Everbright Garbo (600622): REITS To Be Breakthrough
The company released its 2018 annual report and achieved 杭州桑拿网 operating income of 47.
6 billion, an increase of 54 in ten years.
3%, realizing net profit attributable to mother 8.
8 billion, an annual increase of 61.
The performance exceeded expectations and the profit margin continued to improve: The company ‘s performance exceeded expectations due to: 1. The current real estate development business settlement scale and settlement quality improved significantly; 2. The company ‘s real estate asset management business scale continued to increase; 3. The company ‘s management and control efficiency improved.
Looking forward to 19 years, the company plans to achieve operating income of about 4.7 billion. Considering that the company’s restructuring has exceeded its budget target in excess, we believe that the company will fulfill its current target with a high probability this year and continue to release its performance.
Real estate fund business develops steadily: In terms of real estate development, the company’s current land resources are mainly concentrated in Shanghai Jiading, Shanghai Pudong and Kunshan areas. In 2018, the company achieved contracted sales revenue24.
4 ‰, increasing by 0 every year.
At present, the scale of the company’s projects under construction has reached 24.
90,000 flats, holding 15 reserves for development.
10,000 square meters, with a total value of nearly 12 billion yuan. In the future, the company will continue to do a good job in the development of its existing business, accelerate the return of sales funds, and continue the company’s performance growth.
Regarding the real estate fund sector, the company continued to focus on core assets in first-tier cities, upgrading and upgrading existing properties, focusing on opportunities in second- and third-tier cities, shopping malls, logistics and real estate, and the scale of the report. The company managed 15 and under construction commercial projects.The construction area reached 1.5 million square meters.
At the beginning of the 18th, the company supplemented 13 investment projects and 78 management scales.
By the end of the reporting period, the company had 37 projects under management and 471 funds under management.
100 million, we expect the company ‘s fund size to grow further this year, bringing stable management fees and performance commissions to the company.
REITs pilots have ushered in a breakthrough: China’s asset securitization business market has developed rapidly in the past two years. Since 2018, the transformation, the CSRC, the exchanges, etc. are actively promoting the pilot scheme of public offering of REITs.
In January 2019, the Shanghai Stock Exchange proposed a pilot project to promote public offering of REITs and speed up the development of housing rental REITs. In March 2019, according to Bloomberg, SSE encouraged institutions to report public offering of REITs; at the end of March 2019, the State Council Development Research Center REITs Wang Bufang, the leader of the bidding team, said that the first batch of pilot products for public offering of REITs will be launched in the near future.
We believe that this year’s REITs-related trials are expected to usher in a breakthrough.
The company will fully benefit from the improvement of the industry’s securitization level and the breakthrough of REITs pilots.
Earnings forecast and investment grade: We expect the EPS in 19-20 to be 0.
22 yuan, maintain “Buy” rating.
Risk Warning: Expansion is not up to expectations.