Habe folgende News zu Sun Hung Kai gefunden.
Impact - Spin-off and listing of Sunevision
Sun Hung Kai Properties announced to apply for the listing of its Sunevision on GEM.
It is expected that Sunevision will start its listing in March and to raise about US$1.0b.
Sunevision includes SHKP's core technology assets - iAdvantage, Superhome.net, Propertystreet.net, Insurancestreet.net, Red-Dots.com, Sun Technologies and its venture capital investments, which integrate all its high-tech values together.
So far, Sunevision has already invested about HK$1.0b to develop and enhance its Internet infrastructure and service. Looking ahead, SHKP might consider tying up with other high tech companies like Microsoft and Cisco to have a stronger lead in this sector.
iAdvantage and iHon, the two most valuable assets of Sunevision, will undoubtedly become an important source of recurrent income for this subsidiary.
It is apparent that SHKP is now head-to-head with Cheung Kong in developing high-tech ventures.
Conclusion
The e-commerce business is certainly booming in Hong Kong. Having said that, the participation in hi-tech projects will certainly enhance SHKP's NAV and net earnings in the future. As a result, the company deserves a higher valuation for its technology premium. BUY with a 12-month price target of HK$105.00.
Hong Kong Daily Market Commentary 03/02/00
Property Briefs
SHK Properties (0016.HK)
Implications of spinning off Sunevision
Reasons
Prior to 2000, the market evaluated SHKP based on its tangible assets, i.e. land available
for development, agricultural land, development properties, investment properties, hotels,
infrastructure, and listed investments. Using such an approach, SHKP’s share price is
appraised at $70-85, subject to assumptions on land and property prices. The market seldom
valued SHKP’s intangible assets, such as property management service income and IT
investments. Some investment firms have now begun to estimate the value of these IT
investments; the market, however, may not necessarily accept their valuation.
Sunevision’s separate listing gives a means with which to value SHKP’s IT investments.
When Sunevision is listed, the market will add the value of both intangible assets and tangible
assets; SHKP’s share value will be enhanced accordingly.
The market values Sunevision at $55bn according to the press; if this is the case, it is worth
about $23 per SHKP share. If SHKP unlocks this hidden value by listing Sunevision, its
share price could rise to $90-105; it closed at $72 yesterday. SHKP may also realise a huge
exceptional gain on diluting its shares in Sunevision when the latter goes public.
The speed at which SHKP has decided to float Sunevision shows the management
understands the golden rule in the IT game - use public monies to build your own IT empire
as fast and quickly as possible in a bid to dominate the market and ward off new entrants.
Besides, Sunevision’s future investments will not be a heavy financial burden on the parent
group.
SHKP has two outstanding cover call warrants (codes: 1874, 1906); both expire after March
2000. If Sunevision goes public in the 1Q 2000, the good news would come ahead of the
warrant’s expiry dates. Risk-takers or short-term speculators would do well to pay attention
to these two warrants.
A possible shift in demand
Before Sunevision’s spin off, buying SHKP shares was the only way to gain exposure to
SHKP’s IT projects. After the spin off, investors can buy directly into Sunevision so demand
for SHKP shares may weaken.
BUY
SUN HUNG KAI PROPS.
Source: DATASTREAM
Philip Chan
philip.chan@cpy.com.hk
