Se Source: the Company,the Source: Guotai International. Junan
52 Weeks high/low (HK$) 52 high/low(HK$) 52 Weeks vol. average 3 month m) (HK$ cap. Market (m) issue in Shares 2019F 2018F 2017F 2016A 2015A 06 年结 Year End e 公司报告： Company Report:
/3 th 正在增加投 "Neutral" Reach Expanding
0 e
las 了 投资物业销售 财 我们分别下调 38.952 至 信和置业 and PER 0.65x/0.63x/0.61x implies TP Our HKD23.7. HKD13.2 acquisition. land for in news competition intense bad to is run short the in investors. dividend increase to reluctance land’s towards reach of expansion replenishmentand bank land in Land’sdisciplinedattitudeSino that think rating. “Neutral” our maintain and HKD13.24 at TP our maintain We the profitnet attributable to minorityinterest 2017in to accommodate i into focus its shifting propertiesinvestment we addition, 2017 in revenue sales 18. 26.6%, our down revise We yoy53.7% HKD3,895.2 to million drivenby179.5% the yoy jump in propertysalesrevenue. Gross profit marketwithexpectation. Land’s Sino /0.63 我们 我们维持目标价 投资者来说是个坏消息。 克制 我们维持目标价 年房地产销售收入下调
2017 108.64 t pag saleof 的 的态度 倍 信和置业 目标价 亿港元，但总体毛利率下跌至 /0.61 e 财年
2017 HD m) (HKD fo Turnover 亿 4 和扩大对 We also think alsothat We , r
12,822 12,822 16,131 10,804 21,839 港 both 归属于少数股东权益的净利润估计，以 2 representing 倍 总股数 相当于 收益
9,679 icamr disclaimer 2017 ad 27. and % 3 元，受到物业销售收入同比增长 财年上半年 市值 收入 资 于 u have 2017/2018/2019 个月平均成交股数 13.24
nderlying net profit in 1HFY in profit net nderlying
估计，以反映我们 (00083HK) Corinthiaby the Seaa 13.24 物
-
19
投资物 (HK$ m)
15.8 (m) Net Underlying 周高 业 港元 财 eie dw or estimate our down revised
港元，相 我们认为信和置业的业务增长将由于土地市场竞争激烈而放缓。 年 8.8% nvestment in FY17 and FY18 and FY17in estimates of underlying net profit in profit net underlying of estimates 倍 核心 ， / 业 低 及 1 Sino Land (HKD m) (HKD - 核心 核心净利 /17.6 20 a 44%a discount to
, respectively. %,
的投
维持 维持
， 净利润同比下降 4,390 4,648 5,167 5,351 5,301 R Profit 9 y .% 03 ad 62, respectively. 46.2%, and 0.3% 8.8%, by 19
纯利的估计 FY 0.3% evenuesurged yoy98.4% HKD10,864 to million, 15.8x/17.6 财年 Sino Land’sSinobusiness growthdownslowwill netet properties investment 对 倍 资是明智的。然而，信和置业在短期内不愿增加股息对 “
中性 17/ (‘000) 于 /18.6 认为
35.9%
“
市净率。 , 和 properties 我们
FY but overallbut gross marginfell 35.9 to ” nelig Underlying 46.2% 信和置业正在将重点转移到投资物业。我们提高 评级。 中性
倍 每股核心 18/ in 2017 。 ndMayfair bythe
26.6%
(HKD) x 2017/2018/2019 0.752 0.836 0.875 0.876 FY
0.711
/18.6x
净利 E 179.5% 。此外，我们修订了 8.7 ( to reflect our view that Sino Land isLand Sino that viewour reflect to 我们认为信和置业对土地储备的补充 to Investment Properties Investment to PS 00083 HK 00083 ” 财年的每股 19 PBR. our
. We % ，
e ep u T ucagd at unchanged TP our keep We 反映 We We 18. ，符合市场预期。 17 dropped 8.7% yoy, in line in yoy, 8.7% dropped 17 评级
14.480
revised 的推动。毛利润同比上升 2 FY have s Underlying 帝景湾和逸珑湾 % have
每股净利 和 f the of 17/
r ws. oee, Sino However, wise. are
估值 ( (10.0) 27. △ 85,149.8 / 变动 EPS FY (5.5) (4.4) (0.1) eie dw property down revised 财年 raised our estimate of estimate our raised 6 6,261.0 FY 4.3 10 %) 1 , Sea I 026.2 % 18/ 23.7 ) .
17NAV estimate of
54 gains 核心市盈率和 。 2017
收入同比增长 我们分别 FY 0 核心市盈率 Underlying 港元有 .
FY 9 underlying 19 I
和
的销售。 on 17 the 2018 PER 19.1 19.1 18.1 16.3 15.5 15.5 FY17 Est. NAVFY17 FY17 (HK$) FY17 (%) gearing Net FY17 (%) Free float Major shareholder
将 - 44% FY (x) ae of sales effectof %. 53.7% 2017 surged
0.65 财 19 98.4% 折让
保持 年 due 每股净资产 We the - by 19 的 倍 至 In 。
21.574 21.574 21.016 20.419 19.482 19.811 (HKD) BPS 自由流通比率
10.0 15.0 20.0 25.0 30.0 Source 大股东 (5.0) 股价表现 performance Stock
0.0 5.0 Shareprice from Revised 6 评级： Rating: 平均股价（港元） Avg. share 相对恒指变动 % HS to Rel. index 绝对变动 Abs.% 股价变动 Share Price Change in %return of Mar-16 - 18m TP :
市净率 Bloomberg
净负债 PBR 每股估值（港元） %
(%)
0.6 0.6 0.7 0.7 0.7 price(HK$) (x)
%
, Jun-16
目标价
原目标价 股价： / , 股东资金
Guotai Junan International. Junan Guotai Maintain
每股股息
HSI indexHSI
(HKD) : 0.510 0.510 0.510 0.510 0.500
DPS :
Robert Ng Chee Chee Ng Robert (%) Aug-16 1 [email protected]
个月 1 M 1
13.0
Johnny Wong Johnny 3.8 5.6
股息率
SINO LAND SINO Yield 3 Nov-16
(%)
+8522509 5348 个月 3.8 3.8 3.8 3.8 3.7 3 M 3 12.5 16.2 11.8 Mrh 2017 March 3
HK$
Siong
Maintained HK$ 中性 Neutral
核心净资产 Page Page
Underlying HK$ 王俊浩 Net Cash
13.24 Feb-17 13.600 5
收益率 (0.9) 1 12.4 17.2 1 1 Y 3 ( 13.24 维持 . 年 1 ROE
84 23.7 45.2
(%) of of 3.3 3.6 4.1 4.4 4.6
%
)
8
Company Report Sino Land 信和置业 (00083 HK) GTJA Research 国泰君安研究
) 恒隆地产 (00101 HK)
) Se Company Source: the Total Financing Investmentsin securities Hoteloperations Property managementand other services Property rental Property sales Segmentalresult (Profit Before Tax bySegment) Table Company Source: the Total Financing Investmentsin securities Hoteloperations Property Property rental Property sales Segment Table China the kept from negative impactmanageable. again depreciation RMB retail, of rates occupancy with 97%, of level renewals. onrates rentalhigher to Property profit m net attributable to Land has 60% equity interest) and Mayfair by the Sea I (Sino Land has 85% equity interest) Marinella level subsidiary Corinthia in residential units of Property revenue sales jumped 179.5%yoy to HKD8,278.9 million. HKD2,746 million brought mainly million, HKD83.7 to yoy million. HKD623 to yoy 7.6% increased expenses Administrative million HKD3,895.2 to yoy 53.7% surged profit net Underlying e th
e - - 1 2 las alRevenue managementand other services : : 98.4
Breakdown Breakdown Sinoof Breakdown Land t rental revenue grew revenue rental were pag
% yoy to HKD to yoy %
e fo also also , the sales revenue of Dragons Range Dragons of revenue sales the , r , Guotai Junan International. Junan Guotai , International. Junan Guotai ,
, icamr disclaimer while underlying margin net profit retreated 29.6 recognized
of Sinoof Land in st the st inority inter 1HFY 10
, 864
HKD dragged rental revenue growth from China, its low contribution to overall rent overall to contribution low its China, from growth revenue rental dragged HKD by the Sea, Cluny Park, Botanica Bay and Mayfair by the Sea I &II. I Sea the Mayfairby and BotanicaBay Park, Cluny Sea, the by
steadily 17 at at ,
million
The overall occupancy rate for Sino Land investment property portfoliopropertyinvestment Land Sino rate for overall occupancy The but but the the dropped ’ s Segmentals Result in 1HFY Revenue ests overall associate level associate
. at 3.7% yoy million. 3.7%at HKD1,520.3 to , driven by the 179.5% yoy jump in property sales revenue. sales property in jump yoy 179.5% the by driven , on
by the sales of car parking spaces. parking car of sales the by office
8.7 ’ gross s
in in 1HFY yoy,%
and industrial properties to be 98%, 97% and 96%, and 97% 98%, be to properties industrial and
margin fell 10.4 ppts to 35.9% to ppts 10.4 fell margin . We would like to highlight that the sale sale the that highlight to like would We . , Providence Bay, Providence Peak, Bay,Providence Providence , 17 in line with market with line in
17 Gain on disposal of investment properties dropped 82.2% dropped properties investment of disposal on Gain
ppts to to ppts 25.3%.
Property sales at
expectation. The increase revenue in rental was mainly due
Underlying net profit dropped profit net Underlying , mainly due due mainly , HKD million HKD million 10,864.3
the 3,895.2 1,315.1 2,156.6 1,520.3 8,278.9
169.6 135.3 432.9 571.8
is the main reason for the surge in 51.9 51.9
T Sino Land Sino 8.5 8.5 subsidiary he Graces Providence Bay Providence Graces he
of to the jump in property sales property in jump the to
Corinthia by the Sea (Sino Sea the by Corinthia
On top of the sales at sales the of top On
’ Gross profit edged up edged profit Gross respectively s level
revenu remained at a high high a at remained mainly mainly
e 8.7% yoy to yoy 8.7%
Page Page in al revenue al . Y Y
consist
Although oy change oy change 1HFY17 890.2% 141.6% 890.2% 179.5% 2 ( ( ( 53.7% 67.8% 98.4% 67.8%
0.3% 0.9% 1.4% of of
8.0% 4.6% 3.7% and the 8 ed
) ) ) .
Company Report Sino Land 信和置業 (00083 HK) 3 March 2017
) Se Company Source: the YoY Total YoY Completed YoY Hotels YoY Investment YoY Propertiesunder Gross floorarea (sq Table Land Note:*Sino Company Source: the Total 1/3/2017 5/1/2017 25/10/2016 12/10/2016 13/7/2016 13/5/2015 29/4/2015 Date Table future, our view the in focus its shifting really auction land government outside replenishment bank land in land residential for developers expanding is Land Sino Park. demand Land Sino from deviated 4 acquired has Land Sino 2015, Since development residential focusfrom its turning is Land Sino Company Source: the Overall Financing Investmentsin securities Hoteloperations Property managementand other services Property rental Property sales ProfitBefore Tax Margin Table e
th e - - - i In In our view, nvestment
4 3 5 las
: : :
-
led project in Sham Shui Po from Po Shui Sham in project led B Land Sino Sinoof Breakdown Land t p p pag roperties for reakdown of reakdown roperties(
’ s equity interest in the project was not released. not was project in the interest equity s e d Site Aof thePeel Street/Graham Street fo evelopment . r , Guotai Junan International. Junan Guotai , , Guotai Junan International. Junan Guotai , International. Junan Guotai , ft)
the the acquisition of land for commercial property anddevelopment hotel development confirmed our view that icamr disclaimer
h ’ otels
s bySegment s .
ale Land Acquisitions Demand away
Sino Land their e Hotel str xcluded ’ s traditional focus in residential development. development. residential in focus traditional s ategy
from residential from Lot1181 in DD 215, SaiKung
- non Development ledProject in
AIL462, WongChuk Hang ) TPTL228, Pak Shek Kok NKIL6313, KowloonBay
s land auction land - . However, Sino Land Sino However, . by property affiliated Chinese from competition intense the given portfolio leasing residential ’ ’ s s
not Profit Tax before Marginby Segment Land Bank
projects of non of projects
being overly aggressive in offer price offer in aggressive overly being ShamShui Po atOcean Park
in KongHong 40,699,226 11,024,646 28,100,330 the ProjectSite land, land, 863,234 711,016 s FY
- . In our view,is Land our Sino In . Urban Renewa Urban 30.6% - - - P 3.2% 0.3% 7.2% 5.8% 20 roject
11
it is quite likely to see a a see to likely quite is it
- residential property development in Hong Kong, which which Kong, Hong in development property residential ’ Residenti s land bank has been shrinking since FY2013 and if Sino Land is Land Sino if and FY2013 since shrinking been has bank land s
40,703,293 10,688,227 28,349,463 S ince 954,587 711,016 FY Commercial 0.01% 10.6% Commercial Commercial Residential - l Authority l Residential Residential 0.0% 3.1% 0.9% 20
2015 al/ 12 to Usage Retail
Hotel sales into investment properties in land acquisition land in properties investment into sales
/
40,161,895 10,575,383 27,833,128
(URA) and and (URA) 1,042,368 heading towards the right direction right the towards heading reduction 711,016 FY e lo oie ht io Land Sino that notice also We - - - 1.3% 9.2% 0.0% 1.1% 1.8% 20
in in 1HFY JointVenture with URA s 13
and
Group a in URA is Ocean from project development hotel 17 39,067,136 10,559,082 26,728,878 the 1,024,401 tr 100.0% 100.0%
754,775 ’ FY 35.9% 39.2% 23.7% 86.5% 26.0% ying ’ s s Project* s
contribu - - - - Interest 2.7% 1.7% 6.2% 0.2% 4.0% 20 100% 100%
14 60% 60% 30% to diversify its its diversify to
tion from property sales in sales property tion from Attributable 37,781,242 10,753,973 24,067,979 2,204,515 754,775 FY 115.2% - 10.0% - 3.3% 0.0% 1.8% 20
15 in its in has sources
FloorArea
significantly Page Page obtained disciplined Y ( 32,362,294 10,817,482 19,112,481 10.4 oy change 1,522,486
( of land of 4.1 909,845 898,085 262,017 170,967 412,530 147,058 0.0 0.0 0.2 2.1 FY 3 0.8 - - - 99,960 52,571 51,592 14.3% 30.9% 20.5% 20.6%
(sq.ft) of of ppts) 0.6% 20 ppts)
ppts ppts ppts ppts ppts 8 16 s
a .
Company Report Sino Land 信和置業 (00083 HK) 3 March 2017
) Se Source: Net ROE( ROA( Underlying Net Operating Gross Underlying Net Operatingprofit Gross Total Items,HKD million Table revised the respectively. re the therefore, properties; investment reflect our view that Sino Land is shifting its FY21. to project 2019 46.2 We officeand will bespaces stable rental supported has growth in CBDarea be will spaces commercial for arrivals t with believe We expandsupply. land liquidity. in reduction a by measures on residential properties to deter foreign and speculative demand. But what than which 90%, to jumped has 2017 March in probability hike rate that driven mainly 2.9%, and 2.3% o types all among highest the We believe forsearching Land Sino that reported as million raise to unlikely is Land Sino e
g p p rental rental sale of Corinthia of sale th have %, %, earing rofit rofit r
u u he evenue m p e - as we as
nderlying)(%) nderlying)(%) 6 Guotai Junan International. Junan Guotai rofit las argin(%)
: down domestic in and consumption respectively m latest p Revision of Estimat of Revision t n n
argin(%) rofit revised yield at at r the et et pag atio(%)
that that that m p amended 31
We We
m opportunities opportunities rofit e
by argin(%) market had expected. had market real GDPgrowth real
argin (%) fo st of category of A
r
In addition, we addition, In 26.6%, 18.3% and 18.3% 26.6%, and 27.2%, housing prices inHong Kong
have have
rent from commercial and office and commercial from rent December 2016, there is there 2016, December icamr disclaimer down , to to , W
by the Sea and Mayfair by the Sea I Sea the by Mayfair and Sea the by
e expect raised our estimate of net profit attributable to minority interest in interest minority to attributable profit net of estimate our raised our assumption our reflect the latest construction schedule. We schedule. construction latest the reflect
FY il ep the keep will f residential properties. In In properties. residential f Net cash Also, to expand bank. land their
16,131 17 FY17
residential propert residential 5,167 6,985 7,025 6,981 es 32.0 43.3 43.6 43.3 - resilient by 4.1 3.4 FY in the nextin years. few that that of of have have
F RevisedEstimates housing dividend
economic rec economic 1 3.1% yoy in 4Q16 in yoy 3.1% 9 Hong Kong residential In addition, In
estimates. Net cash recent revised down our estimate our down revised s . On the other hand, the demand the hand, other the On . 12,822 FY vised estimates of operating profit dropped 18.6%, 22.3% and 38.3% in FY17 in 38.3% and 22.3% 18.6%, dropped profit operating of estimates vised
4,648 6,500 5,817 5,604 absolute on s
36.2 50.7 45.4 43.7 18F upy n og ogi o te ie given rise the on is Kong Hong in supply
3.6 2.9 and we expect and do not
speculation that speculation focus focus to investment properties and we also revise down the change in fair value of at at respect the completion date of of date completion the
month
this ies overy and inflation and overy the
Net cash
will be under pressure We revised We FY mut of amount
(ie.residentialwas 2.9% 40 only within sqm.) units s ively. moment 4,390 6,266 5,797 4,920 9,679
Hong Kong government has imposed multi has imposed government Kong Hong 19F* . Although retail sales in Hong Kong Hong in sales retail Although . 45.4 64.7 59.9 50.8 have improvement.have of showed signs We expectthatthe demand leasing spaces contrast
3.3 2.7
property in 1HFY17 in Sino Land Sino Net cash
, current US 10 US current , in time in will be stable. be will down iied nhne a te moment the at unchanged dividend 10,078 17,219 FY 7,041 8,628 6,608 40.9 58.5 50.1 38.4 17F s th 5.6 4.6
of the sales of investment properties in FY17 and FY18 to FY18 and FY17 in properties investment of sales the of is is trend to In end soon. our view, rent the
Original Estimates pressure hinted that the pace of rate hike rate of pace the that hinted
the first phase of Kwun TongTown Centre Kwun of phase first the property sales property prices
. have .
Given
may Net cash E for . 12,900 stimates of underlying net profit in 2017 in profit net underlying of stimates FY
5,685 8,790 7,483 5,752 According to the andRating Valuation Department, will be pressure under largely 44.1 68.1 44.6
18F
increase its dividend payment. The management The payment. dividend its increase 4.3 3.7 office spaces from Chinese from spaces office US. the in 58 - Sino Land Sino Hong Kong has entered into entered has Kong Hong year and 30 and year
,
the side
reduced our estimate of property sales in sales property of estimate our reduced Net cash revenue in 2017 in revenue 10,477 13,125 FY 6,023 9,395 6,119 the 45.9 79.8 71.6 44.6
19F The latest market consensus showed consensus market latest The 4.3 3.8 ’ s net cash position of HKD22,976.4 of position cash net s - FY are effect of such measures is reflected government -
year treasury yields reached over reached yields treasury year 17 to to 17 (15.2ppts) still weak, the rebound in visitor in rebound the weak, still (1.5ppts) (1.2ppts) (8.9ppts) (6.5ppts) 4.9ppts (26.6%) (30.7%) (18.6%) ple FY (6.3%)
5.6% in the in the nextfew years accommodate n.a. 17F
r - s ound as as 20
in the US may US the in
’
in December 2016 in trem s 1
hy r sil actively still are they 9 by 9 - (17.4ppts) (12.6ppts) s affiliated Changes (0.7ppts) (0.8ppts) (7.9ppts) (0.9ppts)
of demand cooling demand of a (18.2%) (26.1%) (22.3%)
FY (2.6%) (0.6%) from commercial recovery phrase recovery endous 8.8 n.a. 18F Development
%, 0. %,
the affect the
- Page Page companies 20
(15.1ppts) (11.7ppts) be faster faster be 1 effort (1.0ppts) (1.1ppts) (0.5ppts) 3 9 . - 6.2ppts (27.1%) (40.2%) (38.3%) (19.6%) (26.3%) % and % 4
FY FY
were were of of , n.a. 19F 19, 19, the 8 of to
Company Report Sino Land 信和置業 (00083 HK) 3 March 2017
) Se International. Junan Guotai Source: NAVper share(HKD) Number of shares(million) NAV Net Gross Subtotal Hotel Office Residential Commercial Propertiesunder development Subtotal Residential Industrial Commercial Completed properties forsale Subtotal Residential & Car Office Industrial Hotel Commercial InvestmentProperties NAVSummary Table PERand 0. underlying stock current the run. short the in representing payment dividend increase to Land Sino expect not do we residential properties for sale, we that Sino believe Land investors. properties. investment price in lock to Mediterranean, Park Sino Land has pre bank We e
c p
maintain our maintain th
ash/(Debt) ark
a replenish e - 7 sset las
:
Sino Land Sino t
Considering the intense competition in land acquisition in Hong Kong and Sino and Kong Hong in acquisition land in competition intense the Considering v pag alue s
erviced
a 44% discount to the the to discount 44% a e ment and expansion of reach towards nontowardsreachof expansion andment fo r
price
icamr disclaimer - TP
sold sold some residential property projects in Hong Kong, including the Mediterranean, Commune Modern and a ’s NAV 2017 Breakdown partments at
6 and weand However, Sino land Sino However,
5 HKD
x/0.6
13. 3 maintain x/0.6 24
and maintainand s 1 FY17 revised . Sino Land Sino . x FY
our 17/ ’ s “ Neutral FY
reluctance 18/ ’ s net cash position yields higher f higher yields position cash net s
our NAV estimate of HKD23.7 per share. Our TP Our share. per HKD23.7 of NAV estimate FY ”
rating on Sino Land. Sino on rating 19 “Neutral” ’
s s business growth will slow down. - to increase increase to PBR. residential land residential land
rating their . We for long for
O dividend ur TPur implies think that SinoLand think that
We - terminvestment
lexibility in future in lexibility
amount ep u TP our keep
15.8 Land Current Current dividend yield is 3.8% and
in the short run short the in x/ ’ s shrinking project shrinking s 17.6 implies ’ s disciplined attitude in landattitudein disciplined s is unchanged
/ wise. acquisitions 18.6
2.6 x We We % downside from downside % FY
is bad news for for news bad is
17/ recognize t HKD13.2 at
FY
of land and land of Page Page pipeline HKD million 18/ 148,090 123,613 5 24,477 28,683 52,791 14,092 11,566 13,346 10,429 96,175 FY
6,26 1,758 2,046 4,394 2,710 7,285 of of
that 23. 754 871 314 8 19
15 4 in
7 1 ,
Company Report Sino Land 信和置業 (00083 HK) 3 March 2017
) Se International. Junan Guotai Source: Bloomberg, Weighted Average Average Simple Holdings China Greentown Ltd Holdings Agile Group Sino Group China Evergrande Properties R&F Guangzhou Co Ltd China Vanke Corp Bbmg Co Holdings Garden Country Ltd Holding Kwg Property Ltd Land Resources China Properties Longfor Group Holdings China Jinmao Ltd Holdings Shimao Property Holdings Development Hopson Invest Land & China Overseas Ltd Investment Shenzhen Co Ltd Star Beijing North Ltd China Soho Investmen Real Yuexiu Estate Ltd Land Shui On Ltd Co Property Yuexiu mainland from revenue major with large developers HKlisted Weighted Average Average Simple Reit Champion Ltd Swire Properties Holding Property Kong Cheung ReitLink Reit Fortune Ltd Kerry Properties Ltd Holdings Estates Chinese Ltd Hang Lung Properties Land Co Sino Ltd Holdings Great Eagle Ltd Co Wheelock & Development New World Properties SunHung Kai Co Hysan Development Development Land Henderson Ltd Wharf Holdings HKlisted Company Table e -
Ocean Group Holding Ltd Holding Group Ocean th e -
local local 8 las - H
:Comparison Peers
t
developers pag
-
H e
fo
-
H r
- icamr disclaimer
H
Stock Code Stock 3900 3900 HK 3383 HK 3377 HK 3333 HK 2777 HK 2202 HK 2009 HK 2007 HK 1813 HK 1109 HK 2778 HK 1972 HK 1113 HK 960 HK960 HK817 HK813 HK754 HK688 HK604 HK588 HK410 HK405 HK272 HK123 HK823 HK778 HK683 HK127 HK101 83 83 HK 41 HK 20 HK 17 HK 16 HK 14 HK 12 HK 4 HK
Currency HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD
Last Last price 113.000 61.650 10.760 19.560 20.500 12.300 10.920 23.300 23.850 51.500 52.350 24.450 19.420 13.600 36.750 50.850 35.850 45.050 11.780 6.990 5.020 3.730 5.730 3.460 5.600 4.800 2.350 6.970 3.280 2.880 3.980 4.570 1.730 1.240 4.440 8.670 9.930
Market cap Market 139,523 195,710 103,464 327,187 163,865 186,961 246,698 142,084 255,279 115,851 119,634 15,378 25,744 16,491 35,285 22,472 87,343 85,150 24,906 96,184 37,475 15,121 19,664 28,027 78,479 34,673 51,527 14,658 71,855 25,079 36,986 15,512 25,089 16,939 20,694 13,056 13,886 (mn)
12.3 17.2 10.2 13.1 10.7 22.7 10.6 13.4 10.7 10.3 31.0 14.2 14.0 11.6 11.7 15A 11.4 9.4 8.6 7.8 9.9 4.4 6.6 6.4 2.9 8.8 7.4 7.3 4.6 7.7 8.9 6.5 5.0 9.7 3.4 7.9 6.5 6.2 5.0 9.4 6.5 8.1
PE (fiscal year) (fiscal PE 12.1 12.7 19.1 13.1 10.8 14.1 10.5 10.0 30.8 14.5 13.6 10.4 22.5 51.0 15.6 11.0 11.7 11.8 11.2 11.7 16F n.a. 8.5 8.1 7.3 9.0 8.9 9.6 7.4 6.6 7.6 4.8 9.2 4.2 8.6 8.1 7.8 5.3 7.4 8.2 9.7 6.9
14.2 14.7 19.6 16.9 23.3 18.3 16.3 15.9 13.5 12.8 12.9 14.5 14.7 13.8 10.3 19.9 49.8 24.6 11.1 17F n.a. 8.4 7.4 9.1 8.3 6.2 5.8 6.2 9.2 4.3 7.8 9.4 8.4 3.7 7.4 6.7 6.4 4.9 6.7 7.1 7.2 6.4
14.0 14.7 19.1 18.5 10.1 21.9 17.9 18.0 16.3 13.3 12.0 12.0 15.5 14.3 13.4 18.3 39.4 21.9 18F n.a. n.a. 7.4 8.7 8.9 7.2 9.0 5.9 5.2 5.5 6.9 3.9 6.7 8.9 7.2 3.4 6.5 6.1 5.5 4.5 5.9 6.4 5.5
15A 0.4 0.7 0.6 0.5 0.6 0.8 1.0 0.7 0.4 0.6 0.7 0.7 0.4 0.5 0.5 0.7 0.6 0.7 0.6 1.2 0.8 0.5 0.5 0.6 1.3 0.7 1.8 0.8 1.6 0.5 1.2 1.1 0.7 0.6 0.3 1.2 0.7 0.5 0.5 0.8 0.3
PB (fiscal year) PB (fiscal 16F n.a. n.a. 0.4 0.6 0.6 0.5 0.6 0.7 0.9 0.7 0.4 0.7 0.7 0.4 0.5 0.5 0.7 0.6 0.6 0.6 1.1 0.8 0.5 0.5 0.6 1.3 0.7 1.6 0.8 1.5 0.5 1.1 1.0 0.6 0.6 1.0 0.7 0.5 0.5 0.9 0.3
17F n.a. n.a. 0.4 0.6 0.6 0.5 0.6 0.7 0.9 0.6 0.4 0.7 0.7 0.4 0.5 0.5 0.7 0.5 0.6 0.6 1.0 0.7 0.5 0.4 0.5 1.3 0.6 1.5 0.7 1.4 0.5 1.0 0.9 0.6 0.6 1.0 0.6 0.5 0.5 1.0 0.3
18F n.a. n.a. n.a. 0.4 0.6 0.6 0.5 0.6 0.7 0.9 0.6 0.4 0.7 0.7 0.4 0.5 0.4 0.7 0.5 0.6 0.6 0.9 0.7 0.5 0.4 0.5 1.2 0.6 1.3 0.7 1.2 0.4 0.9 0.8 0.5 0.5 0.8 0.6 0.5 1.0 0.3
ROE(%) Page Page 13.3 13.5 14.6 19.4 14.7 12.6 13.6 13.9 15.2 11.6 16F n.a. n.a. 5.1 6.0 5.5 6.4 3.3 7.1 5.2 3.9 4.8 5.9 3.4 5.5 4.8 7.1 1.8 5.2 4.2 9.6 6.8 7.0 7.4 9.7 7.0 8.3 9.0 5.1 1.0 5.3 4.1
6
of of D/Y(%) 8 16F n.a. 4.1 4.6 2.2 5.2 4.6 6.1 8.6 4.7 0.8 3.0 7.6 3.2 3.7 4.2 6.1 1.3 3.2 5.6 2.3 7.7 7.8 2.4 6.0 3.8 4.0 5.5 3.0 3.3 4.5 5.5 3.7 4.6 4.0 2.7 2.4 5.6 4.1 4.2 3.3 3.3
Company Report Sino Land 信和置業 (00083 HK) 3 March 2017
) Se Junan Guotai Company, Source: the Statements Financial and Cash and deposits with banks In BS In banks with deposits and Cash Deduct: Timedeposit deposits Add: Bank equivalents cash and cash Ending changes rate exchange Effect foreign of cash and in cash Net increase equivalents cash and Opening cash activities in financing used cash Net Others Interest paid paid Dividend associates from Net advances non from Net advances in loan Net increase activities investing in used cash Net Others deposits time Additions to property, Additions to equipment and plant properties hotel Additions to Additions properties of investment disposal from Proceeds Interest received & associates from JV Dividends received associates & JV from Repayments activities from operating generated cash Net Others capital working inChange Tax paid fair in Increase Net income finance before taxation Profit Yearend DPS (HKD) (HKD) EPS Underlying (HKD) EPS YoY (%) holders profit to equity Underlying - - to: Attributable after tax Profit Tax before tax Profit net income, Finance associates & of JV of Share results Operating Profit Others expenses Administrative properties investment of fair value inChange - - - profit Gross expenses Direct Cost sales of Total revenue - - - Revenue Yearend Minority interests Minority holdersEquity Others Property leasing Property sales Others Property leasing Property sales e
th
e
Jun Jun to investment properties to investment las
( ( t HKD HKD
value of investment properties investment of value
pag
m) m) (
maturity maturity e
- fo controlling interests controlling
r (
maturity icamr disclaimer >
three months three equivalents
>3
months
Cash Flow Statement Cash Flow
Income Statement Income
Ratios
)
International.
)
(13,631) (1,971) (3,225) (1,146) (2,406) (6,672) (2,121) (2,623) (1,488) (1,394) 18,228 18,228 21,839 16,957 13,870 13,498 10,621 10,621 201 201 2,019 2,863 5,634 1,275 4,717 3,570 3,186 2,478 7,818 3,402 0.500 0.876 1.549 5,301 9,372 9,475 2,030 8,293 3,225 2,486 2,546 5,801 (182) (226) (774) (240) (298) (684) (711)
(31) (78) (48)
156 237 103 298 769 5.6 5 5 (0) 13 A A
(14,964) (11,510)
(7,383) (4,616) (2,123) (1,610) (2,202) (2,343) (1,302) (2,457) (3,613) 10,804 10,597 10,597 23,276 16,299 18,228
201 201 5,760 2,081 2,963 1,130 3,508 8,743 5,534 7,753 0.510 0.875 1.160 5,351 7,090 7,159 7,753 1,981 5,477 1,302 2,548 1,422 4,733 3,620 (604) (295) (594) (957) (248) (167) (699) (112)
(47) (71) 298 906 295 399 763 0.9 6 6 (3) 29 69 A A
(1,738) (3,151) (1,906) (4,068) (1,272) (1,238) (1,304) (2,638) (6,511) 10,865 16,131 24,404 17,083 10,597 11,443 201 201 2,156 4,121 1,244 2,398 4,490 8,480 0.510 0.836 1.131 5,167 6,985 7,676 8,480 1,209 7,025 1,238 2,690 3,554 6,981 3,110 (784) (303) (561) (674) (245) (804) (159)
(3.4) (82) (45) (49) 846 377 400 326 253 691 245 738 110 7 7 F F 0 0
(1,461) (1,817) (1,273) (1,452) (2,674) (4,544) (3,819) (3,199) (1,619) 12,038 12,038 12,822 23,351 16,346 11,443 201 201 (10.0) 2,209 3,228 7,385 5,033 2,577 1,038 2,095 1,837 7,277 0.510 0.752 1.052 4,648 6,500 6,565 7,277 1,149 5,817 1,273 2,776 2,061 5,604 (176) (569) (178) (578) (312) (712)
(44) (91) 312 392 767 595 169 737 342 255 (2) 8 8 66 F F 0 0
(1,539) (2,709) (2,050) (3,754) (3,214) (1,967) (1,921) (1,297) 14,348 14,348 22,403 15,682 12,038 201 201 9,679 2,259 3,482 3,938 6,266 6,329 7,024 5,797 1,297 2,995 1,129 4,920 7,627 2,310 3,612 2,683 1,941 2,452 7,024 0.510 1.014 4,390 1,118 0.711 (694) (167) (512) (101) (130) (491) (558) (304)
(5.5) (40) 304 923 797 178 664 327 197 (2) 9 9 63 F F 0 0
Deposits payables other and Accounts liabilities Current Totalassets Totalassets current Others balances Bank Time deposits deposits bank Restricted receivables other and Accounts Hotel inventories properties of Stocks completed development under Properties assets Current Total non Others Long ventures joint to Advances associates to Advances ventures in Interests joint associates in Interests payments Prepaid lease Property,equipment and plant properties Hotel properties Investment Non Yearend (%) ROE (Underlying) ROA (%) (Underlying) ROE (%) ROA (%) TotalDebt/Equity (%) ratio Net gearing payout Dividend (%) net profit margin Underlying Net (%) margin EBIT (%) margin (%) margin operating Underlying (%) Operating margin (%) Gross margin Yearend (HKD) BPS Totalequity Non Shareholders’ equity Reserves Share capital Capital and Total liabilities Total non from Advances associates from Advances taxation Deferred Long Non Totalcurrent liabilities Others Bank loans of long Current portion Taxation payable
- - - controlling interests controlling - - current assets current current liabilities term loans receivable term loans term bank and other other and bank term
from Jun Jun - - current assets current current liabilities current
–
reserves
secured ( (
presold properties presold HKD HKD
and cash
non
ratio (%) ratio
- m) m) controlling interests controlling
-
term bank term
–
borrowings non
-
current
loans Financial Ratios Financial
Balance Sheet Balance
Net cash 141,803 119,026 118,558 51,204 51,204 90,599 22,777 22,777 12,843 13,870 20,454 15,598 58,409 19.482 80,890 37,668 2015 201 1,229 8,178 5,634 2,895 7,166 1,058 8,271 3,101 1,178 1,696 9,934 1,686 1,545 1,089 2,030 5,238 32.3 24.3 42.9 47.3 23.2 38.0 26.6 973 195 922 228 139 468 981 801 4.6 3.8 8.1 6.7 5.1 5 17 A A 0
Net cash
149,058 122,674 122,131 58,287 58,287 90,771 26,384 26,384 17,650 23,276 22,687 16,200 59,256 83,474 38,657
19.811 2016A 201 9,404 5,765 1,069 3,620 2,685 4,386 6,373 3,200 1,165 1,987 8,735 1,876 1,281 1,199 1,926 4,442 44.0 49.5 65.6 69.0 38.6 50.7 43.8 546 750 718 966 155 543 490 4.4 3.7 5.9 4.9 3.6 6 19 A 0 0
Net cash
156,779 129,245 128,011 60,548 60,548 96,231 27,534 27,534 21,021 10,533 24,404 22,914 16,524 61,893 20.419 88,048 39,962 2017F 201 4,839 1,476 4,121 1,637 2,906 3,070 2,222 2,415 5,735 3,291 1,120 1,995 1,234 6,513 1,970 1,828 2,274 1,490 3,412 45.1 32.0 43.3 51.0 35.9 43.6 43.3 859 177 441 748 4.1 3.4 5.6 4.6 4.4 7 20
F 0
Net cash Page Page
159,147 133,643 132,344 60,099 60,099 99,048 25,504 25,504 19,257 23,351 24,059 16,855 63,645 21.016 92,030 40,314 2018F 201 9,479 4,488 1,512 5,033 1,473 2,193 2,456 2,778 2,536 5,621 3,384 1,162 1,966 1,300 6,247 2,068 1,557 3,070 1,734 2,047 48.5 36.2 50.7 54.3 35.4 45.4 43.7 901 201 397 662 3.6 2.9 5.0 4.1 3.8 8 21 F 0 7
Net cash of of
137,838 136,475 161,780 101,039 23,942 23,942 17,924 60,741 21.574 95,804 40,671 22,403 24,540 17,192 64,874 2019F 201 1,363 6,017 2,172 1,646 1,842 1,628 2,763 8,531 4,356 1,442 7,627 1,326 1,170 2,210 2,963 2,663 5,508 3,481 1,254 1,931 8 50.3 45.4 64.7 69.4 46.5 59.9 50.8
357 646 946 228 3.3 2.7 4.7 3.9 3.3 9 22 F 0
Company Report Sino Land 信和置業 (00083 HK) 3 March 2017
) Se Website:www.gtja.com.hk Tel.:(852) 2509 27/F.,Low Block, GrandMillennium Plaza, 181 Queen’s Road 201 © regulati or subjectGuotai law Junan and groupits applicablecompanies any to registration or to licensingrequirement within such contraryjurisdiction. be would use or availability publication, distribution, such where jurisdiction any in Research This Report isnot dir unpredic andwhere necessary consult their own inherently financial advisers prior to any investment decision. with conditions economic and political future the mutabl of assumptions the from derived forecasts and estimates a the guarantee not Thoughbest effort has been ensuremade to the accuracy of the information and data containedin this ResearchReport, Guotai becontrary to opinions or reportthis professionalopinionsexpressedcompanies.in otherdealersAnyandexecutivesGuotai Junan of persons,group of Any opinions expressed in this report may differ or be orinvest proprietarily). research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, spon Limited Kong) (Hong d Report Research This DISCLAIMER (6) (5) (4) (3) (2) (1) DISCLOSURE OF INTERESTS Horizon: Time to6 TheBenchmark: Hong KongHang Seng Index SectorRating Definition Horizon: Time to6 18 months TheBenchmark: Hong KongHang Seng Index CompanyRatingDefinition e Underperform Neutral Outperform Rating Sell Reduce Neutral Accumulate Buy Rating
th Report. There isno G Report. companies group its and Junan Guotai withinprecedingthe 12 months. Guotai Junan and its group companies Investment Binhai HK), (01788 Limitedmore than1% of the marketcapitalization of Holdings International Junan Limite GuotaiHoldings Link and HK), HK) (02886 Limited (00198 Company Limited Group Holdings SMI for Except The Analystsand their associates The Analystsand their associates 7 e
e situation, so uncertainty may contain. Investors should understand and comprehend the investment objectives and its related its andobjectivesinvestment comprehend the understandand shouldInvestors contain. uncertainty may so situation, e uotai Junan and its group companies have no havecompanies group its and Junan uotai
GuotaiJunan Securities(Hong Kong) Limited. AllRights Reserved. las
t pag
e -
18 Fax:(852) 2509 9118 fo r 18 months
ccuracy and completeness of the information and data herein. This Research Report may contain some forwardsome contain may ReportResearch This herein. dataand information the ofcompleteness and ccuracy icamr disclaimer
( Goa Jnn) Goa Jnn n is ru cmais a d bsns that business do may companies group its and Junan Guotai Junan"). "Guotai oes not constitute an invitation or offer to acquire, purchase or subscribe for securiti for subscribe or purchase acquire, to offer or invitation an constitute not oes officerof the issuer mentionedin thisResearch Report associated with Guotai Junanandgroup its compan
investmentdecisions madeby assetthe managementand investment banking groups of Guotai Junan.
ectedat,or intended distributionfor to orby,use any person orentity who isa orcitizenresident or of located
Definition orfundamentalthe outlook of the companyor sectorisunfavorable. RelativePerformance < or RelativePerformance is orfundamentalthe outlook of the companyor sectorisneutral. RelativePerformance is orfundamentalthe outlook of the companyor sectoris favorable. Relative orfundamentalthe outlook of the companyor sectoris favorable. RelativePerformance orfundamentalthe outlook of the sectorisunfavorable RelativePerformance orth RelativePerformance orfundamentalthe outlook of the sectoris favorable RelativePerformance Definition
the fundamentalthe outlook of the companyor sectorisunfavorable. e fundamentale outlook of the sectorisneutral
dohavenot any donot serve Performance is5% to 15%;
- 7793 have not had are not making not are
theissuer
asanofficer of the t contrary to opinions or investment strategies expressed orally or in written form by sales
is >15%; < >5%; employed an individual serving as an officer of the issuer mentioned in this Researchthis in mentionedissuer the ofofficer an as servingindividual an employed - - financialinterests relationin to the 15%; 5%; - - -
5%to 5%to 5%; 5%to 5%; investment banking relationships with the
mentioned in thisResearch Report.
d (08237 HK), (08237 d
a market in the securities in respect of the issuer mentioned in this Research this in mentioned issuer the of respect in securities the in market a Central,Hong Kong. - 15%;
issuer
Guotai Junan and its group companies do not hold equal to or to equal hold not do companies group its and Junan Guotai
mentionedin thisResearch Report. .
.
.
issuer
mentionedin thisResearch Report. issuer
mentioned in this Research Report eae t cmais oee in covered companies to relates es by Guotai Junan Securities Junan Guotai by es
on or which wo which or on sor, sor, underwriter
may differ or may Page Page
Junandoes
table and and table ies -
looking 8
. of of risks,
uld 8
Company Report Sino Land 信和置業 (00083 HK) 3 March 2017
)