Colony Credit On Death Row

Colony Credit delivered a disappointing 2Q19 GAAP loss of -$111mm and non-GAAP "Core Earnings" of $36mm ($0.28/share) Share price is at a wide 38% discount to book value while peers trade at an average premium of 23% Management commentary has been consistently over-optimistic CEO Kevin Traenkle and manager Colony Capital have lost the confidence of … Continue reading Colony Credit On Death Row

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Phoenix New Media Reported 2Q19 Results And Raised Dividend Guidance

Phoenix New Media reported 2Q19 results (Press Release, Conference call transcript).  Highlights: $200mm Payments for Step1 of the amended Yidian sale agreement have been received (Koneko comments on the amended agreement) Management confident in 20% revenue growth for FY19 and expects "at least 20% year-over-year revenue growth in the coming two to three years" Management … Continue reading Phoenix New Media Reported 2Q19 Results And Raised Dividend Guidance

Artis REIT: Strong Operating Results Overshadowed Strategic Initiatives

Artis 8/2 unit price is a 22% discount to IFRS Net Asset Value of $15.37/unit Artis trades at 8.8 X 2019 FFO, well below the 14X average for all Canadian REITs and 16X average for all US REITs The strategic initiatives announced in November 2018 have been aggressively implemented and an independent Special Committee is … Continue reading Artis REIT: Strong Operating Results Overshadowed Strategic Initiatives

June 2019 NBS Price Data in Leading Chinese Cities

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The prior segregation of “15 Hot Cities” in the NBS report has been removed and suggests that price restraints have diminished in importance as a policy goal.  It is still useful to monitor trends in these major markets. Intense market restrictions … Continue reading June 2019 NBS Price Data in Leading Chinese Cities

Phoenix New Media: Yidian Sale Amendment (revised)

Note: this article was revised 7/25 to incorporate details from the amended sale agreement filed by Phoenix TV( LINK) Phoenix New Media (凤凰新媒体) announced that terms for the $448mm sale of its stake in news aggregator Yidian Zixun (一点资讯) have been amended (LINK).  Key terms: Sales proceeds of $448mm and estimated net proceeds of $409mm … Continue reading Phoenix New Media: Yidian Sale Amendment (revised)

Ossen Innovation: 59% of parent company earnings, but only 4% of parent market cap

Pujiang International, the 66% owner of specialty steel maker Ossen Innovation, listed on the Hong Kong Stock Exchange in May 2019 Ossen Innovation provides 59% of Pujiang's earnings and 56% of its net assets Pujiang has a market cap of US$362mm and is valued at 21 P/E and 1.7 P/B Ossen has a market cap … Continue reading Ossen Innovation: 59% of parent company earnings, but only 4% of parent market cap

Phoenix New Media: Yidian Sale Delay

Phoenix New Media announced that closing of its $448mm sale of 32% of Yidian Zixun has been delayed (LINK) "The Company sent a completion confirmation letter to Run Liang Tai on May 31, 2019 to confirm the satisfaction of all of the Closing Conditions. Run Liang Tai, however, disputed the satisfaction of certain Closing Conditions. The Company is in … Continue reading Phoenix New Media: Yidian Sale Delay

May 2019 NBS Price Data in Leading Chinese Cities

China’s National Bureau of Statistics (NBS) released its monthly report on home sale prices (LINK).  The prior segregation of “15 Hot Cities” in the NBS report has been removed and suggests that price restraints have diminished in importance as a policy goal.  It is still useful to monitor trends in these major markets. Intense market restrictions … Continue reading May 2019 NBS Price Data in Leading Chinese Cities

Northstar Realty Europe: Strategic Alternatives Review Deadline Approaching

Northstar Realty Europe is approaching the 6/30 deadline for conclusion of its review Sale or liquidation of the company should deliver $17-18.50 to shareholders High overhead and small scale make it unrealistic for the business to continue in its current form Interests of management and major shareholders are aligned in favor of a transaction Northstar … Continue reading Northstar Realty Europe: Strategic Alternatives Review Deadline Approaching

Xinyuan Real Estate Welcomes New CFO, Again

Ancient Egypt was struck with 10 plagues and Xinyuan Real Estate will now face it's 10th CFO during its time as a public company.  For comparison the New York Knicks had only seven head coaches over the same time period. CFO Period Longgen Zhang 2006-2008 Frank Ng 2008-2009 Tom Gurnee 2009-2013 Kevin Wei 2013-2013 Helen … Continue reading Xinyuan Real Estate Welcomes New CFO, Again