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研究员 推荐股票 所属行业 起评日* 起评价* 目标价 目标空间
(相对现价)
20日短线评测 60日中线评测 推荐
理由
发布机构
最高价* 最高涨幅 结果 最高价* 最高涨幅 结果
深基地B 能源行业 2015-12-15 19.10 20.39 -- 21.88 14.55%
21.88 14.55%
详细
Share price supported by NAV-accretive acquisitions. Its subsidiaryBlogis, as a key play in China’s logistics property sector, isexpanding at a decent pace and contributing a larger portion of thecompany’s revenue from 50% in 2014 to over 70% in 2017. Blogishas 1.4m sm of GFA completed by end-14 and expects to grow to5m sm by 2019. We believe its share price is well supported by NAVenhancement. Obtained land use right of four projects in the 2H15 and add twomore projects into acquisition pipeline. Blogis announced theestablishment of project companies in Chongqing, Nanjing (Gaoxin),Zhengzhou, and Ezhou in 2H15. These four projects have anestimated GFA of 545k sm which enhanced NAV by 4%. It alsoannounced the acquisitions of Shaoxing and Nantong Xitongprojects at a total estimated investment of Rmb560m and land areaof 513mu, which we estimate a yield on cost of 7% and 11%respectively. More successful case in B-to-A share conversion. The governmenthas approved Future Land (1030.HK)’s B-to-A share conversion plan. Yangchen (900935 CN) is also trying to follow a similar path toconvert into A-share listing status. This may give Chiwan one moreoption besides B-to-H conversion. B-to-A share conversion mayenable it to achieve higher multiples as well. Valuation:The stock is trading at a 44% discount to NAV. We rate the counteras a BUY with a TP of HK$20.26 based on a 30% discount to NAV. Key Risks to Our View:B-to-H or B-to-A share conversion, if unsuccessful, may restrict thecompany’s access to capital.
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*说明:

1、“起评日”指研报发布后的第一个交易日;“起评价”指研报发布当日的开盘价;“最高价”指从起评日开始,评测期内的最高价。
2、以“起评价”为基准,20日内最高价涨幅超过10%,为短线评测成功;60日内最高价涨幅超过20%,为中线评测成功。详细规则>>
3、 1短线成功数排名 1中线成功数排名 1短线成功率排名 1中线成功率排名