Shun Tak Holdings Limited - Corporate Presentation March 2022
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Shun Tak Holdings Limited
Corporate Presentation
March 2022
Disclaimer
This document has been prepared by Shun Tak Holdings Limited (“the Company”) solely for general information
purposes and is not, and should not be construed as, an offer or solicitation of an offer to buy or sell any securities
or financial instruments or to provide any investment services or advices.
This document contains statements that constitute “forward-looking statements”. While these forward-looking
statements represent our judgments and future expectations concerning the development of our business,
various known and unknown risks, uncertainties and other factors could lead to actual developments and results
to differ from our expectations.
Information and opinions contained herein have been compiled in good faith by the Company, but no
representation or warranty, expressed or implied, is made as to their accuracy, correctness or completeness. All
opinions and estimates contained in this document are provided in good faith but without any responsibility and
are subject to change without notice. The Company or any of its subsidiaries or affiliates, nor any of its or their
officers or persons accepts any responsibilities or liability whatsoever from any actions or claims arising from any
use or interpretation of information contained herein.
This document or any material herein may not be reproduced or redistributed or transmitted to any other person
or incorporated in any way into another document or other material without the prior consent of the Company.
Should there be inconsistency between the English version and the Chinese version, the English version shall
prevail.
2
About Shun Tak
Our Businesses
Property Hospitality
• Property development, • Ownership of hotels in Hong
investment and Kong, China and Singapore
management in Macau, • Hotel management solutions
Hong Kong, Singapore by Artyzen Hospitality Group
and China
Transportation Investment
• TurboJET passenger ferry • ~15.8% effective interest
services in STDM
• Coach services within • Kai Tak Cruise Terminal
Macau and linking Macau • Toys “R” Us Macau
with cities in China
• Phoenix Media
• Cross-boundary land transit
• WM Motor
services via HK-Zhuhai-
Macau Bridge
4
Our Track Record
Revenue & Other Income (HKD’ M)
Proven Execution of Premium Assets
15,055
Nova City Ph. I-III, Nova Park (Ph. IV),
Nova Grand (Ph. V), Taipa, Macau
6,641 6,916 • 4,300 units, 6.4m sf GFA of residential & retail
4,472 4,977
• Completed during 2006-2018 by phases
• All sold for phases I-III
• Phase IV (Nova Park): 98% sold (as at 31 Dec 21)
• Phase V (Nova Grand): 86% sold (as at 31 Dec 21)
One Central, Macau Peninsula, Macau
Underlying Profit# (HKD’ M)
• Residential, serviced apartments, flagship
mall & the Mandarin Oriental Macau
3,624 • 51% shareholding (partnership with HK Land)
• 796 residences, 92 serviced apartments, 2.4m
2,529 sf GFA
• Completed in 2009-2010
1,242 • All sold
1,082 1,052
Chatham Gate, Hunghom, Hong Kong
• 51% shareholding (partnership with SHK)
• 334 units, 370k sf GFA
# Principally
adjusted for unrealised fair value changes • Completed in 2012
on investment properties • All sold
5
Our Journey
• New and carefully planned strategic directions to achieve an all-rounded Group with multi-level
portfolio offering predictable and steady returns, while leveraging solid returns from traditional
businesses
Pre-2010’s 2010’s Future
• Transportation • Expanding • Capitalise
network within presence to opportunities
Pearl River Delta China and brought by the
Singapore development of
• Property Greater Bay Area,
development and • Establishment of fully leveraging on
hotel ownership hospitality connections and
primarily in Macau management strategic
and Hong Kong arm collaborations
Long-term planning, investment and development
6
Our Management Team
Ms. Pansy Ho
Group Executive Chairman and Managing Director
• Joined the Group as an executive director in 1995
• Appointed Managing Director in 1999 & Group Executive Chairman in 2017 to oversee overall strategic development
• Chairman of the Executive Committee
• In charge of the Group’s transportation businesses
• Co-chairperson and Executive Director, MGM China Holdings Ltd
• Vice-chairman and non-executive director , Phoenix Media Investment (Holdings) Ltd
• Standing committee member of Beijing Municipal Committee of the CPPCC
• Vice-chairman & secretary-General, Global Tourism Economy Forum
• Recipient of the Silver Bauhinia Star in 2020
Ms. Daisy Ho Ms. Maisy Ho
Executive Director, Deputy Managing Director & CFO Executive Director
• Joined the Group and appointed an executive • Joined the Group in 1996 and has been an
director in 1994. Became the Deputy Managing executive director since 2001
Director & CFO in 1999 • Responsible for overseeing strategic
• Responsible for the Group’s overall financial activities, planning & operations of property
as well as property development, sales & investments management, retail & merchandising, and
• Chairman and executive director , SJM Holdings Ltd property development projects in China
• Vice President and executive committee member of • Standing committee member of the CPPCC
The Real Estate Developers Association of Hong Kong of Liaoning Province
• Recipient of the Bronze Bauhinia Star in 2021 • Recipient of the Bronze Bauhinia Start in 2016
Mr. David Shum Mr. Rogier Verhoeven
Executive Director Executive Director
• Joined the Group in 1992 and has been an • Joined the Group as a consultant since 2000
executive director since 2004 and was appointed an executive director in
• Responsible for the investment activities of the Feb 2012
Group • Extensive experience in the hospitality industry
• Executive director, SJM Holdings Limited • Responsible for overseeing the strategic
development and asset management for
Artyzen Hospitality Group
7
Financials
FY21 Results Highlights
As COVID-19 pandemic stabilizes, the recovering economy was hindered by:
• Tightening policies governing mainland capital financing for property developers
• Widespread outbreaks of Omicron since the end of 2021
• Cooling measures in Singapore residential market which put a dampener on the
performance of the Group’s property portfolio
Net profit increased by 267% to HK$962 million mainly due to:
• Increased property bookings (+HK$60 million YoY) mainly from Hengqin Integrated
development and Suhe Bay Mixed-used development
• Less loss arising from fair value changes on investment properties (+HK$737 million YoY)
• Phoenix Media’s gain on bargain purchase (+HK$321 million YoY)
• Partly eroded by lack of one-off disposal gains (Tongzhou: -HK$563 million YoY; STCTS: -
HK$396 million YoY), and
• Less STDM dividend (-HK$120 million YoY)
9
Income Statement Summary
YoY YoY
(HKD’ million) FY20 FY21 2H20 2H21
Change Change
Revenue and other income 4,472 4,977 +11% 2,155 3,009 +40%
Profit attributable to owners of the Company 262 962 +267% 542 492 -9%
Fair Value Changes on Investment Properties
(827) (90) +89% (276) 58 +121%
(Net of Deferred Tax and Minority Interests)
Underlying profit1 1,089 1,052 -3% 817 434 -47%
Basic earnings per share (HK cents) 8.7 31.9 +267% 17.9 16.3 -9%
Adjusted EBITDA2 2,463 2,195 -11% 1,644 1,025 -38%
1 Underlying profit attributable to the owners is principally adjusted for unrealised fair value changes on investment properties
2 Adjusted EBITDA = Operating Profit – fair value changes on investment properties + depreciation and amortisation + share of results of associates & joint ventures*
* Share of results of associates and joint ventures excludes the shares of the revaluation surplus arising from those investment properties that are owned by associates and joint
ventures.
10Revenue and Other Income Breakdown
Revenue and Other Income by Division* Revenue and Other Income by Geographical Location*
(HKD’ million) (HKD’ million)
2% 14,733 14,733
12% 12% 6% 6%
9% 2%
33% 33%
84% 83%
4,886 2% 4,886
1% 4,318 4,318
4% 17%
8% 17%
7%
28%
3%
90% 62%
85%
47%
9% 17% 8%
FY19 FY20 FY21 FY19 FY20 FY21
Property Hospitality China
Hong Kong
Transportation Investments Macau Others
*Excluding interest income and unallocated income
11Capital Management
As at
31 Dec 2020 31 Dec 2021 Change
(HKD’ million)
Cash and bank balances 5,446 7,819 +44%
Bank borrowings / Medium Term Notes 17,940 17,728 -1%
Net debt 12,493 9,910 -21%
Gearing ratio 35.6% 28.0% -7.6 pts
Debt Maturing Profile
(HKD’ million)
Total: 18,023* Total: 17,813*
12,071
8,776
5,237
67% 49%
2,930 2,276 2,255
746 1,546 29%
16% 13% 16% 13%
4% 9%
5 yrs 5 yrs
Dec 2020 Dec 2021
* Representing the principal amount of bank borrowings outstanding as at year end
12Property
Property Division Performance and Prospects
No. of units booked FY20 FY21
Adjusted Segment Results*
(HKD’ million) Nova Grand, Macau 164 123
6,778 Nova Park, Macau - 14
Change TripleOne Somerset, Singapore 1 5
2,688
2,192 -19% YoY Park Nova, Singapore - 5.4*
Les Maisons Nassim, Singapore - 0.6*
Hengqin Integrated Development, China 135** 276*
FY19 FY20 FY21
* Adjusted segment results = segment results + share of results of associates
206* +
and JV# Suhe Bay Mixed-use Development, China 18** 2 office
# Share of results of associates and joint ventures excludes the shares of the
revaluation surplus from those investment properties that are owned by
towers
associates and joint ventures
Prospects
• Adjusted segment results, that include • 2022 is anticipated to be a challenging year
results from JVs and associates, decreased for residential sales
by 19% YoY mainly due to the lack of • Roll out property sales strategically
Tongzhou’s disposal gain (HK$ 563 million) • Major headwinds that can steer the gradual
which is offset by an increase in property recovery off course include impact of
sales bookings as well as a gain of HK$211 Omicron threats, interest hike cycle, cooling
million on transfer of inventories to measures in the Singapore residential market
investment properties for Hengqin project. and tightened lending for the property
development sector in China
* In FY21, profit is recognized over time per IFRS requirement with 17.4% of 31 units booked for Park Nova; 28.1% of 2 units booked for Les Maisons Nassim; remaining 11% of 152 units
14 and 100% of 259 units booked for Hengqin; and remaining of 57% of 42 units and 100% of 182 units booked for Suhe Bay.
** In FY20, profit is recognized over time per IFRS requirement with 89% of 152 units booked for Hengqin and 43% of 42 units booked for Suhe Bay.Property Portfolio
Key Completed Projects
Property Portfolio Usage Split Macau China Hong Kong
• Nova Taipa Gardens • Shun Tak Tower, • The Belcher’s
• Nova City Phase I, II, III Beijing • liberté
• One Central • Radcliffe
• Chung Hom Kok
Hospitality Commercial/ • Chatham Gate
Office
37%
Projects Completed with Recent Sales
55% • Nova Park (Nova City Phase IV)
• Nova Grand (Nova City Phase V), Macau
Residential 8% • TripleOne Somerset, Singapore
• Hengqin Mixed-use Development, Zhuhai, China
Projects Under Development
• Tongzhou Integrated Development, Beijing, China
• Suhe Bay Mixed-use Development, Shanghai, China
• NEW BUND 31, Qiantan, China
• Park Nova, luxury residential, Singapore
• Les Maisons Nassim, ultra-luxury residential, Singapore
• Artyzen Hotel (No. 9 Cuscaden Road), Singapore
• Tianjin South High Speed Rail Integrated Development, China
• Kunming South High Speed Rail Integrated Development, China
15Property Presence
1 Beijing
• Tongzhou Integrated Development
• Shun Tak Tower / Artyzen Habitat, Dongzhimen
2 Tianjin
• Tianjin South HSR Integrated Development
1
2 3 Shanghai
• Artyzen Habitat Hongqiao
3
• YaTi by Artyzen Hongqiao
4 • Suhe Bay Mixed-use Development
• NEW BUND 31, Qiantan
6 5
4 Kunming
• Kunming South HSR Integrated Development
5 Macau
• Nova City Phase I-V
7
• One Central
6 Hengqin
• Hengqin Integrated Development
7 Singapore
• Artyzen Singapore
• TripleOne Somerset
• Park Nova
16 • Les Maisons NassimProjects Completed with Recent Sales
Nova Grand (Nova City Phase V) TripleOne Somerset
(Shareholding: Residential – 71%, Commercial – 50%) (Shareholding: 100%)
Taipa, Macau 111 Somerset Road, Singapore
• Residential, retail
• GFA: 2.3M sf (residential), 655K sf (Nova Mall) • Office, retail
• ~1,700 residential units • 766,550 sf GFA
• Completed in late 2018
Latest update:
Latest update: • Avg. committed occupancy rate as at
• ~86% residential units sold as at 31 Dec 2021 31 Dec 2021
Office: ~70%
• Nova Mall Retail: >80%
Anchor tenants: IKEA, CGV Cinemas, Toys ‘R’ Us,
Koufu Food Court, Kids’ Cavern by New Yaohan
and Beauty Concept by New Yaohan)
>90% of lettable space leased as at 31 Dec 2021
Overall occupancy of >85% with additional local
17 brands launch by 1Q22Projects Completed with Recent Sales
Hengqin Integrated Development
(Shareholding: 100%)
Hengqin, Zhuhai, China
Location advantages
• Macau Light Rail Transit,
Guangzhou-Zhuhai
Intercity-Rail, Hengqin
Light Rail
• Connected to 24-hour
cross-border facility
which opened in Aug
2020
• Office, retail, residential and hotel Latest update:
• GFA: 135,550 sm (retail: 32%, office: 31%, • 421 of 426 residential units sold as at 31 Dec 2021
residential: 25%, hotel: 12%) • Leasing for office and retail underway
• Residential completed • Target office tenants: professional sector
• Office and retail to be completed in 1Q22 • Target retail tenants: lifestyle, special F&B, wellness & entertainment
• Artyzen Habitat Hotel (230 rooms) to open in
1H23
18Projects Under Development
Beijing Tongzhou Integrated Development
(Shareholding: 24%)
Tongzhou District, Beijing, China
Location advantages
• Tongzhou set to become an important
business district in Beijing
• Located on the Grand Canal, directly
connected to subway interchange
station and bus interchange
• Beijing Government commenced
relocation of their offices to Tongzhou in
early 2019
• Beijing Universal Resort (Phase I) in
Tongzhou opened in Sep 2021
• Office, retail and serviced apartments Latest update:
• GFA: 300,000 sm (retail: 43%, office: 40%, • Renovation of sales office and show flats underway
residential: 17%) • Pre-sale of apartments expected in 2023
• 3 towers • Disposed Phase 2 (prev. 19.35% shareholding) for
• Expected completion: 2023 RMB 978M in Dec 2020
19Projects Under Development
Shanghai Suhe Bay Mixed-use Development
(Shareholding: 50%)
Suhe Bay, Jingan District, Shanghai, China
Location advantages
• Jingan is within the core business districts of Shanghai
• Iconic super high-rise 200m office tower
• Direct connection to Tian Tong Road subway station
served by Metro Lines 10 and 12
• Close proximity to major tourism destinations such as
the Bund and the People’s Square
• Office, retail and residential Latest update:
• GFA: 329,000 sm (office: 38%, retail: 24%, • Northern parcel:
residential: 7%, carpark & others: 31%) 2 office blocks and all 224 residential units sold in
• Northern parcel (112,000 sm) completed in Oct 2020-2021
2021 Target to sell a remaining office tower in 2022
• Southern parcel (240,000 sm) expected • Southern parcel:
completion: Jun 2022 Pre-leasing for office tower to commence from 2022
Retail (MixC World) to launch in mid-2022
20
Disclaimer: Computerized renderings of the Shanghai Suhe Bay Project and nearby area only and do not illustrate the final appearance, for reference only.Projects Under Development
NEW BUND 31
(Shareholding: 50%)
Qiantan District, Pudong New Area, Shanghai, China
Location advantages
• Qiantan is positioned as
Shanghai’s “2nd Lujiazui”
• Directly connected to
Orient Sports Center metro
station, subway lines 6, 8
and 11
• ~30 minutes to CBD
• Office, retail, hotel, Performing Arts Center Latest update:
(PAC) • Office leasing underway
• GFA: 140,500 sm (office: 50%, retail: 15%, • 5-star hotel (202 rooms) to be managed by Artyzen
hotel: 14%, PAC: 21%) • PAC to include a concert hall and other multi-purpose halls
• Office completed at end-2021 seating ~4,000 spectators
• Expected completion for retail, hotel and
PAC: 2023
21Projects Under Development
Tianjin South High Speed Rail Integrated Development
(Shareholding: 30%)
Tianjin South High Speed Rail (“HSR”) Station, China
Location advantages
• By HSR: 30 mins to Beijing South Station,
4 hours to Shanghai Hongqiao Station
• Tianjin is strategically located within
the “Jing-Jin-Ji” megalopolis
• One-stop regional healthcare and commercial hub Latest update:
• General hospital, eldercare facilities, retail and hotel • Superstructure works in progress
• 330,000 sm GFA • Eldercare towers and hotel topped out
• Expected completion: 3Q22 in 2021
• Expected operation: 2023
22Projects Under Development
Kunming South High Speed Rail Integrated Development
(Shareholding: 30%)
Kunming South High Speed Rail (“HSR”) Station, China
Location advantages
• By HSR: 6 hours to Guangzhou, 10 hours to
Beijing, 11 hours to Shanghai
• Link to Trans-Asian HSR network
• One-stop regional healthcare and commercial hub Latest update:
• Hospitality, medical care, eldercare, MICE and retail • Superstructure works in progress
• 550,000 sm GFA
• Expected operation: 2024
23Projects Under Development
Park Nova
(Shareholding: 100%)
Our projects in Singapore
Orchard Boulevard, Singapore
• Luxury residential
• 125,000 sf strata area
• 51 simplex units &
3 penthouses
• 31 units (inc. 3
penthouses) sold as at
31 Dec 2021
• Expected completion:
2023
Les Maisons Nassim
(Shareholding: 100%)
Nassim Road, Singapore
• Ultra-luxurious low-rise
residential
• 110,000 sf strata area
• 8 simplex units, 4 duplex units
& 2 penthouses
• 2 units sold as at 31 Dec 2021
• 3 units granted with Option
to Purchase in early 2022
• Expected completion: 2023
24Investment Property Portfolio
Lettable area Occupancy
Location Shareholding
(sf) (as at 31 Dec 2021)
Macau
Nova Mall (retail) Taipa 50% 417K > 90% leased
One Central Shopping Mall (retail) Macau Peninsula 51% 202K 91%
Shun Tak House (retail) Macau Peninsula 100% 28K 100%
Hong Kong
Shun Tak Centre Portfolio Commenced major
- Shun Tak Centre 402 (retail) - 100% - 29K renovation amid closure of
- Shun Tak Centre assets (retail) Hong Kong - 55% - 214K sea borders and collapse
- Shun Tak Centre assets (office) - 55% - 14K of tourist traffic
The Westwood (retail) Hong Kong 51% 158K 83%
liberté place (retail) Kowloon 64.56% 42K 98%
Chatham Place (retail) Kowloon 51% 47K 37%
China
Shun Tak Tower (office) Beijing 100% 240K 78% (FY21 avg. )
Shun Tak Business Centre (office & retail) Guangzhou 60% 369K 94% (FY21 avg. )
Nova Mall The Westwood
• Lifestyle mall unique to Macau
• Anchor tenants: IKEA, CGV Cinemas, • Major renovation completed
Toys ‘R’ Us, Koufu Food Court, Kids’ in Jun 2021
Cavern by New Yaohan and Beauty • Anchor tenant supermarket
Concept by New Yaohan) introduced a flagship concept
25 storeHospitality
Hospitality Division Performance and Prospects
Adjusted Segment Results* Artyzen Hospitality Group
(HKD’ million)
Change
• Grand Coloane has been serving as a medical
(251) (617) (182) +71% YoY
observation hotel since 2021 and will remain an
FY19 FY20 FY21
observation hotel throughout 2022.
Prospects
• Omicron drove another nail to the already frail
hospitality and tourism sector
* Adjusted segment results = segment results + share of results of associates and
• AHG continues to streamline hotel operations and
joint ventures rationalize overhead to mitigate losses
• Mainland domestic travel to key cities such as
• Loss in adjusted segment results narrowed Shanghai will recover the fastest. 4 of 5 new hotels
to HK$192 million, or a 71% growth, from in 2022 will be in Shanghai to capture recovery
HK$617 million in FY20 as hotels in rebound
mainland China benefited from the • However, it is expected that the authorities will
resilient domestic market and performed maintain a strict and cautious approach in
moderately well over most parts of the combating the health crisis and that border
year before lockdowns in multiple closures will be extended for an uncertain period
provinces began in 4Q21. of time
27Hotel Portfolio
HK SkyCity Marriott Hotel Mandarin Oriental Macau Grand Coloane Resort Artyzen Habitat
(Shareholding: 70%) (Shareholding: 51%) (Shareholding: 34.9%) Dongzhimen Beijing
(Shareholding: 100%)
Hong Kong One Central, Macau Coloane, Macau Dongzhimen, Beijing
Peninsula, Macau
• 5 stars • 6 stars • 5 stars • 138 rooms
• 658 rooms • 213 rooms • 208 rooms • Opened in Sep 17
• 38% occupancy in • 38% occupancy in • 78% occupancy in • 57% occupancy in
FY21 (+9% YoY) FY21 (+18% YoY) FY21 (+35% YoY) FY21 (+5% YoY)
• Non-gaming hotel • Will remain as a • Managed by AHG
medical observation
hotel throughout 2022
• Managed by AHG
28Hotel Portfolio
MixC Hotel Project Artyzen Singapore
(Shareholding: 100%) (Shareholding: 100%)
MixC, Hongqiao District (Minhang), Shanghai, Cuscaden Raod, Orchard area, Singapore
China
Artyzen Habitat YaTi by Artyzen
Hongqiao Shanghai Hongqiao Shanghai
• 188 rooms • 303 rooms
• Being developed into a 5-star hotel (142 rooms)
• 60% occupancy in • 27% occupancy in FY21
• Proximity to Orchard MRT and Orchard Boulevard
FY21 (+12% YoY) (+15% YoY)
MRT (2022)
• Managed by AHG • Rebranded from
• To be managed by AHG
citizenM with
management handed
• Expected opening: Mid-2023
to AHG in Sep 2020
29Hotel Management
Artyzen Hospitality Group Branded
(AHG) Expected No. of
Hotel Location
The Group’s branded hotel Opening** Rooms
management company with Artyzen Grand Lapa 416 Macau
a collection of its own luxury Artyzen Habitat* 138 Dongzhimen, Beijing
Opened
hotel brands catering to Artyzen Habitat* 188 Hongqiao, Shanghai
different lifestyles YaTi by Artyzen* 303 Hongqiao, Shanghai
Eature Residences 128 Lingang New City, Shanghai
Artyzen Habitat 364 Lingang New City, Shanghai
Artyzen 305 Lingang New City, Shanghai
2022 Artyzen Habitat 246 Qiantan, Shanghai
The Shang by Artyzen 210 Qiantan, Shanghai
• Hotels under AHG’s management:
Artyzen Habitat 160 Suzhou
White-label Artyzen Habitat* 230 Hengqin, Zhuhai
Hotel Location Artyzen Habitat 378 Yuelai, Chongqing
Grand Coloane Resort* Macau 2023 Artyzen* 142 Singapore
Ka’anapali Beach Hotel Maui, Hawaii Artyzen NEW BUND 31* 202 Qiantan, Shanghai
The Plantation Inn Maui, Hawaii Artyzen Habitat 212 Taopu Smart City, Shanghai
Artyzen Habitat
2024 162 Taopu Smart City, Shanghai
Serviced Apartment
* Owned by Shun Tak
** Expected opening dates are subject to market conditions
Note: The list above excludes two JV hotel projects with Perennial in Tianjin and Kunming.
30Transportation
Transportation Division Performance and Prospects
Adjusted Segment Results* • TurboJET entered into new agency
(HKD’ million) arrangements on: 1) routes between Macau
and Shekou/Shenzhen; and 2) routes between
Change Zhuhai and the two SARs upon port reopening
(116) 18 (304) -1,799% YoY and service resumption
• Golden Bus only operated with restricted
FY19 FY20 FY21 frequency
Cost reduction measures
*
• Critical measures to conserve liquidity and
Adjusted segment results = segment results + share of results of associates and
joint ventures restructure operation were implemented with
operating costs reduced by 54% in 2020 and a
further 58% in 2021
• Following almost 2 years of ferry service
suspension with all maritime borders Prospects
closed off, segments results suffered a
substantial loss of HK$304 million in 2021. • Consolidate strategic partnership with China
In FY20, the profit was mainly contributed Travel International Investment to optimize joint
by the disposal gain of HK$396 million on land and sea resources within the Greater Bay
STCTS restructuring. Area in the post-pandemic era
• Continue to embrace rigorous cost-saving
programs in order to weather the downturn and
prepare for service restart
32Multi-modal Transportation Platform
• Joint-venture (50% interest) with China Travel International Investment Hong Kong Ltd (CTII)
providing cross border ferries and coaches in the Greater Bay Area
Sea Land
• Speedy, reliable and comfortable sea travel • Golden Bus: Coach between Hong Kong
services for passengers and Macau Port on HZM Bridge
• Well-connected sea transportation network • TurboJET Cross Border Limo*: Personalized
linking major cities and airports in the GBA door-to-door land transport between Hong
such as Hong Kong, Macau, Zhuhai, Kong and Macau
Shenzhen and Shekou
• HK-MO Express*: Coach services between
• All ferry services are currently suspended selected destinations in Hong Kong and
due to border closure amid the pandemic Macau
• Macau HK Airport Direct*: Shuttle service
between Hong Kong International Airport
and Macau Port on HZM Bridge
• CTG Bus: Coach between Macau and
Guangdong; Macau local shuttle bus
service and corporate leasing business
*Currently suspended due to border closure amid
the pandemic
33Investment
Investment Division Performance
Adjusted Segment Results*
(HKD’ million) Change • Dividend from STDM amounted to HK$52 million,
a 70% YoY decrease, reflecting the profound
358 +109% YoY
impact induced by the COVID-19 crisis on the
tourism economy of Macau.
171
145 Acquisitions in FY21
• Acquired 16.93% equity interest in Phoenix
Media at a cash consideration of HK$516 million.
FY19 FY20 FY21
Phoenix Media operates popular global
* Adjusted segment results = segment results + share of results of associates and
joint ventures
channels and in involved in omni-media
business.
• A HK$321 million gain on bargain • Invested in ~2% interests in WM Motor (who
purchase was recorded from the engages in manufacturing and sales of electric
acquisition of Phoenix Media in FY21. vehicles in China)
• Supported by Phoenix’ gain, the division
recorded an adjusted segment results of
HK$358 million, or a 109% YoY growth
amid unfavourable dividend payout from
STDM.
35STDM
15.8%
STDM, a private company in
Macau, has investment
interests in different parts of the STDM
world, e.g., in Macau,
Mainland China and Portugal Effective interest:
~8.5%
53.9%
100%
SJM Resorts is one of six
gaming concessionaries
licensed by the Macau SAR SJM Resorts
Government to operate
36 casinos in MacauAppendix
Corporate Milestones
2020 2021
onwards
Opening of Macau’s Set foot in Singapore
2019
1st lifestyle mall with property market;
1st IKEA in Macau, at Nova Mall; launched pre-sales at Park
launched pre-sales at Hengqin and Nova and Les Maisons Nassim
Shanghai Suhe Bay project
60’-90’s 90’s-2010 2012-2018
2012 2016 2017 2018
Set foot in China Set foot Set foot Completed Nova Grand (last
property market; in Singapore hospitality in China hospitality phase of Nova City) in Macau;
development of market; acquired No. 9 market; opening acquired HSR healthcare
Beijing Tongzhou Cuscaden Road hotel of the 1st Artyzen Habitat mixed-used developments in
Integrated project redevelopment project hotel in Beijing Tianjin and Kunming
1997 2000 2008 2009 2010
Set foot in Macau Completed the Set foot in HK Completed One Opening of New
property market; Belcher’s, Hong hospitality market; Central Macau Mandarin
completed Nova Kong opening of SkyCity Oriental Macau
Taipa Gardens Marriott
1961 1972 1973 1984 1993
Shun Tak Shun Tak Holdings Listed on the SEHK Opening of Opening of
Shipping was Limited was Main Board Mandarin Oriental Grand Coloane
established established Macau (1st 5-star Resort, Macau
hotel in Macau)
38Group Structure
SHUN TAK HOLDINGS LIMITED
Property Development & Investment Transportation Hospitality Investments
Property Artyzen
Singapore
PRC Property Development Property Coach Hotel Hospitality Financial
Property Ferry Services
Development with Recent Investment Services Ownership (Hotel Investment
Development
Sales Management)
Key Projects Key Projects Key Projects Key Properties Key Routes Key Routes Key Hotels Key Brands Key Investments
i. Hengqin i. Park Nova, i. Nova Park i. Nova Mall, i. Hong Kong – i. Golden Bus i. Hong Kong i. Artyzen Habitat* i. STDM (~15.8%
integrated dev. Singapore (Phase IV) of Macau Macau route ii. TurboJET Cross SkyCity Marriott ii. Artyzen* effective
Hotel iii. YaTi by Artyzen
ii. Beijing Tongzhou ii. Les Maisons Nova City), ii. One Central Mall, ii. Kowloon – Border Limo* interest)
ii. Mandarin Hongqiao
integrated dev. Nassim, Macau Macau Macau route iii. HK-MO Express* Shanghai ii. Management of
iii. Shanghai Suhe Singapore ii. Nova Grand iii. Shun Tak House, iii. Hong Kong iv.Macau HK Oriental Macau Kai Tak Cruise
iv. Eature Residences
iii. Grand Coloane
Bay mixed-use (Phase V of Macau Airport – Macau Airport Direct* Lingang, Shnghai Terminal (20%
Resort, Macau
dev. Nova City), iv. Shun Tak Centre Route v. Local shuttle bus v. The Shang by interest)
iv.Artyzen Habitat Artyzen Qiantan,
iv. NEW BUND 31, Macau Portfolio, Hong iv. Shenzhen within Macau Dongzhimen iii. Retail Matters
Shanghai (2022)
Qiantan, iii. TripleOne Kong Airport – Macau vi.Cross-border Beijing Company
Shanghai Somerset, v. The Westwood, route coach services v. Artyzen Habitat Limited (100%
Non-branded
v. Tianjin South High Singapore Hong Kong v. Shekou – between Hongqiao i. Grand Coloane owned)
Speed Rail iv. Hengqin vi. liberté place, Macau route Guangdong Shanghai Resort, Macau iv. Phoenix Media
integrated dev. residential units Hong Kong vi. Zhuhai-Macau and Macau vi. YaTi by Artyzen ii. Ka’anapali Beach (16.93% interest)
vi. Kunming South v. Suhe Bay vii. Chatham Place, route Hongqiiao Hotel, Maui, Hawaii v. WM Motor (2%
High Speed Rail residential units Hong Kong vii. Zhuhai-Hong Shanghai iii. The Plantation Inn, interest)
vii. Artyzen Habitat, Maui, Hawaii
integrated dev. viii.Shun Tak Tower, Kong route *Currently
Beijing suspended due to Hengqin Zhuhai
(2023) *Please refer to page
ix. Shun Tak Business border closure 30 for full list of hotels
viii. Artyzen
Centre, All ferry services amid pandemic
Singapore (2023)
Guangzhou are currently
ix. Artyzen NEW
suspended due to BUND 31,
border closure Shanghai (2023)
amid pandemic x. Hotels at Tianjin
HSR project (2023)
xi. Hotels at
Kunming HSR
project (2024)
39Share Information
Share Price and Trading Volume Trading Data (as at 25 Mar 2022)
Share price (HK$) 1.77
1000 4.00
52-week range (HK$) 1.50 - 2.60
900 3.50
800 Number of shares 3.02B
Trading Volume ('M)
3.00
Share Price (HK$)
700 Market cap (HK$) 5.3B
600 2.50
500 2.00
400 1.50
300
1.00
200
100 0.50 Index Constituent
0 0.00 • Hang Seng SmallCap Index
Oct-18
Oct-19
Oct-20
Oct-21
Jul-18
Jul-19
Jul-20
Jul-21
Jan-18
Jan-19
Jan-20
Jan-21
Apr-18
Apr-19
Apr-20
Apr-21
• Hang Seng Sustainability Index
• Hang Seng Stock Connect HK Index
Trading Volume Share Price
• MSCI World Small Cap Index
40Macau Residential Property Statistics
Macau Hong Kong Singapore Macau 2021 2020 Difference
GDP per capita No. of Transacted
US$43,642 US$49,613 US$72,766 6,001 6,483 -7.4%
(2021) Units
1.1% Value of Transactions
Wage Growth 40,800 42,957 -5.0%
5.8% 3.6% (MOP Million)
(2021) (3Q21)
Source : Macau DSEC, HK Census and Statistics Department, Singapore Department of Statistics
Max mortgage level* Macau Hong Kong Singapore Macau Hong Kong Singapore
Foreigner 30 - 60% 40 - 50%
75% or 55% Mortgage Rate P-3.1% - P-2.75% P-2.75% - P-2.5% 1.4% - 3.75%
Local 50 - 90% 50 - 60%
*For first time buyers
Macau residential supply has in the recent past been limited HK and Macau residential property prices
CCL MOP psm
No. of units Construction of new building units Centa City Leading Index (HK)
Completion of new buildings 200 Average transacted price (Macau) 150,000
25,000
No. of units transacted
20,000 150
100,000
15,000
100
10,000 50,000
50
5,000
- 0 0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2004 2006 2008 2010 2012 2014 2016 2018 2020
Notes:
1) In Macau, the prime rate of most banks is 5.25%..
2) In Hong Kong, banks’ prime rates range from 5% to 5.25%.
3) In Singapore, mortgage rates may be fixed or floating (based on SHIBOR rate or Board rate).
41Anti-speculative Measures
Hong Kong
Max LTV (loan to value) ratio* for First-time Stamp Duty for First-time buyers (enacted on 1
Special Stamp Duty (SSD) (enacted on 27 Oct 12)
buyers (enacted on 19 May 17) Apr 10)
Property Consideration
Stamp Duty Rates Holding period of the Property Stamp Duty Rates
(HKD)
HK Resident Non-HK Resident
Below $2M $100
< 6 months 20%
>$2M - ≤$3M 1.50%
>$3M - ≤$4M 2.25%
> 6 months ≤12 months 15%
>$4M - ≤$6M 3.00%
50% - 60% 40% - 50%
>$6M - ≤$20M 3.75%
> 12 months ≤36 months 10%
>$20M and above 4.25%
Buyer's Stamp Duty (BSD) for Non-HK permanent
* Effective 23 Feb 2022, first-time buyers with Stamp Duty for Non-first-time buyers
completed properties of value ≤HK$10M
residents
(enacted on 5 Nov 16)
eligible for Mortgage Insurance Programme (enacted on 27 Oct 12)
is subject to max LTV of 80-90%. Stamp Duty Rate Stamp Duty Rate
15% 15%
Macau
Max LTV (loan to value) Ratio Stamp Duty Special Stamp Duty (SSD)
Additional Stamp Duty (ASD)
(enacted on 5 May 17) (enacted on 1 Jan 09) (enacted on 14 Jun 11)
Property Stamp Special Stamp
Holding Period Enacted on
Macau Resident Consideration Duty Duty Enacted on 7 Feb 18
Non- of the Property 30 Oct 12
(MOP) Rates (SSD) rates
Macau
Non-first- Resident
First-time Below $2M 1%
time 10% on top of • 5% for 2nd property on top of
buyers < 12 months 20%
buyers existing stamp existing taxes
Completed residential units duty for non- • 10% for 3rd property and
>$2M - ≤$4M 2% Macanese and thereafter on top of existing
50%-90% 40%-70% 30%-60%
Unfinished housing units >12 months corporate buyers taxes
10%
>$4M and above 3% ≤ 24 months
50%-70% 40%-60% 30%-40%
42Anti-speculative Measures
Singapore
Mortgage
Bank Loan Max LTV
Duty Additional Buyer’s Stamp Duty (ABSD) Buyer’s Stamp Duty (BSD)
(loan to value) Ratio
(enacted on (enacted on 15 Dec 21) (enacted on 20 Feb 18)
(enacted on 6 Jul 18)
22 Feb 14)
Outstanding
Min. cash No. of Singapore Singapore
housing Max LTV* Foreigners Entities Purchase Price BSD
downpayment** properties citizens PR
loans
75% or 5% (LTV of 75%) First SGD 180K 1%
None 0.4% of 1st Nil 5%
55% 10% (LTV of 55%)
mortgage Next SGD 180K 2%
loan amount
45% or 30% 35%
1 25% 2nd 17% 25%
25% Next SGD 640K 3%
35% or 3rd and Remaining
>= 2 25% 25% 30% 4%
15% thereafter amount
*Apply the lower LTV if the loan tenure exceeds 30 years, or the loan period extends beyond the borrower’s age of 65 years.
** The remaining downpayment can be paid using a combination of cash or CPF-OA savings.
43IR Contact ir@shuntakgroup.com www.shuntakgroup.com Penthouse 39/F, West Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong
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