All the way, looking for direction.

Since the listing of the company, the major shareholder has been transferred several times, and Leading Big Limited has replaced GIC as the company's largest shareholder in 15 years. At the present stage, senior executives also play an important role in the rights and interests of major shareholders, and the development of the company is tied up with the interests of core members, which will more constructively promote the rapid development of the company's business and create value for shareholders.

Focus on commercial real estate and enhance property value

The company's current income structure includes holding operation, leasing operation and residential development. After more than 10 years of development, an asset management team of more than 300 people has been formed, which is the basis for ensuring the realization of the future strategy. At present, the unsettled area of the development project in hand is 370,000 square meters, with an unsettled value of about 6.3 billion. The total size of the holding property is 411,000 square meters, mainly distributed in Beijing, Chengdu, Tianjin and Shanghai. The total rentable area of the shareholding project is 568,000 square meters, and the rentable area of equity is 64,000 square meters.

The first attempt of transformation failed, and the future planning direction is clear.

After the new shareholders and management came to power, they first realized the turnaround of the company's performance, and at the same time actively tried capital operation. In 16 years, they planned to issue shares to buy the shares of the Chinese Culture Co., Ltd., although the plan failed, but the overall future direction is clear.

The company is expected to maintain a "buy" rating with an EPS of 0.11,0.17 in 16 and 17, respectively.

Due to the large number of shareholding projects and the holding of some properties through long-term equity investment, the NAV of the company is 7.57 billion calculated by the discounted cash flow method of step-by-step operating gold. As a small market capitalization real estate stock resource enterprise with the expectation of transformation, it is only 4.6 billion at present, and the discount rate is close to 40%.

Risk hint

The company has a high level of financial leverage, high performance pressure, and the specific transformation can not be promoted in a short time.