Csi Properties Limited · HKEX:497
Csi Properties — Investor Presentation (June 2024)
27 slides from Csi Properties's investor presentation, June 2024
Slide 1: Investor Presentation FY 2024
Investor Presentation FY 2024 Jun 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 FY 2024 Financial Highlights 4 Section 2 Key Strategies Highlights 18 Section 2 Management Strategies Highlights 16 2
Slide 4: Section 1 FY2024 Financial Highlights
Section 1 FY2024 Financial Highlights
Slide 5: FY 2024 Sales Highlights
FY 2024 Sales Highlights CSI made c.HK$3,128 million of sales and c.HK$794 million of unrecognized contracted sales commitment for FY2024 (incl. JV and Associates) to ensure good cashflow despite the challenging market For the period Unrecognised ended Contracted Sales committed 31 March 2024 31 Mar
Slide 6: FY 2024 Key Disposals and Recurrent Income Anchoring EBITDA
Strong FY 2024 Keyrecurrent Disposalsincome anchoring EBITDA CSI has recognized the following disposals this period to ensure profitability Date completed Projects sold and booked for FY 2024 Location Jul 2023 Office at No. 17 St. Helen’s Place, London London Mar 2024 13 units at Knightsbridge resid
Slide 7: FY 2024 Results Highlights
Prime FY 2024 HongHighlights Results Kong properties focused strategy FY2024 FY2023 % change (HK$m) (A) (B) (A/B-1) Gross revenue from property business 1,579 804 96% Property sale 1,343 546 Rental income 236 258 Gross profit 786 404 95% Profit from property JV/associates (2) 190 -101% Profit attrib
Slide 8: FY 2024 Results Highlights (contd.)
FY 2024 Results Highlights (contd.) Maintain strong balance sheet and ample liquidity to ensure financial stability FY 2024 1H FY 2024 (HK$m) 31st Mar 2024 31st Mar 2023 Properties & related assets 22,870 23,628 Cash & bank balances (including cash held by securities brokers) 2,524 3,162 Investments
Slide 9: FY 2024 Key Credit Metrics
FY 2024 Key Credit Metrics Key credit metrics FY 2023 FY 2024 EBITDA1 / interest expenses2 1.4x 1.2x Net debt / total assets (net gearing ratio) 28.8% 29.2% Net debt / adjusted total assets3 24.4% 25.7% Net debt plus commitment to JVs /adjusted total assets plus JV assets4 39.9% 41.4% Source: Compan
Slide 10: Consistent Profitability and Growth
Consistent Profitability and Growth Revenue Gross profit 1,579 1,500 236 800 600 (HKDm) (HKDm) 1,000 804 400 786 258 1,343 420 500 200 404 250 546 171 31 0 0 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 Property Sales Rental Gross profit EBITDA1 Reported net profit 2 1,000 1,200 764 778 1,000 800 718 8
Slide 11: FY 2024 Credit Highlights
FY 2024 Credit Highlights Debt / EBITDA1 EBITDA1 / net interest expense2 and cash3 / short-term debt 4 15.5x 14.8x 13.1x 11.1x 2.4x 10.3 x 9.9x (x) (x) 2 1.5x 1.4x 1.5x 1.04x 1.2x 0.7x FY2022 FY2023 FY2024 0 FY2022 FY2023 FY2024 Total debt / EBITDA Net debt / EBITDA EBITDA / net interest expense Cas
Slide 12: 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 13: 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 4.3% to 7.56% (inclusive of PRC projects) for the Gr
Slide 14: Pro-forma Balance Sheet adjusted for market valuation as at 31 Mar 2024
Pro-forma Balance Sheet adjusted for market valuation as at 31 Mar 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$1.87 per
Slide 15: Resourceful Pipeline to Ensure Profitability and Liquidity
Resourceful Pipeline to Ensure Profitability and Liquidity FY 2025E Presales of the Topside Residence, residential units at Nos. 350-352 Nathan Road (51% stake) (140+units presold) CSI still has an Presales of residential units at Lot No. 6602 adjacent to MTR Yau Tong (20% stake) abundant pipeline o
Slide 16: Portfolio of Prime Properties in Premier Locations
Portfolio of Prime Properties in Premier Locations (as at 31 Mar 2024) Commercial properties Approximate Book 1 gross area value 1 sq.ft. (000s) (HK$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 4,063 LL Tower, No.
Slide 17: Section 2 Management Strategies Highlights
Section 2 Management Strategies Highlights
Slide 18: Management Strategy Highlights
Management Strategy Highlights 1 Maintain Prudent Financing with Strong Asset Coverage & Liquidity 2 Manage Disposal Pipeline to Recycle Capital & Crystalise Profit 3 Manage Optimally High Quality Residential and Commercial Real Estate Portfolio 17
Slide 19: Prudent Financing with Strong Asset Coverage & Liquidity
1 Prudent Financing with Strong Asset Coverage & Liquidity • Strong cash balance of over HK2.5 billion together with solid commercial bank support via various syndicated loans and credit lines available at March 2024 • Post FY2024 closing date, in April 2024 we successfully completed and extended by
Slide 20: Prudent Financing with Strong Asset Coverage & Liquidity
1 Prudent Financing with Strong Asset Coverage & Liquidity • CSI manage a prudent financing policies with the debt maturity profile spread out over the next 4 years • Majority of the debts due are all secured bank loans from commercial banks which can be rolled over and are collateralized with prime
Slide 21: 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 22: 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 23: 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 (7 floors sold strata already) 46/48 Cochrane Street. c.32k sqft GFA 152-156 Wellington St Completed Comm’l 152-164 Welling
Slide 24: 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, Hong Kong Health Check Jordan Harbourside HQ Tower (previously Everest c
Slide 25: Appendix
* CSI PROPERTIES a + OR He Appendix LECELELI a |
Slide 26: Land Resumption of the Kwu Tong Residential Land by HK Government
Land Resumption of the Kwu Tong Residential Land by HK Government Background • CSI and its JV partner acquired the project in Kwu Tung with future attributable gross floor area of approximately 1.2 million sq ft subject to a proposed land exchange application in 2020. After the Kwu Tong Residential
Slide 27: Q&A
Q&A 20132018 & 2014 Best HK Mid-Cap Company