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【兴业证券】海泰发展:即将迎来高速发展阶段的天津工业地产龙头

[Societe Generale Securities] Haitai Development: the leader of Tianjin industrial real estate which is about to usher in the stage of rapid development.

興業證券 ·  Nov 8, 2007 00:00  · Researches

The company has a strong ability to expand long-term projects. In addition to the 1-3 phase of Haitai Green Industrial Base, Haitai Green Industrial Base currently has about 500 mu of land reserve, and the company plans to start development at the end of 2007 or 2008. In addition, the company's major shareholder Haitai Holdings Group and CNOOC jointly developed 25 square kilometers of land in the Binhai High-tech Zone. Haitai Group controls 51 percent, leading the development work, of which 3.6 square kilometers in the initial period has already started. Mainly industrial real estate and a small number of supporting facilities. It was originally planned that the project would be injected into the listed company in the first half of 2008, but due to the large number of new projects recently started by Haitai Development, the injection time may be delayed and take over the project when Haitai Development has the capital and energy to prepare.

It is estimated that the company's EPS in 07-09 will be 0.20,0.42 and 0.63 yuan respectively. Considering the company's location advantage and its high growth since 2008, the company will be given 45 times PE in 2008, with a target price of 18.9 yuan and a rating of "recommendation".

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