Soundwill Holdings Limited · HKEX:878
Soundwill — H1 2013 Earnings Presentation
22 slides from Soundwill's earnings presentation, August 2013
Slide 1: 2013 Interim Results
2013 Interim Results A niche property play with quality assets in Causeway Bay
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Soundwill Holdings Limited (the “Company”) solely for information purposes and does not constitute an offer, recommendation or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or
Slide 3: Company Overview
Company Overview About Soundwill Group Quality Assets in Causeway Bay Stock code : 878.HK Listed date : Mar-1997 Stock price : HK$15.38 (as of 21 Aug 2013) Market cap : HK$4.32b (as of 21 Aug 2013) NAV discount : 69% (as at 21 Aug 2013) A niche player in the Hong Kong property assembly market, wit
Slide 4: 2013 Interim Results Highlights
2013 Interim Results Highlights Turnover Underlying Profit** HK$ mil HK$ mil 2000 700 1800 600 1600 1400 500 1200 400 1000 1,802 638 800 300 600 +26.0%yoy 200 400 -59%yoy 100 200 239 301 67 27 0 0 FY2012 1H2012 1H2013 FY2012 1H2012 1H2013 Turnover increase: Decrease in underlying profit : Attributab
Slide 5: Revenue by Key Business Segments
2013 Interim Results Highlights (cont) Revenue by Key Business Segments Urban Infrastructure Urban infrastructure 1H2012 1H2013 8% 3% Building management Building management & other services & other services 2% 4% Property development Property assembly 35% 39% Property leasing Property leasing 49% 6
Slide 6: Enhanced Net Asset Value
Enhanced Net Asset Value NAV NAV per share (HK$ bn) (HK$) 20 60 49.1 49.6 50 15 Total: 13.9 Total: 13.8 37.3 40 28.7 Total: 10.3 10 7.0 7.3 30 Total: 7.9 4.9 20 3.7 5 6.8 6.6 10 5.4 4.2 0 0 2010 2011 2012 2013 As at 31 December As at 30 June Soundwill Plaza Other assets NAV/share 6
Slide 7: Enhanced Net Asset Value (cont)
Enhanced Net Asset Value (cont) NAV per share breakdown HK$ (as at 30 June 2013) Soundwill Plaza 23.6 Other assets – Commercial Soundwill II – Midtown 5.8 THE SHARP 3.8 No. 10 Knutsford Terrace 1.6 Other assets – Residential Park Haven 5.7 Others 9.1 Total 49.6 7
Slide 8: Financial Ratios
Financial Ratios As at 30 Jun 2013 As at 31 Dec 2012 (HK$mil) (HK$mil) Change (unaudited) (audited) Total assets 19,603 17,901 10% Net assets 13,918 13,802 0.8% Cash outflow & bank borrowings to fund Cash and cash equivalent 535 615 13% acquisition of No. 10 Knutsford Terrace Bank deposit at escrow
Slide 9: Financial Ratios (cont.)
Financial Ratios (cont.) Total Debt / Total Equity Debt Maturity (as at 30 June 2013) % HK$b 80% 3 60% 53.2% 2.1 2 36.4% 39.3% 40% 34.1% 27.3% 1.0 21.7% 1 0.7 20% 0% 0 2008 2009 2010 2011 2012 1H2013 < 1 yr 1 - 5 yrs > 5 yrs Net Debt / EBITDA Interest Cover Times Times 12 10.9 100 10 76.5 80 70.0 70
Slide 10: Business Overview
Business Overview
Slide 11: Land Bank
Land Bank Land Bank Strategically Focused on Core Districts of Hong Kong Island Land bank by geographic region Land bank overview Self /Joint Planned GFA (as at 30 June 2013) (as at 30 June 2013) develop (sq.m.) Causeway Bay / Tai Hang School Street Residential 22,500 Lai Yin Street & Jones Street R
Slide 12: Land Bank (cont)
Land Bank (cont) Tai Hang Site area : 2,250 sq. ft. School St. Can be developed into a 22,500 sq.ft. commercial and residential complex 書館街 Tai Hang Site area: 6,530 sq. ft. Lai Yin St. & Jones St. Can be developed into a 65,000 sq.ft. residential property 禮賢街及重士街 (co-develop with Henderson
Slide 13: Grade-A Investment Portfolio
Grade-A Investment Portfolio As at 30 June 2013 Soundwill Plaza, Causeway Bay Average Leases GFA Occupancy Average rental Development expiring in (sq.m) rate spot rental increase FY2013 (yoy) G/F (street level) 8,800 100% HK$2,037 +19% 10% 1/F (street level) 9,500 100% HK$350 -- -- Upper levels 228,
Slide 14: Soundwill Plaza II – Midtown Causeway Bay
Grade-A Investment Portfolio - Upcoming Development Soundwill Plaza II – Midtown Causeway Bay A large scale commercial complex integrating retail, food, beverage and offices in one Site area : 12,500 sq. ft. Leasing GFA : 217,000 sq. ft Est. completion year : 3Q 2013 Pre-leased all dining fl
Slide 15: THE SHARP Causeway Bay
Self-Developed Property for Sale – Commercial THE SHARP Causeway Bay An unparalleled 24-hour vertical retail complex Site area : 3,200 sq. ft. Leasing GFA : 4,800 sq. ft (G/F retail space held for investment) Est. completion year : 3Q 2015 Status: Pre-sold all available 29 units on 3 Jan 201
Slide 16: Self-Developed Properties for Sale - Residential
Self-Developed Properties for Sale - Residential Solid Track Record In Residential Projects PARK HAVEN 曦巒 WARRENWOODS 尚巒 Pre-sold over 90% of units 162 out of 163 units sold ASP : HK$22,000/sq.ft. Proceeds : HK$1,212 mil (recognized in FY2012) Proceeds : over HK$2,400 mil (to be recognized
Slide 17: Prospects
Prospects
Slide 18: Prospects
Prospects Street level shop rent to increase by 100 – 150% No. 10 Knutsford Terrace acquisition completed Completion of THE SHARP FY2015 Completion of Completion of Park Haven Property sales proceeds of over Soundwill Plaza II HK$1,500 mil to be recognized – Midtown FY2014 Leasing GFA to increas
Slide 19: Appendix
Appendix
Slide 20: Shareholder / Corporate Structure
Shareholder / Corporate Structure Chairman Other Public Shareholders Madam Grace Foo and family (incl. Argyle Street Management’s Funds) 68.65% 31.35% (as at 30 Jun 2013) Property Assembly & Property Property Resale Leasing Development No. of issued shares : 280 mil (as at 30 Jun 2013) 20
Slide 21: SWP Current Tenants
SWP Current Tenants (as at 30 June 2013) 32-39/F 3-31/F Street level An Iconic British Luxury Brand 21
Slide 22: Thank You
Thank You