China Merchants Shekou (001979) April 2019 Business Briefing Review: Positive sales investment

China Merchants Shekou (001979) April 2019 Business Briefing Review: Positive sales investment

I. Overview of the event China Merchants Shekou announced its April 2019 business briefing, and the company achieved sales of 179 in April.

30,000 yuan, an annual increase of 72.

5%; sales area 91.

40,000 square meters, an increase of 49 in ten years.

0%.

The company’s cumulative sales amount from January to April 2019 was 558.

30,000 yuan, an annual increase of 33.

9%; cumulative sales area is 280.

30,000 square meters, an increase of 33 in ten years.

4%.

Second, analyze and judge the actual growth of sales, the average price has improved. The company achieved sales of 179 in April.

30,000 yuan, an annual increase of 72.

5%, a month-on-month increase of 0.

71%; sales area 91.

40,000 square meters, an increase of 49 in ten years.

0%, down 2 from the previous month.

09%; the average selling price was 19,615 yuan / square meter, an increase of 2 from the previous month.

86%.

The company’s sales growth rate is far faster than the industry average, and it has achieved its target of 27 sales.

91%, showing strong sales capabilities, we expect the company to complete the expected sales plan with a high probability.

Actively acquire land and focus on the first and second tiers. In April, the company acquired a total of 10 projects and added 141 capacity-building plans.

790,000 square meters, an annual increase of 1.

14%, compared with 37 last month.

90,000 square meters increased by 108.

8%; the total price of taking land is more than 124.

400 million, a growth of more than 142 in ten years.

6%, accounting for 69% of single-month sales, land acquisition expectations are significantly enhanced.

In terms of layout, in April, the company’s investments in Shenzhen, Suzhou and Kunming 淡水桑拿网 accounted for 82% of the land acquisition amount in the month, continuing the strategy of focusing on the first- and second-tier core cities.

Finance is stable and costs can be controlled to the first quarter of 2019. The company’s assets and liabilities after excluding advance receipts are supplemented54.

39%, down 2 before the end of 2018.

08 per share; net bribe 56.

68%, a decline of 9 per year.

64 units, financial health.

In April, the company successfully issued 35 trillion ultra short-term financing bonds with a coupon rate of only 2.
.

8% (90 days), significantly lower than the industry average.

Third, investment recommendations Shekou ‘s performance has grown steadily, sales have grown significantly, land acquisition has been well controlled, and financing costs have remained low.

The company’s EPS is expected to be 2 in 19-21.
4/3.
0/3.

7 yuan, corresponding to PE is 8.

5/6.

8/5.

5 times, the company’s highest in the past three years, the lowest, the median PE is 25.

2/8.

0/14.

9 times, giving the company a “Recommended” rating.

4. Risk warning: The policy budget of the real estate industry is tightened, and sales are lower than expected.