Csi Properties Limited · HKEX:497
Csi Properties — Investor Presentation (July 2025)
31 slides from Csi Properties's investor presentation, July 2025
Slide 1: Investor Presentation
Investor Presentation JULY 2025 STRICTLY PRIVATE AND CONFIDENTIAL
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: Agenda
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 4: FY 2025 Sales Highlights
FY 2025 Sales Highlights CSI made c.HK$1.55 billion of sales and c.HK$1.22 billion of unrecognized contracted sales for FY2025 (incl. JV and Associates) to ensure liquidity in challenging market conditions For the period Unrecognised ended Contracted Sales committed 31 Mar 2025 31 Mar 2025 % HK$'000
Slide 5: FY 2025 and Post FY 2025 Key Disposals
FY 2025 and Post FY 2025 Key Disposals Date completed Projects sold and booked for FY 2025 Location Jun 2024 Car Parking Spaces at COO Residence Tuen Mun Sep 2024 Units at Broadway Center (CSI-60%) Macau Nov 2024 2 triplex unit at Dukes Place (CSI-60%) Jardine’s Lookout Dec 2024 2 F&B floors at No.2
Slide 6: Income statement highlights
Income statement highlights FY23 FY24 FY25 HK$mm Gross revenue from property business 804 1,579 521 Property sales 546 1,343 290 Rental income 258 236 231 Gross profit 404 786 16 Share of results of JV / associates 190 (2) (1,058) Mainly due to adverse change in the fair value of the Company’s JV pr
Slide 7: Balance sheet highlights
Balance sheet highlights Targeting financial stability Solid deleveraging in the past year FY 2024 FY 2025 Changes HK$mm FY23 FY24 FY25 (HK$ (HK$ (HK$ Properties & related assets1 Billion) Billion) Billion) 23,628 22,870 20,370 Bank Loan at Group Cash & bank balances (including Level + Guaranteed 3,
Slide 8: Prudent Use of Leverage
Prudent Use of Leverage • The Group maintained a prudent approach to its bank borrowings with well staggered maturities and established relationships with a many commercial banks, ensuring flexibility and diversification • Our bank loans are mostly project loans (land plus construction loans) relate
Slide 9: Well spread out debt maturity profile
Well spread out debt maturity profile • We managed to spread out our debt maturity profile spread over the next five years. • In May 2025, we successfully refinanced the US$296 million bond due July 2025 with a new 3NC2 US$150 million bond issue at 10.5% with strong support from leading global and A
Slide 10: Agenda: Section 2 Recent Financing
Agenda Section 1 FY 2025 Results Section 2 Recent Financing Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 11: Funding from new strategic investor to bolster balance sheet
Funding from new strategic investor to bolster balance sheet On Feb 2, 2025, CSI properties announced a HK$2bn Strategic Funding & Partnership Proposal, including a HK$1.5Bn rights issue and HK$500m private bond issuance. Gaw Capital, a global real estate private equity firm, becomes our long-term s
Slide 12: Successful refinancing of USD bond with strong institutional support
Successful refinancing of USD bond with strong institutional support On May 14, 2025, CSI Properties announced a US$150 million 3NC2 senior notes offering and concurrent tender offer for its July 2025 bonds Transaction Highlights ⚫ This transaction marks CSI’s return to the dollar bond market since
Slide 13: Agenda: Section 3 Our Credit Strength
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strength Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 14: Our Credit Quality
Our Credit Quality 1 Debt optimization 2 Our HK$9 billion disposal program is well on progress 3 Recurring rental income stream complimenting active asset disposals to ensure cash flow certainty 4 Healthy coverage ratio underpinned by strong lender support 5 Ongoing development to create long term s
Slide 15: Continuing debt reduction
1 Continuing debt reduction The c. HK$ 1.49 billion rights issue strategic financing in April 2025 further optimize the debt profile of CSI Pro Forma FY 2024 FY 2025 FY 2025 Net Debt Net Debt Net Debt Post Rights Issue HK$15.6b HK$15.2b HK$13.7b Continual deleveraging to optimize debt Source: Compan
Slide 16: Our HK$9 billion disposal program is progressing well
2 Our HK$9 billion disposal program is progressing well Robust pipeline of quality assets supports our HK$9billion+ active asset disposal program as agreed with Gaw Capital for the next 4 years with solid sales progress, with over HK$2.57 billion presales achieved up to Jun 2025 already Property pip
Slide 17: Solid history of active asset disposals to ensure cash flow certainty
2 Solid history of active asset disposals to ensure cash flow certainty Solid continuous disposals with additional c. HK$2.57 billion presales achieved up Active key asset disposals observed in the past few years, successfully navigating through market cycles to Jun 2025 FY20 FY21 FY22 FY23 FY24 FY2
Slide 18: Healthy coverage ratio underpinned by strong lender support
3 Healthy coverage ratio underpinned by strong lender support Adequate liquidity to cover short-term maturity, especially after rights issue and private bond issuance to Gaw Capital and the newly refinanced USD bond issue in 1H 2025 Cash / short term debt Cash + marketable securities / short term de
Slide 19: Significant recurring rental income stream complimenting active asset disposals
4 Significant recurring rental income stream complimenting active asset disposals to ensure cash flow certainty Rental income (HK$mm) Rental income as % of total income 32.1% 14.9% 44.3% 258 236 231 Rental Income FY23 FY24 FY25 Our rental properties are located in prime areas in Hong Kong (Central a
Slide 20: Ongoing development to drive long term shareholder value
5 Ongoing development to drive long term shareholder value Continuous developments provides sustained revenue growth in the long term “Deep Water Pavilla”- MTR Wong Chuk Hang project (15% stake) MTR Yau Tong project (20% stake) ⚫ Premium residential units within 5-minute MTR ⚫ Located near the Yau T
Slide 21: Agenda: Section 4 Our Portfolio Highlights
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 22: Manage disposal pipeline to recycle capital
Manage disposal pipeline to recycle capital • Management’s top priority is continuing asset sales, executing the HK$9 billion sales plan for the next four years, recycling capital & crystalizing profit • We have made significant disposals with c. HK$2.57 billion presales achieved up to Jun 25, inclu
Slide 23: High quality residential portfolio with significant value to be realized
High quality residential portfolio with significant value to be realized • Our residential portfolio is located across Hong Kong and China • The current offerings include high-end luxury projects such as Dukes Place, Infinity, Cadenza and 8 Peak Road detached house, in addition to presales of mass r
Slide 24: Prime commercial portfolio in Central
Prime commercial portfolio in Central Investment portfolio in prime Central locations “DL Tower “92-96 Wellington Street c.43k sqft GFA Comm’l Redevelopment (10 floors sold strata already) “FOCO” 46/48 Cochrane Street. 152-156 Wellington St c.32k sqft GFA 152-164 Wellington Street c.99k sqft GFA Com
Slide 25: High quality commercial portfolio in core Kowloon and Shanghai
High quality commercial portfolio in core Kowloon and Shanghai 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 350/352 Nathan Rd, Jordan Hong Kong Health Check c. 254K sqf
Slide 26: Appendix Company Overview
Agenda Section 1 FY 2025 Results Section 2 Recent Financings Section 3 Our Credit Strengths Section 4 Our Portfolio Highlights Appendix Company Overview
Slide 27: CSI Properties at a glance
CSI Properties at a glance Leading HK-based mid-cap property investor and developer Over 20 Years of operation since 2004 ~HK$13bn NAV1 IRR driven model in real 80 estate investment Real estate professionals Applied proven strategy of value-add and asset enhancement to a portfolio of 3.8mm+ sq.ft.1
Slide 28: Our business encompasses commercial and residential properties
Our business encompasses commercial and residential properties Commercial properties (CSI Investment Properties) Residential properties (CSI Couture Homes) Reposition / monetize / lease properties in prime areas Develop and sell lifestyle residential units Super luxury and Trendsetting, design- Stra
Slide 29: Strong management leadership with over 20 years of experience
Strong management leadership with over 20 years of experience in property investment and development in Hong Kong and Mainland China Mr. Mico Chung Chairman, Founder and Executive Director ⚫ Chairman Chung was nominated as one of the “Asia’s Business Leaders” by CNBC Asia in 2014 ⚫ He has over 30 ye
Slide 30: Our portfolio at a glance
Our portfolio at a glance We have built a portfolio of high-quality properties in prime locations that are ready for sale / capable of generating income Portfolio overview (as at Mar 2025) China 15 Sheung Shui Dongcheng District, Beijing Yuen Long 9 18 HONG KONG Shanghai 2 Jordan 11 12 6 Kowloon Bay
Slide 31: Major Property Portfolio details (as at Mar 2025)
Major Property Portfolio details (as at 31 Mar 2025) Commercial properties Approximate Book 1 gross area value 1 sq.ft. (000s) (HK$m) G/F, 11 carparks of Capital Centre Wan Chai 17 137 Nos. 350-352 Nathan Road (Redevelopment) (CSI – 51%) at 24/9/2021 Jordan 254 4,611 LL Tower, No. 2 Shelley Street (