【Name】 SAMSUNG Securities
2010年6月
pdf
【page】28
SAMSUNG vs THE STREET
Increasing risks
Target price vs Consensus
-14%
1yr fwd EPS vs Consensus
-9.5%
Recommendation distribution
20% Buy
33% Hold
47% Sell
Greentown’s business model is different from most other developers, making it more vulnerable to policy risks and the risk of a volume/price correction in the physical market
Our NAV estimate is below market consensus as we accounted for off balance sheet debt in our calculation. We reached the debt numbers by estimating associate level construction loans.
Our estimated contracted sales in 2010 are 24% lower than company guidance.