK$’M) (Note 1) (Note 2) RESULTS Revenue 560 477 882 4,097 3,423 2,778 830 (Loss)/ profit before taxation (1,323) (308) (769) (152) 1,045 (555) 375 Taxation (39) (26) (43) (172) (127) (61) (70) (
Slide 39: Five years financial summary – Cont'd
Five years financial summary – Cont’d As at 30 June As at 31 December 1H 2024 2023 2022 2021 2020 2019 (HK$’M) ASSETS AND LIABILITIES Total assets 32,519 33,988 35,499 38,739 37,246 36,323 Total liabilities (7,927) (7,893) (8,172) (10,573) (9,605) (7,699) Total equity 24,592 26,095 27,327 28,166 27,