- Investor presentation provides clear path for future growth
and profitability
- Independent valuations affirm the underlying value of
Nam Tai's real estate
assets
SHENZHEN, China, April 7, 2021 /PRNewswire/ -- Nam Tai
Property Inc. ("Nam Tai" or the
"Company") (NYSE Symbol: NTP) today released an investor
presentation highlighting the fundamental value of its assets and a
clear path for future growth.
The Company also announced the completion of third-party
valuations of its properties by Savills Real Estate Valuation
(Guangzhou) Limited ("Savills")
and Jones Lang LaSalle ("JLL"),
resulting in an asset value of approximately RMB 5.7 billion ($880
million), which equates to a net asset value of
approximately $18 per share,
including balance sheet adjustments. The independent valuations
completed in April 2021, includes
Nam Tai's six major properties:
Nam Tai Inno Park, Nam Tai
Technology Center, Nam Tai Inno
Valley, Nam Tai Longxi, offices in Zhuoyue Baozhong Times
Square, and Wuxi Facilities.
The $18 per share valuation based
on independent third-party valuations contrasts with the
unsubstantiated $40 per share
valuation claimed by activist investor IsZo Capital LP, who have
not provided a valuation methodology to support its estimated
price. As a result, shareholders are urged to question whether the
striking valuation difference is a tactic employed by IsZo to
entice shareholders to support IsZo's campaign to take control of
the Company. IsZo has targeted Nam
Tai based on an unrealistic and unsubstantiated projection
for the value of Nam Tai's share
price, which is in stark contrast with independent expert
opinions.
The investor presentation is available under "Presentation -
Information and Activities" of the Investor Relations section at
www.namtai.com. Highlights of the presentation include:
Strong Business Strategy with Clear Path for Growth
The Company has steadily executed its strategy, achieved
meaningful milestones, and has set forth a clear path for long-term
growth. In 2020, Nam Tai delivered
profitability against significant economic and industry headwinds.
The Company successfully executed its development growth strategy
during the year as evidenced by the acquisition of an attractive
site in Dongguan, where housing
prices have since increased by approximately 20%, successfully
converting the zoning of Nam Tai Technology Park to a highly
favorable strata title, and completing its first project,
Nam Tai Inno Park, on time and
$117 million under budget.
Valuable Real-Estate Assets with Significant Potential for
Future Growth
The Company has created a strong platform to source land
acquisitions, develop and monetize properties with a focus on the
fast-growing Guangdong-Hong
Kong-Macao Greater Bay Area, the world's largest Bay Area in terms
of land area and population with highest real GDP growth. In
addition to its completed project, Nam
Tai has a highly valuable pipeline of projects that have the
potential to bring increased revenues and profits for
shareholders.
Kaisa Partnership Adds Strategic and Financial Value
Critical to the Company's success is its strategic partnership
with Kaisa, a top 24 national developer[1] and a top 3 developer in
Shenzhen[2] with more than 20 years of local
real estate experience. Leveraging its significant expertise in the
local market, Kaisa brings to the Company a number of significant
and strategic advantages, including local real estate expertise,
expedited industrial development projects, and enhanced access to
bank financings, suppliers and local authorities. Kaisa's
partnership and investment in the Company has greatly increased
market confidence in Nam Tai,
including from customers and suppliers – which are key to the
continued success of the Company.
"Nam Tai is committed to driving
growth and creating long-term value for shareholders. We believe
our investor presentation and the independent valuation reports
referenced in the presentation will provide clarity and assurance
to shareholders regarding both our growth prospects and our
underlying asset value. The highest priority for Nam Tai management is to resolve outstanding
liquidity matters and resume normal operations," said Dr.
Lai Ling Tam, Director and Executive
Chairman. "We deeply value the input and opinions of our
shareholders. We look forward to demonstrating the true value of
the Company, as well as management's vision for unlocking
significant growth."
Notes:
|
1 According to 2020
ranking by CRIC
|
2 According to 2020
ranking by China Index Academy
|
Forward-looking Statement and Factors that Could Cause our
Share Price to Decline
Certain statements included in this press release, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "might", "can",
"could", "will", "would", "anticipate", "believe", "continue",
"estimate", "expect", "forecast", "intend", "plan", "seek", or
"timetable". These forward-looking statements, which are subject to
risks, uncertainties, and assumptions, may include projections of
our future financial performance based on our growth strategies and
anticipated trends in our business and the industry in which we
operate. These statements are only predictions based on our current
expectations about future events. There are several factors, many
beyond our control, which could cause results to differ materially
from our expectation. These risk factors are described in our
Annual Report on Form 20-F and in our Current Reports filed on Form
6-K from time to time and are incorporated herein by reference. Any
of these factors could, by itself, or together with one or more
other factors, adversely affect our business, results of operations
or financial condition. There may also be other factors currently
unknown to us, or have not been described by us, that could cause
our results to differ from our expectations. Although we believe
the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements. You should not rely upon
forward-looking statements as predictions of future events. These
forward-looking statements apply only as of the date of this
announcement; as such, they should not be unduly relied upon as
circumstances change. Except as required by law, we are not
obligated, and we undertake no obligation, to release publicly any
revisions to these forward-looking statements that might reflect
events or circumstance occurring after the date of this press
release or those that might reflect the occurrence of unanticipated
events.
ABOUT NAM TAI PROPERTY INC.
We are a real estate developer and operator, mainly conducting
business in Mainland China. Our main land resources are located in
the Guangdong-Hong Kong-Macao
Greater Bay Area ("Greater Bay Area") and Wuxi, China, of which the three plots in
Shenzhen will be developed into
Nam Tai Inno Park, Nam Tai Technology Center and Nam Tai Inno Valley. We plan to build these
technology parks into landmark parks in the region and provide
high-quality industrial offices, industrial service spaces and
supporting dormitories to the tenants. Based on the experience of
developing and operating technology parks and an industrial
relationship network accumulated over the past 40 years, we have
also exported the operation model of technology parks to other
industrial properties. Through an asset-light model, we have leased
industrial properties for repositioning and business invitation. We
will also expand the commercial and residential property business
in China as an auxiliary
development strategy of the Company. As the growth prospects of
China maintain, we shall seize
development opportunities in the Greater Bay Area and other first-
and second-tier cities in China,
and continue to strengthen and expand the business of industrial
real estate, and commercial and residential properties. Nam Tai
Property Inc. is a corporation registered in the British Virgin Islands and listed on the New
York Stock Exchange (Symbol: "NTP").
Please refer to our corporate website (https://www.namtai.com/)
or the SEC website (www.sec.gov) for our press releases and
financial statements.
View original
content:http://www.prnewswire.com/news-releases/nam-tai-property-releases-investor-presentation-and-completion-of-third-party-valuation-reports-301264215.html
SOURCE Nam Tai Property Inc.