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China Merchants Shekou (001979) Quarterly Report Review: Settlement Progress Temporarily Interrupts REITS Innovative Financing Model

China Merchants Shekou (001979) Quarterly Report Review: Settlement Progress Temporarily Interrupts REITS Innovative Financing Model

Event: The company achieved operating income of 255 in the first three quarters of 2019.

42 trillion, a decrease of 24 a year.

39%, net profit attributable to mother 50.

9.3 billion, a year-on-year decrease of 38.

46%, the net profit deducted from non-mother 50.

06 million, a decrease of 28 per year.

94%.

Opinion: The decrease in revenue is mainly determined by the settlement, and the performance lock-up rate has increased from the previous quarter, which provides room for subsequent settlement.

The company achieved operating income of 255 in the first three quarters of 2019.

42 trillion, a decrease of 24 a year.

39%, net profit attributable to mother 50.

9.3 billion, a year-on-year decrease of 38.

46%, of which net profit attributable to mothers was achieved in the third quarter.

9.5 billion, a decrease of 83 previously.

21%, dragging down the overall performance growth rate, mainly due to the reduction in the carry-over area in the current period.

It is expected that the company’s initial completion and carry-over area will maintain positive growth: 1) The company achieved 1,095 advances in the first three quarters of 2019.

4 ‰, 124% of the 18-year performance lock-in rate, providing a certain basis for subsequent performance settlement; 2) the company’s sales still maintain high growth, expected to push the momentum in the fourth quarter breakthrough.

Sales achieved rapid value-added growth, with an initial high probability of 200 billion yuan.

On January 9, 19, the company gradually expanded its sales area to 833.

30,000 square meters, an increase of 49 each year.

71%, sales amount 1620.

4 ‰, an increase of 39 per year.

38%, gradually selling average price 1.

950,000 yuan / square meter, relatively stable.

According to the 2018 report, the company’s saleable value is expected to be 350 billion yuan in 2019. According to the company’s 夜来香体验网 existing sales growth rate, the 19-year target of 200 billion yuan will be gradually achieved.

In the third quarter, the enthusiasm for land acquisition increased, and land rights gradually increased.

From January to September, the company gradually replenished the building surface 830.

660,000 cubic meters, which gradually reduced by 14%, increased by 35PCT from the first half of the month, and took the total land price of 367.

5.9 billion, a decrease of 27% every year, an increase of 12PCT from the first half of the month, and an average transitional floor price of 7,200 yuan / square meter.

From January to September, the accumulated land sales area ratio and the amount ratio were 1.

00, 0.

37, both lower than the same period of last year, but improved from the first half of the previous month, indicating that 苏州桑拿网 the company’s enthusiasm has increased, mainly due to the general addition of 153, 152, 143 in July and September.

In terms of land acquisition rights, from January to September, the company gradually increased its construction equity ratio by 51.

3%, a decrease of 8 PCT from the end of the previous year.

After the consolidation of the property sector, AVIC Sunda consolidated and helped boost the company’s valuation.

After AVIC Sunda restructures its investment properties, the company will directly and indirectly hold AVIC Sunda5.

4.3 billion shares (by then 51.

16%), becoming a subsidiary of AVIC Sunda Holdings, realizing an area under management of nearly 1.At 500 million square meters, the company and AVIC Sunda Property Services support each other and coordinate with each other to promote the company’s comprehensive competitiveness.

According to the company’s announcement, the reorganization has been reviewed and approved by the CSRC, and the reorganization is expected to be completed within the year.

The merger of the property sector has given the company a certain boost.

REITs seeks to go public and innovate financing channels.

The company established the China Merchants Commercial Real Estate Investment Trust (CMC REITS) in Hong Kong to submit a listing application to the Hong Kong Securities Regulatory Commission. The company plans to include New Times Square, Science and Technology Building, Science and Technology Building Phase II and Digital Building, as well as certain shopping mall properties, namely ShekouThe “five property assets” of Garden City Center are injected into the real estate investment trust fund. The listing of the trust fund will promote the company’s capital operation and management capabilities of commercial properties and provide the company with new financing channels.

Investment suggestion: The company’s performance growth has been dragged down by the settlement rhythm in the first three quarters, and its performance has fallen short of expectations. However, the company is optimistic about the company’s resource value and subsequent growth.

The company is expected to have a saleable value of 350 billion yuan in 2019, and is expected to achieve a sales target of 200 billion yuan in 2019, and its performance will continue to grow rapidly.

The land surface area was relatively high for half a year, but the enthusiasm increased significantly from July to September. The company has a lot of land resources in the core area of the Guangdong-Hong Kong-Macao Greater Bay Area, which will benefit the medium and long-term with the advancement of the construction of the Greater Bay Area.

The integration of the property sector and AVIC Sunda is progressing smoothly, and the future business synergy effect will be significant, which will help boost the company’s valuation.

In addition, the company’s REITs are seeking listing in Hong Kong, which is expected to open up new funding channels and obtain investment income.

Based on this, we set the company’s net profit for 2019-2020 to be approximately 195, respectively.

0 billion, 239.

300 million adjusted to 178.

4 billion, 214.

300 million, corresponding to EPS of 2.

25, 2.

71 yuan, corresponding to PE is 8.

59X, 7.

15 times, maintaining “Buy” rating risk warning: policy changes are less than expected, and house sales have increased significantly.