Daily Brief Financials: Hang Lung Properties, Shriram Finance , Country Garden Holdings Co, PotlatchDeltic , Bitcoin and more

• After announcing flattish results for both parent and subsidiary, Hang Lung (10 HK) announced Ronnie Chan is stepping down as chairman, with his son Adriel to assume the mantle. 
• Ronnie, 75-years of age, has been chairman since 1991. Adriel (42-years old) has been an ED since 2016 and vice-chairman since 2020. 
• Separately, HLG’s 66% discount to NAV is wide for a straightforward parent-sub structure. The P/Bs for both HLG and Hang Lung Properties (101 HK) are around the lowest-ever levels. 

• With the review period complete, Shriram Finance (SHFL IN) should replace UPL Ltd (UPLL IN) in the NIFTY Index (NIFTY INDEX) at the March rebalance.
• We have Trent Ltd (TRENT IN) marginally ahead of Bharat Electronics (BHE IN) as lower probability replacements for Bharat Petroleum Corp (BPCL IN) in the index.
• The impact on the stocks will be large in terms of delivery volume to trade, but the stocks have moved a lot over the last few months.

• China’s embattled property developer Country Garden Holdings is ramping up overseas asset sales as the company struggles to raise cash to address its debt woes.
• The Guangdong-based developer has listed a residential development project in East London for sale, British media reported last week.
• The divestiture came after Country Garden offloaded two projects in Australia.

Key points (machine generated)

• Timber REITs, specifically Potlach and Weyerhaeuser, are overvalued and have not adjusted to the current interest rate environment.
• Potlach has experienced declining timberland volumes due to issues in the US north and Canada, and the recent rise in interest rates is not expected to improve this.
• Potlach is also considered expensive relative to its forward EV/EBITDA multiple and consensus 1-year forward numbers, leading the author to recommend shorting the stock.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Earlier this week, we shifted to a bullish stance as we noticed promising developments in the cryptocurrency market.
• Concurrently, we launched our cryptocurrency portfolio.
• However, our short-term optimism has been tempered slightly.