AVIC Sunda (000043) changed its name to announce the comment: the 100-year heritage of the accumulated industrial operation service is highly positioned
It is proposed to change its name to “China Merchants’ Surplus”, code “001914”, to inherit the century-old history, highlighting the announcement of the highly strategic positioning company, to be renamed to “China Merchants Jiyu Industry Operation Service Co., Ltd.”;Changed to “Investment Accumulation”; the stock code is proposed to be changed from “000043” to “001914”.
The definition of “Jiyu” in the “Dictionary” refers to the accumulated surplus property and assets. “Jiyu industry operation service” means the management, operation and service of existing assets. The meaning of “Jiyu” is in line with the company’s strategy.And business development positioning.
“Jiyu” has a long history with China Merchants Group and China’s real estate industry. The predecessor of China Merchants Group was the Steam Merchants Bureau, which was founded in 1872. It implemented aviation industry in February 1914 and established the “Jiyu””Industrial company”, which is the first real estate company directly under the China Merchants Group and one of the first real estate operating companies on record in China in the 20th century.
The proposed change of the security code to “001914” is beyond the historical significance of China Merchants Group’s century-old heritage, which highlights the company’s high strategic positioning in the group and is expected to open a wider business space in the future.
After merging in tube 1.
500 million cubic meters, to build a non-residential property management leader, scale, performance is expected to achieve both quantitative and qualitative improvement This reorganization actively responds to the SASAC’s slimming body, focusing on the main business, improving the quality and efficiency requirements, and realizing the spanning integration of the property management industry.The company’s strategic positioning for future development stimulates the company’s development vitality, further opens up the future development space of the strategic business of property management, and builds the flagship enterprise of property management of central enterprises.
As of the end of 19H1, after the merger of AVIC Sunda and China Merchants Property, the area under management will reach 1.
4.9 billion cubic meters.
AVIC Sunda is deeply cultivating institutional property management, and has a wealth of investment property services (residences, non-residential areas account for 68% and 32%, respectively), and the investment department owns a large number of commercial-owned properties.Join forces to create a leader in non-residential property management.
We maintain our projected 19-year property performance for AVIC2.
300 million, 20-year performance is expected to exceed expectations.
Estimated 19-year performance of China Merchants Property2.
0 million yuan, the total property management performance is expected to be 4.
3 ‰, previously + 40%, and there is a possibility of exceeding expectations.
Considering that China Merchants Shekou’s newly-started area in the 16-18 year growth rate of 23%, 65%, 60%, respectively, will promote sales, completion of construction continues to grow rapidly, and the subsequent revenue is expected to grow steadily.
At present, AVIC Sunda, the property management profit margin of China Merchants Property Co., Ltd. continues to expand the space compared with the industry. Considering the subsequent increase in gross profit margin and the improvement of expense ratio, the profit margin is expected to gradually recover after the merger, and the performance will increase in both quantity and quality.
Press 20PEG 0.
9 times, PE 37.
5 times the target market value of 23.4 billion for property management, a reasonable total market value of 26.8 billion to replace the CAGR of 41-22 in 2019-22.
6%, and the expected 20 and 21 years results are 6 respectively.
Taking into account the high growth of the property management industry and the subsequent redefinition of the business format, the secondary space brought by the outbreak of value-added services, with reference to three overseas mainstream property management companies, and three H-share mainstream property management companies average PEG0 respectively.
0 times. After the merger, the company is backed by the strong central enterprise development background of China Merchants Group, and there is a dual scarcity of A-share 武汉夜生活网 leading property management companies and non-residential property management companies.Strategic positioning, should enjoy the PEG premium of the first echelon property management company, we press PEG0 for 20 years.
9 times, raise PE to 37.
5 times (formerly PEG0.
85 times, PE 35 times), corresponding to the market value of property management of US $ 23.4 billion, reallocation of land and other businesses corresponds to approximately US $ 3.4 billion, and the combined company’s reasonable market value is approximately US $ 26.8 billion, with a total share capital of approximately 10 after the expansion.
600 million shares, corresponding to a reasonable expectation of 25.
Investment suggestion: accumulation of industry operation services, a century-old heritage and high positioning, renewed the “strong 成都桑拿网 push” rating. AVIC Sunda gradually replaced the land development business, strategically focused on high-quality property management tracks, and deeply cultivated institutional property management.After the merger, the area of the tube reaches 1.
4.9 billion cubic meters, is expected to become a leader in non-residential property management, and increase the background of China Merchants Group, and gradually expand the scale to provide sustainable protection.
The promotion of China Merchants Property’s positioning will gradually shift from “cost center” to “profit center”. At the same time, it will follow up or through organizational reform to improve per capita performance, promote the promotion of profitability, and achieve quantitative and qualitative improvements.
Considering that the scale of AVIC Sunda’s mid-year growth exceeded expectations, we maintain 19 years, and the combined property management performance forecast for the 20 years is 4, respectively.
300 million, taking into account the company’s dual scarcity and high strategic positioning within the group, according to 20-year target PE37.
5x (original 35x), raise target price to 25.
27 yuan, “strong push” level again. Risk reminder: Property management is developing less than expected and profit margins are rising less than expected.