Csi Properties Limited · HKEX:497
Csi Properties — H1 FY2025 Earnings Presentation
23 slides from Csi Properties's earnings presentation, November 2024
Slide 1: Investor Presentation 1H FY 2025
Investor Presentation 1H FY 2025 Nov 2024 0
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is provided by CSI Properties Limited (the "Company") based on information available to it and does not constitute a recommendation regarding the securities of the Company and or its subsidiaries The information contained in this presentation
Slide 3: Table of Contents
TABLE TABLEOF OFCONTENTS CONTENTS Section 1 FY2022 Financial Highlights 4 Section 1 1H FY 2025 Financial Highlights 4 Section 2 Key Strategies Highlights 18 Section 2 Management Strategies Highlights 14 2
Slide 4: Section 1 1H FY2025 Financial Highlights
Section 1 1H FY2025 Financial Highlights
Slide 5: 1H FY 2025 Sales Highlights
1H FY 2025 Sales Highlights CSI made c.HK$930 million of sales and c.HK$935 million of unrecognized contracted sales commitment for 1H FY2025 (incl. JV and Associates) to ensure cashflow despite the challenging market For the period Unrecognised ended Contracted Sales committed 30 Sep 2024 30 Sep 20
Slide 6: 1H FY 2025 Key Disposals
1H FY 2025 Key Disposals Strong recurrent income anchoring EBITDA CSI has recognized the following disposals this period to ensure cashflow Date completed Projects sold and booked for 1H FY 2025 Location Jun 2024 Car Parking Spaces at COO Residence Tuen Mun Sep 2024 Units at Broadway Center (CSI-60%
Slide 7: 1H FY 2025 Results Highlights
1H FYPrime Hong Kong 2025 Results properties focused strategy Highlights 1HFY2025 1HFY2024 (HK$m) (A) (B) Gross revenue from property business 143 324 Property sale 23 203 Rental income 120 121 Gross profit 35 192 Share of results of JV / associates (626) 231 (Loss) attributable to equity holders (9
Slide 8: 1H FY 2025 Results Highlights (contd.)
1H FY 2025 Results Highlights (contd.) Maintain steady balance sheet and ample liquidity to ensure financial stability 1H FY 2025 FY 2024 (HK$m) 30th Sep 2024 31st Mar 2024 Properties & related assets 20,892 22,870 Cash & bank balances (including cash held by securities brokers) 1,971 2,524 Investme
Slide 9: 1H FY 2025 Key Credit Metrics
1H FY 2025 Key Credit Metrics Key credit metrics 1H FY 2025 FY 2024 Net debt / total assets (net gearing ratio) 32.9% 29.2% Net debt / adjusted total assets3 28.9% 25.7% Net debt plus commitment to JVs /adjusted total assets plus JV assets4 44.7% 41.4% Source: Company information and website Notes:
Slide 10: Diversified Funding Sources and Well Managed Bank Borrowing
Diversified Funding Sources and Well Managed Bank Borrowing • The Group maintained a prudent approach to its bank borrowings with well balanced and staggered maturities • Bank loans are mostly project loans (land plus construction loans) tied to the real estate investment and development projects •
Slide 11: Conservative Capital Structure Backed by Prudent Financial Policies
Conservative Capital Structure Backed by Prudent Financial Policies • Prudent funding and treasury policy with regard to overall business operations Prudent funding and treasury policy • Majority HIBOR-based and effective interest rate ranges from 4.7% to 6.9% (inclusive of PRC projects) for the Gro
Slide 12: Pro-forma Balance Sheet adjusted for market valuation as at 30 Sep 2024
Pro-forma Balance Sheet adjusted for market valuation as at 30 Sep 2024 Properties valued at historical cost basis on book with no revaluation surplus. Even after revaluation adjustment, it still represents significant value in terms of a significant discount to pro forma adjusted NAV of HK$1.75 per
Slide 13: Resourceful Pipeline to Ensure Profitability and Liquidity
Resourceful Pipeline to Ensure Profitability and Liquidity FY 2025E Presales of the Topside Residence, residential units at Nos. 350-352 Nathan Road (51% stake) (180+units presold at Nov) Presales of residential units at Lot No. 6602 adjacent to MTR Yau Tong (20% stake) Presales of residential units
Slide 14: Portfolio of Prime Properties in Premier Locations
Portfolio of Prime Properties in Premier Locations (as at 30 Sep 2024) Commercial properties Approximate Book 1 gross area value 1 sq.ft. (000s) (HK$m) G/F, 51 carparks of Capital Centre Wan Chai 17 150 Nos. 350-352 Nathan Road (Redevelopment) (CSI – 51%) at 24/9/2021 Jordan 254 4,290 LL Tower, No.
Slide 15: Section 2 Management Strategies Highlights
Section 2 Management Strategies Highlights
Slide 16: Management Strategy Highlights
Management Strategy Highlights 1 Maintain Prudent Financing with Good Asset Coverage & Liquidity 2 Actively Manage Disposal Pipeline to Recycle Capital 3 Manage Optimally High Quality Residential and Commercial Real Estate Portfolio 15
Slide 17: Prudent Financing with Strong Asset Coverage & Liquidity
1 Prudent Financing with Strong Asset Coverage & Liquidity • Strong cash balance of over HK1.9 billion together with solid commercial bank support via various syndicated loans and credit lines available at September 2024 • In April 2024 we successfully completed and extended by another 4 years to Ma
Slide 18: Prudent Financial Management
1 Prudent Financial Management • CSI manages prudent financing policies, with a debt maturity profile spread over the next five years. The majority of the debts due are secured bank loans from commercial banks, which can be rolled over and are collateralized with prime property assets. • In April 20
Slide 19: Disposition Pipeline to Recycle Capital & Crystalize Profit
2 Disposition Pipeline to Recycle Capital & Crystalize Profit • Management’s top priority is to focus on making continuing asset sales to recycle capital & crystalize profit • Uphold strict and prudent principle in making no new acquisition to retain ample cash liquidity • Maintain solid cost and ri
Slide 20: High Quality Residential Portfolio with Massive Value to be Realized
3 High Quality Residential Portfolio with Massive Value to be Realized • CSI has an extensive prime luxury and mass residential portfolio in Hong Kong and China • The current offerings include high-end luxury projects like the Dukes Place, the Infinity, the Cadenza and the Peak Road detached house,
Slide 21: High Quality Commercial Portfolio in Central
3 High Quality Commercial Portfolio in Central Strong portfolio in prime Central locations with steady rental income 92-96 Wellington Street c.43k sqft GFA Comm’l Redevelopment (8 floors sold strata already) 46/48 Cochrane Street. c.32k sqft GFA 152-156 Wellington St Completed Comm’l 152-164 Welling
Slide 22: High Quality Commercial Portfolio
3 High Quality Commercial Portfolio Strong portfolio in prime locations with steady rental income to maintain cashflow • Hong Kong —— Core Central; Core Kowloon (TST/Jordan) and Kowloon East Novotel Redevelopment 348 Nathan Rd, Jordan Hong Kong Health Check c. 254K sqft Harbourside HQ Tower (previou
Slide 23: Q&A
Q&A 20132018 & 2014 Best HK Mid-Cap Company