Creo Medical Share Discussion Threads

[hazl] 18/1/2010 16:11

ish has been steadily doing well too

[lbo] 18/1/2010 14:54

CREO has this morning (January 18th) announced the disposal of its 50% interest
in the Tangdao Bay joint venture development. The interest has been sold to its
partner in the project, Shanghai Holdings Company (SIIC), for a 10.9% premium to
the most recent June 2009 independent valuation. Net cash proceeds from the
transaction amount to c.£33.8m subject to standard regulatory procedures.
The disposal follows a consistent approach that the company has adopted in recent month to realise shareholder value and generate cash balance through disposal of non-strategic holdings. Other non-core disposals include the company's disposal of interest in City Centre 5 development last June at an 8.9% premium to valuation and the orderly sell-down of the holding in China Commercial Trust – a HK listed REIT – which we expect to continue.
The company no longer plans to proceed with the issuance of zero dividend
preference shares to facilitate the buyback of stock, which currently trades at a c. 70% discount to our forecast 2009 NAV. Upon receipt of the Tangdao Bay
proceeds, the company expects to commit up to £15m to fund a tender offer for
its own shares, which will boost the company's NAV per share (without triggering
any performance-related payments).
We will revise our numbers, but at this stage the steps that CREO has taken in the last number of months suggest that the company will have adequate cash balances into the medium term and that the penal discount to NAV is overdone. The recent refinancing of the Treasury building suggests that further refinancing is possible and at more favourable rates, which should boost the share price. As such, we expect the company to move forward and refinance its City Centre 1 facility and also secure financing for the adjacent City Centre 2 facility that is awaiting development.

[lbo] 18/1/2010 11:50

CREO makes E38.5m from China sale

[mangal] 18/1/2010 10:35

The graph looks good- no resistance till 600+.

[flip101] 12/1/2010 18:06

Interest picking up today. A number of market makers looking for stock. The zero book-build is imminent. Should be an interesting few weeks.

[lbo] 12/1/2010 12:04

THE global economy is recovering from the worst recession in 70 years with "dynamic" emerging markets leading the way, top policymakers said yesterday at a meeting in Switzerland.

"There is a confirmation of the progressive normalisation of the economy and of the fact that at a global level we are on a recovery mode," European Central Bank (ECB) president Jean-Claude Trichet told a news conference.

Emerging economies "demonstrated resilience" during the recession and are "very, very clearly in a more dynamic mode now" while the world's biggest economies emerged from recession in the third quarter of last year.

Chinese experts said that gross domestic produce may expand 16pc this year as the country overtook the United States to become the world's largest car market.

[flip101] 09/1/2010 12:31

New edison note:

[flip101] 23/12/2009 12:44

Get the zdp's done to clear out an overhang. House broker would like to see the share closer to £6 over the next 12 months. Assets are pretty solid.

As a 12 months investment I think this is pretty attractive.

The website has a number of research notes.

[kramch] 23/12/2009 10:41

I am trying to have a look, anyone know if there any analysts reports available on CREO?
Flip, what is the short term hurdle you refer to? K.

[flip101] 23/12/2009 09:39

Fantastic medium term investment. One short term hurdle to overcome.

[lbo] 22/12/2009 21:33

China to deliver 9.4% growth in 2010 – more than double world average

[lbo] 13/12/2009 21:11

China Real Estate Eyes Asia Listing In 2010

HONG KONG (Dow Jones)--U.K.-listed China Real Estate Opportunities PLC (CREO.LN) said Thursday it intends to "vigorously pursue" an Asian listing next year, to be closer to its operating market.

China Real Estate said in a statement it is investing in more than 250,000 square meters of commercial properties in Shanghai, and plans to add another 530,000 square meters of properties in China over the next three to five years.

The developer is in the process of appointing banks for the listing, its director, Richard David, told reporters at a news briefing earlier this week.

Neither David nor the statement provided details about the size or location of the planned listing.

David said he hopes China Real Estate can expand its foothold in China via acquisitions and the development of office spaces, particularly in Shanghai.

He also said he expects rents to rise in the long run as Shanghai develops into an international financial center.

"There is no fundamental reason as to why Shanghai, as it grows to be a genuine commercial center in Asia, should have its office rents at 20% of Hong Kong or 25% of Singapore or 35% of Tokyo, there's just no commercial logic behind it," he said.

"But it gives you the right tools to work with in creating a portfolio that's going to be value accretive over time."

The central government has expressed support for Shanghai's goal to become an international financial center.

China Real Estate, which had a commercial portfolio worth GBP836 million (US$1.36 billion) as of June 30, said its rents had stabilized from where they were six months ago.

David said he expects the average rent in the firm's portfolio to pick up around the third or fourth quarter next year, as worries about the economic crisis ease.

Apart from investing in and developing commercial spaces in China, China Real Estate is also seeking to expand its retail space operations, in cities such as Suzhou, Dalian and Tianjin, said David.

He added he hopes to see the company's retail space segment to grow faster than its office segment.

China Real Estate, which raised GBP259 million from a listing on the U.K.'s Alternative Investment Market in July 2007, owns assets such as City Center and Central Plaza in Shanghai.

[weflyhigh] 13/12/2009 14:22

Winterflood also indicating an interest to buy at least 50,000 on Friday.

[weflyhigh] 13/12/2009 14:19

I agree flip. There appears to be an overhang from various Irish brokers (possibly smashed out property developers) who are forced selling to free up cash. The share buyback will clear this overhang and help the price move to £6+ at which point they will list in Asia (shanghai/HK?). If it is a big issue as may well be the case then you will find liquidity pick up and I think we could see the price closer to £10 end of 2010.

Note: the Yuan will probably be allowed to appreciate from March/April by 5% to 10% over 18 months. The effect will be an increase in the sterling NAV. Assets oare Yuan denominated/debt is dollar denominated = leveraged positive impact on the sterling NAV.

Debt will not be difficult to refinance.

This is in my view a no-brainer at this level unless you think China will implode within the next 6 to 12 months.

[flip101] 12/12/2009 09:05

It is a shame however it is a sharp move in my view and bodes well for short term price action. I would imagine it will be an issue of new capital ranked the same as the UK listing. They therefore do not want to be placing at such a discount such as is the case now. Hence the share buyback.

The Asian listing should also generate a bit more liquidity which could be beneficial for the price.

I think this is a quick doubler.

[hieronymous1] 12/12/2009 03:58

Glad to help my fellow investors. Isn't it a pity that neither the company web site nor any UK or Irish media carried the story? I expect it was in Chinese language papers but that is little use to us. Google News carried it from the WSJ. It was also in the Dow Jones newswire download from Sharescope (investment software) in the UK. You can run automated news searches of all English language media via Google.

[flip101] 12/12/2009 02:28

Thanks a lot Hieronymous1!

[hieronymous1] 11/12/2009 21:12

Subject:
Date: Thu 10th Dec 2009 5:02:40
Region:
Market sector:
Company: China Real Estate Opportunities Ltd


=DJ UPDATE: China Real Estate Eyes Asia Listing In 2010




(Adds comments from CREO's director on bank appointment, China's office space market, rental trend.)



By Joyce Li and Aries Poon

of DOW JONES NEWSWIRES



HONG KONG (Dow Jones)--U.K.-listed China Real Estate Opportunities PLC (CREO.LN) said Thursday it intends to "vigorously pursue" an Asian listing next year, to be closer to its operating market.

China Real Estate said in a statement it is investing in more than 250,000 square meters of commercial properties in Shanghai, and plans to add another 530,000 square meters of properties in China over the next three to five years.

The developer is in the process of appointing banks for the listing, its director, Richard David, told reporters at a news briefing earlier this week.

Neither David nor the statement provided details about the size or location of the planned listing.

David said he hopes China Real Estate can expand its foothold in China via acquisitions and the development of office spaces, particularly in Shanghai.

He also said he expects rents to rise in the long run as Shanghai develops into an international financial center.

"There is no fundamental reason as to why Shanghai, as it grows to be a genuine commercial center in Asia, should have its office rents at 20% of Hong Kong or 25% of Singapore or 35% of Tokyo, there's just no commercial logic behind it," he said.

"But it gives you the right tools to work with in creating a portfolio that's going to be value accretive over time."

The central government has expressed support for Shanghai's goal to become an international financial center.

China Real Estate, which had a commercial portfolio worth GBP836 million (US$1.36 billion) as of June 30, said its rents had stabilized from where they were six months ago.

David said he expects the average rent in the firm's portfolio to pick up around the third or fourth quarter next year, as worries about the economic crisis ease.

Apart from investing in and developing commercial spaces in China, China Real Estate is also seeking to expand its retail space operations, in cities such as Suzhou, Dalian and Tianjin, said David.

He added he hopes to see the company's retail space segment to grow faster than its office segment.

China Real Estate, which raised GBP259 million from a listing on the U.K.'s Alternative Investment Market in July 2007, owns assets such as City Center and Central Plaza in Shanghai.



-By Joyce Li and Aries Poon, Dow Jones Newswires; 852-2802-7002; [e-mail]







(END) Dow Jones Newswires

December 10, 2009 00:02 ET (05:02 GMT)

Copyright(c) 2009, Dow Jones & Company Inc.

[weflyhigh] 11/12/2009 15:35

LBO - Do you have a holding here?

[lbo] 11/12/2009 15:21

London's leading shares have opened higher with miners boosted by industrial growth figures coming out of China.

Industrial production growth in China rose again in November to hit 19.1% year-on-year. It is fastest pace of growth in industrial production since June 2007

[lbo] 10/12/2009 16:06

CREO refinances for E30.6m China project



Irish-based, China-focussed property group, China Real Estate Opportunities (CREO), has refinanced its Shanghai Treasury Building project to the tune of 27.7m (E30.6m), it said today.

The firm today announced the completion of a loan facility for a multi-currency three year loan equivalent to 27.72 million (USD37.8 million offshore loan plus RMB50 million onshore), based on current exchange rates, with CITIC Ka Wah Bank in Hong Kong.

This new loan facility, the terms of which were previously announced in August 2009, will replace the existing E18.8 million and RMB97 million loan (equivalent to 25.80 million) CREO has in regard to the Treasury Building in Shanghai with Credit Suisse which was due to expire in March 2010.

Under the final terms, CREO says it will benefit from significantly lower interest costs as the new loan facility reflects an interest rate of 3.50pc over the designated base rate for the foreign currency component and a total interest rate of 6.37pc for the RMB portion.

The blended rate currently equates to approximately 4.20pc per annum compared to the average cost of funds of more than 6.75pc for the current loan.

"We completed the Treasury Building refinancing on extremely competitive terms due to interest from a number of local and regional banks in this asset and are naturally very pleased with the outcome which clearly shows that Asian banks are still open for business and that quality, well-managed assets will always be able to source competitive financing," said Ray Horney, CREO Chairman.