Vanke A (000002) April 2019 Business Briefing Review: Caution on Sales Recovery

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03/17/2020 0 Comment

Vanke A (000002) April 2019 Business Briefing Review: Caution on Sales Recovery

I. Overview of the event Vanke announced its operating data for April 2019, and the company realized a sales area of 370.

100,000 square meters, an increase of 43 in ten years.

63%; sales amount 601.

70,000 yuan, an annual increase of 43.

64%.

From January to April 2019, the company gradually realized a sales area of 1,294.

80,000 square meters, which decreases by 0 every year.

85%; sales amount 2,096.

1 ppm, a six-year increase of 6.

86%.

Second, analysis and judgment of single-month sales recovery, the average price of chain up in April 2019, Vanke achieved sales area of 370.

100,000 square meters, an increase of 43 in ten years.

63%; sales amount 601.

70,000 yuan, an annual increase of 43.

64%; average sales price is 16262.

16 yuan / square meter, the same as the same period last year, an increase of 2 quarter.

16%.

With the recovery of the first- and second-tier real estate markets, the company’s sales scale will maintain rapid growth, which is expected to further consolidate its position as an industry leader.

Investment attitude is cautious. Focus on first-tier and second-tier companies in April to acquire 8 new residential projects in Suzhou, Tianjin, Beijing, Changchun and other places.

90,000 square meters, down by 63 every year.

62%, the total land price is 118.

74 trillion, down 34 a year.

54%, only accounting for 19 of the sales amount for the month.

7%, investing too cautiously.

From the perspective of the urban energy level structure, the company’s land acquisition amount in the first, second, third, and fourth tier cities accounted for 36%, 61%, and 3% respectively, and it continued to adhere to the layout of the first and second tier core cities.

The financial situation is good, and financing costs have been reduced to the first quarter of 2019. The company eliminated the advance receipt of invoiced funds for asset and debt supplements.

39%, down 1 南京夜网 before the end of 2018.

16 per share; net debt ratio and short cash debt ratio were 44.

74%, 2.

04. Financial status is good.

In March, the company successfully issued 5 with an amount of US $ 600 million.

25-year medium-term note, coupon rate is only 4.
.

2%, which is substantially lower than the industry average.

Third, investment recommendations Vanke’s sales and performance have grown steadily, rich in land reserves, good financial conditions, increased financing costs, and stable development of diversified businesses.

The company’s EPS is expected to be 4 in 19-21.

2/5.

0/6.
1 yuan, corresponding to PE is 6.
5/5.

4/4.

5 times, the company’s highest in the past three years, the lowest, the median PE is 18.

5/7.

9/11.

6 times, maintain the company’s “recommended” rating.

4. Risk warning: The real estate policy budget is tightened, and sales are below expectations.