Market value underestimates finance to be valued for a long time
From;    Author:本站
Invest a point
Price of excessive of double immunity force. Macroscopical adjusting control points to the residence continuously, and business affairs real estate is basic insusceptible. Investigate its germ, depend on business affairs real estate the market is very healthy, the investment gain rate that is as high as 9.5% makes its industry does not have the care of adjusting control and bubble basically.
Net present worth is alluring. In company of business affairs real estate, company not only PE lowest, p/RNAVPS also is lowest. Outside opening project of garden of city business affairs except firm declared, the near future or will continue large-scale reserve project, net present worth will increase further.
Gain is forecasted. If press next year the beginning of the year to be added publicly,send 300 million calculation, company 2007 - the EPS before fry batter in a thin layer is thin 2009 is 0.71 yuan respectively, 1.03 yuan, 1.62 yuan, the EPS after fry batter in a thin layer is thin is 0.71 yuan respectively, 0.81 yuan mix 1.27 yuan.
Invest proposal and grade. Integrated PE and RNAV appraise are worth a law, price of the target inside 6 months of company 36.45 yuan. Still have 51% at present rise space, reason reiterates " buy " investment grade.
Main inaccuracy decides an element. Systematization risk; Business affairs trades landedly market Shangqian develops, relevant sale and settle accounts plan decide harder, affect pair of company future profit then forecast; On the west enlarge and the plan that open project of garden of city business affairs.
With 1993 of give an official of the State Council " Beijing city overall planning " for start, financial block region develops up to now, area covers an area of 1.03 square kilometer, floor area 3.34 million square metre, dimensions home is banner.
Gain foreground is valued
1, Beijing project. Company Beijing has a project, divide firm declared besides project of project of big store up, garden of the business affairs that tell a state, still center in financial block region. Among them, f1 project already was in 2007 first quarter settle accounts, and the project austral A3 will be in the four seasons spent settle accounts 2007. After A5 project complete hold, f3 project will be in 2008 settle accounts, and the complete of De Sheng project and settle accounts plan, become the key that two years gain anticipates influence tomorrow. Be based on careful principle, anticipate in our gain in, de Sheng project will be in 2009 settle accounts. But what need emphasizes is, we do not eliminate De Sheng project to shift to an earlier date complete and the likelihood of settle accounts.
Among them, the gain of F3 project, the outstanding achievement that affects next year greatly. Consider quality of F3 project itself is relatively superior, we predict its sales revenue will achieve 2.4 billion yuan or so, and net profit is controlled for 670 million yuan about, sell net profit margin to be as high as 27.6% . Manage property as to hold, came in October 2006 between October 2007, let in succession or practice, 2007 year maintain balance of basic profit and loss, already belonged to not easy. The place before be like is narrated, because Olympic Games of benefit from benefit from is affected, predict income of control oneself property will achieve 740 million yuan or so 2008, but because most property is,entrust, management mode of the representative, and the representative is managed just be company of foreign capital property more, administrative cost may hold high relatively, we predict its guard net profit to be in 150 million yuan of above.
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