Editor:IvanLauTel:+852-2277-6678 e-mail:foreignstock@phillip.com.hk Disclaimer 一般風險披露聲明 本報告所載的資料只屬一般簡介,並不能作為專業法律、財務或其他意見或行事依據,亦不應被理解為購入、出售或投資任何產品之建議、邀請、廣告、或引導。輝立證券集團("本公司")力求但不保證有關資料準確或完整,客戶不應根據本報告或當中資料作出任何決定。本公司對本報告內資料所引致之任何損失或虧損概不負任何責任。假如你對本風險披露聲明的內容有不明白或對投資產品未有足夠認識,請與本公司查詢並詳盡了解。如要做任何投資,亦應尋求獨立的專業意見。 海外投資產品不受香港聯合交易所/其他香港監管機構監管,而此類產品亦不受賠償基金的保障。在其他司法管轄的市場交易,或會涉及額外的風險(如政府政策的改變、稅務和政治發展等)。因此,你應瞭解買賣海外投資產品的性質及風險,並就本身的投資經驗、風險狀況及其他相關因素,小心考慮自己是否適合參與該等買賣。如有任何疑問,應咨詢專業意見。 投資涉及多種風險,包括市場、匯率、波動性、流動性、信貸/對手方、評級下降、監管及政治等。投資產品價格可升可跌,並可能非常波動,會變成毫無價值,甚至被要求存入額外的保證金,而蒙受損失。投資者作出任何投資決定前,應細閱各投資產品之銷售文件所載的條款及條件,瞭解該產品的風險、特性及限制等是否適合其個人的財務狀況、投資目標及可承受之風險。本公司或其行政人員、董事、分析員或僱員可在報告所述之公司擔任董事,並可能持有本報告所述投資產品,或可以委託人或代理人身份買賣此等產品。本公司可不時為本報告所提及之公司,提供投資銀行或其他服務、或向其招攬投資銀行或其他業務。 本報告內的資料為本公司版權所有。在沒有本公司事前書面許可下,不可以部分地或全部地複製本文件。 證券及債券交易風險 證券價格有時可能會非常波動。證券價格可升可跌,甚至變成毫無價值。買賣證券未必一定能夠賺取利潤,反而可能會招致損失。債券價格有時較為穩定,但發行人一旦違約,你可能導致損失全部本金及應收利息。 Theinformationcontainedinthereport(s)isprovidedtoyouforinformationonlyandisnotintendedtoornorwillitcreate/inducethecreationofanybindinglegalrelations. Theinformationoropinionsprovidedinthereport(s)donotconstituteaninvestmentadvice,anofferorsolicitationtosubscribefor,purchaseorselltheeinvestmentproduct(s)mentionedherein.Itdoesnothaveanyregardtoyourspecificinvestmentobjectives,financialsituationandanyofyourparticularneeds. Informationcontainedhereinisbasedondataobtainedfromrecognizedstatisticalservices,issuerreportsorcommunications,orothersourcesbelievedtobereliable.However,PhillipSecurities(HK)Ltd("PSHK")doesnotverifysuchinformation.PSHKdoesnotguaranteeitsaccuracyorcompleteness,nordowetakeresponsibilityforanylossoccasionedbyrelianceplaceduponthecontentshereof.Anystatementsnonfactualinnatureconstituteonlycurrentopinions,whicharesubjecttochange. Accordingly,nowarrantywhatsoeverisgivenandnoliabilitywhatsoeverisacceptedforanylossarisingwhetherdirectlyorindirectlyasaresultofthisinformation.Investmentsaresubjecttoinvestmentrisksincludingpossiblelossoftheprincipalamountinvested. Thevalueoftheproductandtheincomefromthemmayfallaswellasrise.Youmaywishtoseekadvicefromanindependentfinancialadviserbeforemakingacommitmenttopurchaseorinvestingintheinvestmentproduct(s)mentionedherein. PSHKandanyofitsmemberswillnot,inanyevent,beliabletoyouforanydirect/indirectoranyotherdamagesofanykindarisingfromorinconnectionwithyourrelianceonanyinformationinand/ormaterialsavailableonthereports. Theinformationand/ormaterialsprovided"asis"withoutwarrantyofanykind,eitherexpressorimplied.Inparticular,nowarrantyregardingaccuracyorfitnessforapurposeisgiveninconnectionwithsuchinformationandmaterials. Therearerisksinherentininternationalinvestments,whichmaymakesuchinvestmentsunsuitableforcertainclients.Theseinclude,forexample,economic,political,currencyexchangeratefluctuations,andlimitedavailabilityofinformationoninternationalsecurities.WerecommendthatyouobtaintheadviceofyourFinancialAdvisorregardingthisorotherinvestmentinordertoconformtoyourfinancialresourcesandriskpreference. PSHK(oroneofitsaffiliates)ortheirofficers,directors,analysts,oremployeesmayhavepositionsinsecuritiesorcommoditiesreferredtoherein,andmay,asprincipaloragent,buyandsellsuchsecuritiesorcommodities.Anemployee,analyst,officer,oradirectorofPSHK,oritsaffiliates,mayserveasadirectorforcompaniesmentionedinthisreport.Neithertheinformationnoropinionexpressedinthisreportshallconstituteasolicitationtobuyorsellanysecurities.Theremaybeinstanceswhenfundamental,technical,andquantitativeopinionsmaynotbeinconcert.Thisfirm(oroneofitsaffiliates)mayfromtimetotimeperforminvestmentbankingorotherservicesfor,orsolicitinvestmentbankingorotherbusinessfrom,anycompanymentionedonthereports. StockPick: ResidentialPropertyManagementinJAPAN: LEOPALACE21(8848.JT) DateCreated:1Sep2023 LogicofChoosingLeopalace21 Faultyconstructionissuein2018 Completechangeofthemanagementteam Repairworkinprogress thestockwillbeinrecoveryphase Source1-32 Details Faultyconstructionissuein2018 Completechangeofthe Repairworkinprogress Source1 mApar2n0a18g:eFmaueltynctotnestarumctionofpartingwallwasrevealed Feb2019:FaultyconstructionofceilingwasrevealedDiscrepancyoffillingofpartingwallwasrevealed NonconformityofexteriorwallcompositionwasrevealedMay2019:FaultyconstructionoffireproofstructurewasrevealedJun2022:Illegaldumpingofhomeapplianceswasrevealed thestockwillbeinrecoveryphase 3 Details Faultyconstructionissuein2018 Completechangeofthemanagementteam Repairworkinprogress Source2 MrMiyamaEisei(FounderFamily:FormerPresident&CEO)andmostoftheexternalboardmembersresigned thestockwillbeinrecoveryphase 4 CustomerSegment Corporateclientsarethemajority Source45 OccupancybyIndustry Source46 AcquisitionofTreasuryStock Source47 HighInterestRateDebttobePaidOffEarly?? Nov.2020:FortressInvestmentGroupinjectedJPY57.2billiontosaveLeopalace21(annualrate:14.5%) AnnuallypayingJPY4.3billionfortheinterestrate Afterpayingoff,theprofitwillincreasebyapprox.JPY4billion PayoffplantobeconfirmedafterNovember2023 Source48 StockPriceChart–10Y Mark