Hanan Mor real estate company
Hanan Mor
+3.01%
Base:2,060
opening:2,060
High:2,164
low:2,019
change:1,205,464
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reports on receiving a construction permit in the project of the subsidiary company (wholly owned) K.M. A shelf in Yaakov’s well. According to the expectations, the company will build 221 apartments, half of which (111 apartments) are under “reduced price” and the rest (110 apartments) will be sold on the free market. The company expects revenues of NIS 450 million, a gross profit of NIS 66 million, which means a gross profitability rate of 14.7%. The company also reports that it expects surpluses of NIS 101 million in the project.
When the company won the tender, a year and a half ago, it reported that the construction cost was estimated at NIS 331 million (including winning costs of NIS 141.2 million, development expenses of NIS 21.9 million and tax expenditure of NIS 8.5 million and that it undertakes to sell the apartments at a price of NIS 11.6 One thousand shekels per square meter, compared to an average price per square meter of 23-25 thousand shekels. The price in Be’er Ya’akov is currently about 2.5 million shekels per apartment. The price in the project (at a reduced price) will be 50% cheaper and will be 1.2 million shekels.
Here is the report from the company’s financial statements, so that the investors already knew the important information and all that was added today is the official announcement about the construction permit. That’s not a significant enough reason to raise the stock price by 3%, but apparently after the stock has wiped out 64% over the past 12 months, any positive announcement helps the stock.
These are plots 118 and 120 in block 4233, plots 6, 7 and 8.
As mentioned – Hanan Mor shares crashed in 2022 by 64%, more than most real estate companies. The reason is investors’ fear of the real estate company’s big bet on the purchase of land in Sde Dov, to the extent of NIS 1.5 billion, when in fact the company expects the high-tech They will buy apartments for NIS 8-10 million. The housing price madness in Israel means that this is not unthinkable, but for that you also need a good period in the stock market. That is – that the high-tech companies will also be in the clouds, that the employees will feel ‘on top’ and that this is a time for huge waste. But the last year is not that situation. The Nasdaq fell by 30%, high-tech companies are laying off thousands of workers, the number of vacancies in the sector has halved in six months (because companies have stopped hiring) and in general the feeling of euphoria has been replaced by concerns. This also affects the real estate stocks and certainly those who took a bet Large on an apparently attractive area – but at high prices.
When real estate prices are high and the interest rate is zero it may be fine, but when the interest rate jumps – the financing costs also jump and suddenly it is no longer so attractive.
The Hanan Mor Group reports that during the fourth quarter of 2022 (so far), the controlling owners purchased shares and bonds of the company to the extent of approximately NIS 2.5 million. In addition, Keren Safra, an interested party in the company, purchased shares to the extent of approximately NIS 12 million last week Shekel, as well as a director and managers of the company, who are not among the controlling owners, purchased the company’s securities last week.
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