Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>HHC reported third quarter 2022 results validating the real Sim City label we gave the Company upon initiation in 2014. </li>
<li>HHC reported second quarter revenue of $639.5 million primarily because of condo deliveries. HHC reported condo sales of $418 million as it records condo sales upon delivery of units</li>
<li>HHC’s operating assets showed resiliency with a new multi-family property coming online in the third quarter resulting in higher NOI</li>
</ul>


HHC reported third quarter 2022 results validating the real Sim City label we gave the Company upon initiation in 2014. 
HHC reported second quarter revenue of $639.5 million primarily because of condo deliveries. HHC reported condo sales of $418 million as it records condo sales upon delivery of units
HHC’s operating assets showed resiliency with a new multi-family property coming online in the third quarter resulting in higher NOI


<ul>
<li>HHC. announced the opening of 565-unit Ward Village development, Ko'ula. HHC had been forecasting the opening of the new tower at Ward Village since last year</li>
<li>The opening results in HHC recognizing revenue from the sale of each unit within the tower. The opening of Ko'ula affirms our outlook for the year</li>
<li>The opening of Ko'ula puts HHC on pace to meet 2022 condo sales guidance of $650 million to $700 million</li>
</ul>


HHC. announced the opening of 565-unit Ward Village development, Ko'ula. HHC had been forecasting the opening of the new tower at Ward Village since last year
The opening results in HHC recognizing revenue from the sale of each unit within the tower. The opening of Ko'ula affirms our outlook for the year
The opening of Ko'ula puts HHC on pace to meet 2022 condo sales guidance of $650 million to $700 million


<ul>
<li>HHC delivered discernable second quarter 2022 results of progress in a pivot from landowners to landowners and operators</li>
<li>Q2 results displayed how HHC’s business model can work. HHC’s operating assets within MPCs are generating a higher level of income as the MPCs’ population have increased</li>
<li>HHC’s decision to pivot to operating assets in MPCs continued the trend of giving investors another value point</li>
</ul>


HHC delivered discernable second quarter 2022 results of progress in a pivot from landowners to landowners and operators
Q2 results displayed how HHC’s business model can work. HHC’s operating assets within MPCs are generating a higher level of income as the MPCs’ population have increased
HHC’s decision to pivot to operating assets in MPCs continued the trend of giving investors another value point


<ul>
<li>HHC reported first quarter results slightly higher than expected with the Company providing greater depth about how the business is adjusting to an environment with higher interest rates</li>
<li>The number of homes on the market within the metro regions HHC is present in is below demand. Population growth should allow for continued sell through of residential homes</li>
<li>As more operating assets come online and stabilize, HHC would see an improvement in both FFO and NOI</li>
</ul>


HHC reported first quarter results slightly higher than expected with the Company providing greater depth about how the business is adjusting to an environment with higher interest rates
The number of homes on the market within the metro regions HHC is present in is below demand. Population growth should allow for continued sell through of residential homes
As more operating assets come online and stabilize, HHC would see an improvement in both FFO and NOI


<ul>
<li>HHC updated its NAV to $170 a share from $150 a share last year after the return of retail and the Las Vegas Ballpark to normal operation.</li>
<li>HHC has started to redeploy its free cash flow with $250 million portion dedicated to share repurchases. </li>
<li>The improvements in the business we have cited over the past year contributed to HHC raising its NAV estimate</li>
</ul>


HHC updated its NAV to $170 a share from $150 a share last year after the return of retail and the Las Vegas Ballpark to normal operation.
HHC has started to redeploy its free cash flow with $250 million portion dedicated to share repurchases. 
The improvements in the business we have cited over the past year contributed to HHC raising its NAV estimate


United States

The Howard Hughes Corporation develops real estate. The Company manages master planned communities, shopping malls, and mixed-use developments throughout the United States.

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Howard Hughes / (HHC US)

HHC: Q3 Results Affirm MPC Strengths

Condo sales in Ward Village occurred at the end of the quarter with a portion spilling over into the fourth quarter. The FFO HHC is generating...

BWS Financial Inc

HHC: Tower Opening Affirms FFO Outlook

The opening of the Ko'ula tower at Ward Village affirms the outlook of HHC generating FFO from condo sales. The increase in FFO would support our...

BWS Financial Inc

HHC: Operating Model Generating Income

HHC's revenue is growing from its operating assets within each MPC, especially as population continues to increase. The stock is not properly...

BWS Financial Inc

HHC: NAV Rising

HHC updated its NAV to $170 a share from $150 a share. The increase has done nothing to help the stock with investors still concerned on the impact...

BWS Financial Inc

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HHC: Q3 Results Affirm MPC Strengths

Condo sales in Ward Village occurred at the end of the quarter with a portion spilling over into the fourth quarter. The FFO HHC is generating...

BWS Financial Inc

HHC: Tower Opening Affirms FFO Outlook

The opening of the Ko'ula tower at Ward Village affirms the outlook of HHC generating FFO from condo sales. The increase in FFO would support our...

BWS Financial Inc

HHC: Operating Model Generating Income

HHC's revenue is growing from its operating assets within each MPC, especially as population continues to increase. The stock is not properly...

BWS Financial Inc

HHC: Generating Cash & Share Repurchases

HHC's asset portfolio is beginning to reach an inflection point where the Company is generating a greater level of cash flow, which is being...

BWS Financial Inc

HHC: NAV Rising

HHC updated its NAV to $170 a share from $150 a share. The increase has done nothing to help the stock with investors still concerned on the impact...

BWS Financial Inc