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佳兆业集团(1638.HK)佳兆业集团半年报:城市更新项目持续转化 销售保持高增长

Kaisa Group (1638.HK) Kaisa Group semi-annual report: urban renewal projects continue to transform sales to maintain high growth

海通證券 ·  Aug 26, 2021 00:00

Events. The company publishes its semi-annual report for 2021. During the reporting period, the company realized operating income of 30065.4 million yuan, an increase of 34.8% over the same period last year, and the net profit belonging to shareholders of listed companies was 3002.9 million yuan, an increase of 8.5% over the same period last year. The board of directors recommended the declaration of an interim dividend of HK4 cents per share.

According to the company's semi-annual report of 2021, the company realized contract sales of 63854 million yuan in the first half of 2021, an increase of 77.2% over the same period last year. According to the statistics of the "ranking of sales of Chinese Real Estate Enterprises from January to June 2021" jointly released by Kerry and China Real Estate Evaluation Center, the company ranked 23rd in terms of contract sales rights and interests, and the sales ranking continued to climb.

In the first half of 2021, the company obtained a total of 15 high-quality plots, accounting for about 2.46 million square meters of gross floor area, and the equity cost of land acquisition was about 25215 million yuan. In terms of the building area of land rights and interests acquired, the new land in the Dawan area accounts for 63% of the total new land, while West China and the Yangtze River Delta account for 18% and 12% respectively. By the end of the first half of 2021, the company has a total of 233 real estate projects in 51 cities across the country, with a land reserve of about 31.1 million square meters, of which the land reserve in the Dawan area is about 19.23 million square meters, accounting for 61.8% of the company's total land reserve.

During the period, the company successfully transformed three urban renewal projects in Shenzhen, Guangzhou and Zhanjiang, with a salable area of about 1.125 million square meters and a saleable value of about 72.7 billion yuan. By the end of the first half of 2021, the company still has more than 213 urban renewal projects that have not yet been included in the land reserve, covering an area of about 53.7 million square meters. Fifteen new projects were added in the first half of this year, most of which are located in the Greater Bay area.

By the end of the first half of 2021, the company's net asset-liability ratio had dropped to 93.7%, cash-to-debt ratio was 1.53, and the asset-liability ratio excluding prepaid accounts had dropped to 69.9%.

Investment suggestion: ploughing the Dawan area, the old reform has great potential and is "better than the big city" rating. On the investment side, the company accelerates the transformation of existing urban renewal projects into the market, contributes high-quality and high-profit projects to the company's development, enhances the contribution of old projects to performance, and implements a prudent land acquisition strategy to achieve complementary advantages through cooperative development. reduce investment risk and reduce land expenditure. We estimate that the EPS of the company from 2021 to 2022 is 0.93 yuan and 1.10 yuan respectively. Taking into account the accelerated release of old reform projects in the Greater Bay area and the continued improvement of the debt situation, the company has a high growth rate, we give the company a dynamic PE of 4-4.5 times in 2021, corresponding to a reasonable value range of HK $4.48-5.04 (RMB3.72-4.19, the midpoint of the Hong Kong dollar exchange rate is 0.83104 RMB / HK $) in the next six months, with a "better than the market" rating.

Risk hint: the company faces the risk of policy regulation and higher-than-expected financing costs.

The translation is provided by third-party software.


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