报告名称：Wanda Alert(03699.HK)Access China conference 2016 highlights
报告类型：港股研究
报告日期：2016-01-12
研究机构：德意志银行
股票名称：万达商业,大连万达
股票代码：03699,N12818
页数：1
简介：Wanda Commercial attended our Access China 2015 conference, and the key takeaways are below:
Wanda achieved RMB164bn contracted sales in 2015, and management said the contracted sales target for 2016 would be more than RMB100bn in line with earlier guidance that Wanda is going to quit the residential property development business. The company thinks the previous business model will not fit Wandaˇs future development.
The company will not be adding new land banks for residential projects. Currently the company has sellable GFA of 60 msqm.
Wanda is also restructuring its shopping malls, with 40 department stores (from a total of about 90 stores) having been closed in 2015. Another ten stores will close this year. Management said these department stores no longer attract footfall. Wanda will monitor the operating department stores closely to see whether more closures are needed.
Department stores have in the past been the anchor tenants with relatively low rents, and the rent reversion on new leases could cover the loss of the removal period, resulting in minimal impact on the overall rental income.
In 2015, a total of 26 new Wanda Plazas were opened, and have contributed about 20% growth to the rental income in 2015. The other 10% rental income growth was from rental reversion.
Wanda aims to open 55 malls in 2016, and even more in 2017. Of these 55 malls, 30 will be according to the traditional operation model, of which there will be less in the future. The other 25 malls will be development under asset-light model (relatively smaller size and lower investment). 15 of these asset-light malls have been sold to investors. The first asset-light mall is to be opened in Chongqing in September this year.
Commenting on the competitive landscape, Wanda said there are about 4,000 shopping malls in China, with only about a quarter of them properly operated (i.e. with at least 70% occupancy). This is mainly because of a lack of operating expertise as many of these malls are run by residential developers.
Although there are many poor operating malls in China, Wanda does not want to acquire malls from the market as the company is able to acquire lands at reasonable cost.
Operation data for Wandaˇs malls in 2015, for tier-1/2/3&4 cities, respectively: YoY growth in foot traffic: 1% / 2% / 4%; YoY growth in tenant sales: 4% / 5% / 3%; rental income: 7% / 12% / 8%.
下载地址：Wanda Alert(03699.HK)Access China conference 2016 highlights
