Poly Real Estate (600048): The operation continued to be steady and the orderly progress of the property division
Revenue and profit have grown steadily, and profitability has improved.
In 2019Q1-3, the company’s operating income was 1117.
9.4 billion, an annual increase of 17.
77%, net profit 175.
54 ppm, an increase of 30 in ten years.
36%, net profit attributable to mother 128.
33 ppm, an increase of 34 in ten years.
08%, basic income 1.
08 yuan, an annual increase of 32.
In terms of profit margin, the company’s gross profit margin for 2019Q1-3 was 35.
89%, an annual increase of 3.
18 averages, ROE is about 10.
24%, an increase of 1 each year.
Repayments remain efficient, financially sound, and financing costs stand out.
The company achieved a sales return of 3,098 trillion in 2019Q1-3, with a return rate of 杭州夜网 89.
34%, the return rate increased by 3.
The net cash flow from operating activities of the company in Q1 2019 was approximately 92.
2.1 billion, previously changed from negative to positive.
As of 2019Q3, the company’s total assets were 9752.
00 million, net assets in 1985.
09 million yuan, assets and liabilities budget of 79.
64%; after rejecting funds received in advance, other debts accounted for only 40% of total assets.
In terms of financing, the company issued RMB 1.5 billion medium-term notes and USD 500 million bonds in January and March 2019, with interest rates of 3 respectively.
60% and 3.
875%, with outstanding financing cost advantages.
Sales in the first three quarters of 2019 increased steadily.
In 2019Q3, the company achieved a contract amount of 941.
49 trillion, contracted area 657.
310,000 square meters.
2019Q1-3, the company gradually realized the contract amount of 3467.
73 ppm, an increase of 14 years.
20%, of which the contracted amount of first- and second-tier cities accounts for 75%; the contracted area is 2,293.
780,000 square meters, an annual increase of 13.
Completion of construction keeps pace and seizes the opportunity to continuously replenish high-quality soil storage.
The new construction area of the company in Q1 2019 was 36.75 million square meters, an annual increase of 11.
5%, with a completed area of 17.23 million square meters, an increase of 46 throughout the year.
9%, an area under construction of 118.52 million square meters, an increase of 42 throughout the year.
In 2019Q1-3, the company gradually increased 84 new development projects, increasing the floor area by 14.93 million square meters, and the total development cost was 996 trillion, of which the development amount of first- and second-tier cities accounted for 76%.
As of the third quarter of 2019, the company has covered 108 cities at home and abroad, with a total of 666 planned projects under construction, with a total construction area of 247.72 million square meters and a development area of 76.54 million square meters. The land reserve is sufficient.
The property listing was promoted in an orderly manner.
On April 11, 2019, Poly Property, a wholly-owned subsidiary of the company, terminated the listing of the New Third Board and submitted an application for the listing of the main board of the Hong Kong stock market to the Hong Kong Stock Exchange on August 6.
On September 17, 2019, the company obtained the approval from the China Securities Regulatory Commission, which approved that the total number of shares issued by Poly Property shall not exceed approximately 1.
After 5.3 billion overseas listed foreign shares are listed on the main board of Hong Kong.
Investment suggestion: “Budget market”.
We forecast the company’s EPS in 2019 to be around 2.
08 yuan, giving the company 8-9 times PE estimates for 2019, the corresponding market value is about 1983-2231 trillion, and the corresponding reasonable value range is 16.
70 yuan, corresponding to 2019’s PEG is 0.
Risk Warning: Foreign listed foreign shares listed in the area of Poly property issuance still need to obtain the approval of the Hong Kong Securities and Futures Commission, the Stock Exchange of Hong Kong Limited, etc.