Main points of investment
Event
Sunshine Co., Ltd. and Sichuan Languang Hejun Industrial Co., Ltd. signed an agreement to transfer the Yangliuqing project in Tianjin. The equity transfer price is 161 million yuan, in addition, Blu-ray and Jun need to repay the loan of 1.968 billion yuan. The construction land area of Tianjin Yangliuqing project is 2815 thousand square meters. It is expected that this transaction will bring 294 million yuan of investment income to the company. Comment
Transfer the Yangliuqing project and practice the strategy of light assets. The transfer of the Yangliuqing project in Tianjin will bring 294 million yuan in investment income and greatly improve the company's performance this year. At the same time, Blu-ray and Jun also need to repay the project company loan of 1.968 billion yuan, the company's cash scale and asset structure will be greatly optimized. Tianjin Yangliuqing project is located on the north side of Jintong Highway, Yangliuqing Town, Xiqing District, Tianjin, with a total construction area of 2815,000 square meters, which is still under construction. As about 40% of the Yangliuqing project in Tianjin is the planning and building index of commercial land with a remaining life of less than 40 years, and this equity transfer transaction is delivered in the current situation, and the pace of payment is fast, so the investment income is a discount compared with the profit value we previously estimated for the project. The company takes the initiative to withdraw from the asset-heavy housing business and return more cash, which will lay a solid foundation for the company to expand its light-asset business model in the future.
Speed up the disposal of existing assets, and the margin of safety is sufficient. Sunshine shares increased profits and cash on hand through the transfer of Tianjin Yangliuqing project and Sunshine Mansion project. In terms of self-owned properties, the commercial properties held by the company mainly include Sunshine Shangdong, Shanghai Galaxy Hotel, Beiyuan Huatang, Tongzhou Ruidu Commercial projects, Chengdu A-Ztown, Chengdu Jiuyan Bridge, Beijing Beichen Commercial and other projects, with a total leasable area of 274000 square meters, with a current accounting value of only 4.13 billion yuan (excluding the Sunshine Building project), while according to the current market price, a reasonable valuation of about 7.8 billion yuan. In terms of development projects, the company still has Sunshine Shangdong and Jinshang Center projects in the development process, which are located in Beijing and Chengdu respectively, with a total construction area of 874 million square meters, which is expected to bring a net profit of 800 million to 900 million yuan in the future. Taking into account the company's development property, leased property, transfer of assets income, we estimate that the company's RNAV 6.81 billion yuan, equivalent to RNAV9.1 yuan per share. The current share price is 11% off RNAV, and the margin of safety is sufficient.
Investment suggestion: sunshine shares focus on the layout of commercial properties in first-and second-tier cities, focusing on the field of operational property asset management. The company's share price is 9.1 yuan per RNAV, and the current stock price is much lower than that of RNAV. The margin of safety is sufficient, and the "overweight" rating is maintained.
Risk hint: monetary policy has tightened sharply.
