报告名称：Central China Real Estate Alert(00832.HK)Access China conference 2016 highlights
报告类型：港股研究
报告日期：2016-01-13
研究机构：德意志银行
股票名称：建业地产
股票代码：00832
页数：1
简介：CCRE attended our Access China 2016 conference and the followings are the key takeaways.
- The company has been focusing in the province of Henan, the province ranked the fifth in China in terms of GDP. The property market in the province is also the fifth largest in China. CCRE's market share in the province is about 4.5%
- Management views there will be substantial demand for the growth in property sector as the urbanization rate in the city is only 43%. In the past few years, the growth in urbanization rate in the province was about 1.8% per annum.
- Capitaland has been one of the major shareholders in the company since 2006. Currently its role is an equity investor rather than strategic investor.
- After the removal of the HPR in Zhengzhou City, CCRE has started returning to the property market of this provincial capital of Henan
- 2015 was a year for adjustment to take place in the sector and also for CCRE. The company has successfully lowered its inventory by adjusting the selling prices of its projects. Actually inventory clearance is also the intention of the government.
- Margin guidance for 2015 is at about mid-twenties, reflecting company’s strategy on inventory clearance. However, the sales volume of the company has increased by about 30%, which will be translating into similar growth for revenue.
- Due to the faster sales, stronger cash collection (over 90% cash collection ratio has been achieved in 2015), as well as fewer land acquisitions, net gearing of the company is expected to improve considerably by end-2015. As a reference, net gearing as of 1H15 was 83%.
- Management is expecting a better sales mix for 2016 as some of the projects have received encouraging subscriptions sales. However, due to the delay in approval of the presale permit, the projects have yet to be launched. Management guided about RMB2.0bn of subscription sales for these projects will turn into contracted sales in 1H16.
- Management expects the company could experience high-teens growth in sales volume in 2016.
- The company has started its asset-light initiatives in 2015. Going forward, CCRE is targeting to engage in ten projects under asset-light model each year, which could be both in residential and/or commercial properties.
- The company is in progress for the application of its domestic corporate bonds. The proceeds from the bonds will be used for refinancing its existing bonds denominated in foreign currency.
下载地址：Central China Real Estate Alert(00832.HK)Access China conference 2016 highlights
