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【国信证券】皇庭国际:“业绩拐点+大资管开局”之年

國信證券 ·  Apr 18, 2016 00:00  · Researches

We believe that through a series of integration and mergers and acquisitions since last year, the company has initially completed the construction of the “big asset management” business field. In the future, it is hoped to build a closed loop of “people and wealth connections” in the commercial real estate segment, and expand the value-added efficiency of the stock of commercial real estate, non-performing asset management (commercial real estate segmentation), and investment and financing business for owners and entrepreneurs. “Big asset management” is a big opportunity for China in the future. We are optimistic about the company's growth in this field, and we expect its future performance to grow exponentially: net profit in 2016-2018 was 250 million yuan/450 million yuan/900 million yuan, respectively, and the compound growth rate in 2015-2018 reached 186%! EPS is 0.44/0.78/1.57 yuan respectively, maintaining the “buy” rating!

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