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万通地产(600246):普洛斯CEO加入公司管理层 双方合作持续深入

Wantong Real Estate (600246): CEO joins the management of GLP and the cooperation between the two sides continues to deepen.

東北證券 ·  Jun 15, 2020 00:00  · Researches

Events:

The company added Mr. Mei Zhiming and Ms. Zhang Jiajing as non-independent directors of the Seventh Board of Directors of the Company, and served as Chairman and Vice Chairman of the Strategy Committee under the Board of Directors respectively.

Comments:

GLP CEO joined the management of the company, and the cooperation between the two sides continued to deepen. Mr. Mei Zhiming is the co-founder and CEO of logistics real estate giant GLP, the world's leading investment management and business innovation company focusing on logistics, real estate, infrastructure, finance and related technologies. Prior to this, the company has worked with GLP many times:

From 2015 to 2016, GLP purchased a number of industrial real estate projects in Wuxi, Chengdu and other places. In October 2018, GLP designated the transferee company and company affiliates Fang Guofu Huijin and Zhongrong Guofu's shares and equity in the Z3 project in the core area of Beijing CBD. In February 2019, Wantong Holdings signed a share transfer agreement with GLP, in which Wantong Holdings transferred 205 million shares (accounting for 10% of the total company shares) to GLP by agreement, and GLP became the third largest shareholder of the company after the transfer. This time, Mr. Mei Zhiming not only formally joined the company's board of directors as a non-independent director, but also served as the chairman of the strategy committee. on the one hand, the continuous deepening of bilateral cooperation reflects GLP's optimistic view of the company's operation industry and development prospects in some cities, on the other hand, it also further empowers the transformation, development and upgrading of the company. In the future, the two sides will carry out in-depth cooperation in logistics real estate, asset operation management, capital market and so on. The transformation of the company has taken another solid step.

The company buys back a lot of money, which shows its confidence in development. Based on the confidence in the company's future development prospects and the recognition of the inherent investment value, the company announced in December 2019 that it intends to use its own funds to buy back some of the company's shares by centralized bidding, with a total amount of no less than 250 million yuan and no more than 500 million yuan. As of May 31, the company had repurchased about 219 million yuan, with a cumulative repurchase of 33.4253 million shares, accounting for 1.63% of the total share capital.

To maintain the company's buying rating, the company's transformation has been carried out in an orderly manner, and the initial results have been achieved. The company's target price has been raised to 9.50 yuan. It is estimated that the company's EPS in 2020, 2021 and 2022 is 0.35,0.40,0.45 yuan, and the corresponding PE is 25.4,21.9 and 19.6 times, respectively.

Risk hint: the real estate policy tightened more than expected; the company's transformation was less than expected.

The translation is provided by third-party software.


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