报告名称：Shimao Property(00813.HK)The first sizeable non-core asset disposal
报告类型：港股研究
报告日期：2016-05-18
研究机构：招商证券(香港)
股票名称：世茂房地产
股票代码：00813
页数：8
简介：Shimao announced to sell a commercial property in Beijing to Letv (乐视), which is in line with its strategy of divesting non-core property assets
We regard the deal positive as 1) the selling price reached a decent level of RMB80,000 psm or about 2-3% of its gross yield; and 2) Shimao would have more cooperation with Letv in the future
Shimao is currently trading at 67% NAV discount or close to 2SD below 7-year mean, the biggest discount among large sized developers. Reiterate BUY and unchanged TP of HK$14
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