, R&F is trading at a 2012A dividend yield of 7.8% and 2013E dividend yield of 9.1%. Greentown is trading at a 2012A dividend yield of 7.3% and 2013E dividend yield of 8%. Evergrande is trading at a 2012A dividend of 5.3% and 2013E dividend yield of 7.3% while Agile is trading at a 2012A dividend yield of 8.4% and 2013E dividend yield of 8.7%.
Looking at the information on the short interests on Chinese developers, which are estimates based on DataExplorers and the DB Global Prime Finance team, we found that the size of the cumulative short positions on the China property names, including the high-quality state-owned developers like COLI and CR Land, has recently risen quite sharply. For example, the short interests/positions on COLI have increased 9% month-on-month, and based on our estimates, it would take about 8 days to cover the outstanding short positions. As another example, the short interests/positions on CR Land have increased 37% month-on-month, and based on our estimates, it would take about 11 days to cover the outstanding short positions.
The issues China has with overcapacity in the materials sector, a rising tide of defaults in the corporate sector and overbuilding particularly in 2nd and 3rd tier cities are well understood. Considering just how low valuations are, it is reasonable to assume that a good share of the bad news is already in the price.
However, one of the most compelling arguments for remaining on the side-line remains that we just do not know how large the problem is with bad loans and therefore cannot make a judgement on whether attractive valuations can be trusted. The current devaluation of the Yuan suggests efforts are underway to try and enhance the economy’s competitiveness.
Here is table of the valuations of the companies mentioned in the above report.
The Shanghai Property Index has been trading between 3000 and 4000 for more than three years and is currently testing the lower boundary. The Hang Seng Property and Construction Index has performed in a more volatile manner but is also testing a previous area of support.
Greentown China Holdings is among the most oversold of the above developers following a steep decline and is currently testing the HK$8.50 area. An upward dynamic would confirm the onset of a short covering rally from this area.
Back to topBack to topI usually don’t like to do reviews for products that the every day consumer cant pick up on their own, but these custom made journals and notebooks from Brandbook looked really cool, so when they reached out to me to take a look at them I couldn’t resist the opportunity. The two notebooks pictured above are just samples of the many different styles they have, but just reading though their page on options and features tells you that they really put a lot of thought into making some really fantastic journals.
Everything from the binding (see photo above) to the sturdy and tight elastic closure straps add to an overall feel of quality and attention to detail that goes into these journals and notebooks. The red notebook that you see on the bottom opened flat the easiest, while the others were a little more stiff.
This quick close up shows the elastic straps and the nice contrast of the black on pink and white on red colors of the covers and the edges of each page. The strap on the black covered notebook is definitely the strongest, although the other one is still fairly strong. Both of them have a nice thick feel and give the impression that they wont become loose and flimsy over time.
My first writing sample in the black covered notebook above went very well using my M215 Fountain Pen. The EF nib moved over the paper very smoothly, and the ink did not feather, bleed, or spread.
There is a little bit of show through on the back page of the same writing sample. It isnt too bad, but because I wrote this with a fine size nib and a lighter color ink, you could possibly get different results with a wider nib and darker ink. I did also do a writing sample with the other red notebook that you see here, but the results were just about the same, but with a little less show through on the back of the page.
Like I said from the start, these notebooks and journals are really not something you would pick up at your local stationery store, but if you are in the market for some custom notebooks, or even just want to look at a bunch of cool notebooks, their site is definitely worth checking out.anything open on December 25th?
If you could, help me compile a list of stores and such that will be open on Christmas, as currently I'm at a loss-- but perhaps my despair will help others!
In particular, early tomorrow I was hoping to swing by a grocery store for some beverages, but it seems like everything in my (close-in NE) neighborhood is going to be closed-- The Frederick Meyer, Safeway, New Seasons, Target, et al. Is anything larger than a 7-11 going to be completely shut down? I've done a lot of searching online and calling stores, but before I resort to calling every store in the Portland area for their hours, I'm hoping some people have the inside neighborhood scoop. I'm feeling that I've got to be missing some that might be open just further afield and I'm certainly willing to travel within reasonable (20-30 minutes away, max) distance.
Thanks guys and merry something something of your choice!
Any of you ever used the Priceline 'name your own price' dealyo?
Pros? Cons? Summaries of your experiences?
It sounds all well and good to put down a stupidly low price for a ticket and ideally getting that price, I'm just a bit wary of getting screwed and flown across the country and back just to get to Vegas.
Edited: they're fixed ok? can we move along?
Here's a thread for sharing your favorite non-traditional Christmas songs.
Hey all, my daughter just moved here and although she is not 21 yet, she is looking for some places to hang out.
She loves kareoke but all the places I know that have kareoke nights are for 21 and older.
Please toss some ideas my way....
what's open food-wise tonight?
Can't they just bang a gong or something?
Some of these religious traditions just seem a little strange to me...
So, I expect that we might get five people in here tonight. I'm gonna be eating some ice cream and browsing the internet for a while. If it's totally dead, I guess I'll go back to playing Freelancer.
How was your day, FNNLC?Ergo and Micromail scoop Inspire Awards
20 July 2018 | 0
Ergo, and its subsidiary Micromail, have each won awards at the 2018 Microsoft Inspire partner event in Las Vegas.
The Modern Workplace Partner of the Year Award, which recognises partners for using Microsoft solutions to help customers to transform their workplace, went to Ergo.
“I am delighted to collect this award on behalf of Ergo staff,” said John Purdy, CEO. “In winning this award, we have demonstrated innovation and competitive differentiation, leading to improved efficiency, growth and increased profitability for our customers. We are aggressively helping our customers to transform, helping them deliver on their digital strategy, winning new business and serving their customers in a new way.”
The Licensing Solutions Partner of the Year, which recognises partners that consistently innovate through licensing solutions and services and provide the highest levels of customer service, went to Micromail.
“Winning this award for the third year in a row,” said Stephen Foley, general manager, Micromail, “confirms our position as the most successful LSP in Ireland. It is testament to our team’s deep expertise in software licensing and our unwavering commitment to delivering exceptional value to our customers.”
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FollowersDutch fashion designer Iris van Herpen unveiled a black dress and intricately structured skirt and cape at Paris Fashion Week in January 2013. All three pieces were made possible by new 3D printing technology and an understanding of different types of fibres. This is her story.
Andeol is textile based focused accessories label, designed by Emilie Cacace. They have a range of art digitally printed onto various base clothes to create silk scarves, printed cushions, bags and delicate jewellery. I’m sure you will love their range as much as we do!DramaFever Drama Club get excited about the first two episodes of “Doctor Stranger”.
It’s fun to force tall people to come down to your level.
Welcome to the Doctor Stranger Drama Club! We’re so happy to be a part of this drama club and we hope you all enjoy it as much as we do. This drama is already jammed packed with action and drama all in one. Let’s get started, shall we?
Junggugeo Kaenada: “Doctor Stranger” doesn’t waste time in its first episode. We have a cheeky male lead who is whisked away from South Korea to North Korea, transformed from lawbreaking student to top surgeon, meets a girl, then loses her only to find her again, and is forced to watch his father die. I’m out of breath just typing that out.
Thankfully, the drama is blessed with a couple, played by Lee Jong Suk and Jin Se Yun, that have great chemistry. Thus, in spite of the breakneck pacing, Park Hoon’s commitment to Jae Hee is believable