2006

泛海國際集團     129.hk      @ 0.25 HKD

Market Capitalization: $1,218,462,240
Total shares issued: 5076.9mil(after dilution 5088.15mil)
Profit: $45.14mil
There'll be annual report announced on 20th July 2006
Canary has been sold most of it, over 600mil revenued which should boost up the profit. Estimated annual profit is about 250mil, if calculating with p/e of 6, then we'll have about 0.375 stock price.

Current Market price is even lower than its current asset value:
$1218.46mil(price)/$1891.64mil(current asset) = 64.412%, meaning that buying $100 cash-worth with $64.412.

Price is almost 3 times below its asset value:
$1218.46mil(price)/$3677.163mil(Net asset value) = 33.14%, meaning that buying $100 assets(mostly hotels & properties in HK & China) with $33.14.

Net asset value (adjusted)
3691.91mil(Net assets) - (9.9mil(goodwill)+2.577mil(inventories)+0.2*11.3mil(receivables))=3677.163mil

Current asset value (adjusted)
1894.217mil(current assets) - 2.577mil(inventories) = 1891.64mil

Owns 56.89% of 292.hk(the following)
Many properties, should be well valued in the assets.

Burn Rate
$117.87 = $59.568mil + $58.302mil = Admin. expenses + finance costs OR Cash outflowed for the 6 months period ended 30th Sept 2005 of $37.143mil. Cash inflowed for the full year period ended 31st March 2005 of $366.555mil.

Principal properties:
Properties held for/under development for sale 1,119,000sq.ft.
Hotel properties 577,000sq.ft.
Investment properties 282,000sq.ft.
Completed properties held for sale 218,000sq.ft.
Total 2,196,000sq.ft.

1) Asia Standard Tower
2) Asia Orient Tower
3) Goldmark
4) Empire Hotel
5) Empire Landmark Hotel, Vancover
6) Empire Hotel Kowloon
7) 28 Marble Road
8) 8 Wing Hing Street
9) Bayshore Apartments
10)Orienttal Graden
11)Lei Yue Mun
12)238-242 Aberdeen Main Road
13)Ping Shan
14)Hung Shui Kiu
15)Lam Tei
16)Castle Peak Road
17)Sha Ha


Other major investments: 292.hk @ 0.105 HKD

Details about 292.hk
Year 2005 May
Market Capitalization: $1,002,989,278
Total Shares issued: 9462.1mil [Before 供股 5052108681 (fully diluted 5120128401)]
Profit: $84.896mil

Net Current asset
103.6mil by net current assets - (inventory + goodwill + deferred tax)

Fixed asset
self estimated: 3 hotel properties - 1540.8mil

Long term liability
1214.5mil + 39.76mil = 1254.26mil

Total net asset: 390.14mil

Subsidiary
1474.8mil by subsidiaries (don't know where it's from, just have the company names of the subsidiaries)
1262mil contingent liability by subsidiaries
Net 212.8mil

Burn rate
136.215mil by admin. expenses + other charges(goodwill depreciation of 14.73mil) + finance costs.

Profit from
Empire Hotel HK
Profit: $36.8mil
Occupancy: 78%
>estimated with 6% return rate: 613.3mil
Empire Hotel KL
Profit: $46.7mil
Occupancy: 94%
>estimated with 6% return rate: 778.3mil
Empire Hotel LM
Profit: $10.444mil
Occupancy: 56.7%
>estimated with 7% return rate: 149.2mil
Travel Agency
Profit: -$12.94mil
Catering Business
Profit: $1.156mil

Detail information at the following:
http://www.hkex.com.hk/listedco/listconews/sehk/20050729/LTN20050729317.htm

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Roy   14th June 2006