20170830-汇丰银行-世茂房地产-00813.HK-Buy Solidifying growth post business transitions.pdfVIP免费

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:TheHongkongandShanghaiBankingCorporationLimitedViewHSBCGlobalResearchat:https://www.research.hsbc.comMiFIDII–Research:Isyouraccessagreed?CONTACTustodayDecentearningsgrowthwithexpectedGPMimprovementMoreactivelandbankingandtightercostcontrol(onlandprices)tofosterasustainablegrowthstoryReiterateBuywithrevisedTPofHKD19.30(wasHKD18.50)Enteredayearofqualitygrowth.Shimaohasdeliveredasolidsetof1H17resultswithdecentearningsgrowthandimprovementinprofitability.ItreaffirmsourviewthatShimaohascomeoutofaperiodofbusinesstransitionwithcontinuedimprovementinfundamentals.In1H17,coreprofitwasup27%y-o-yafterexcludingtheone-offdisposalgaininthe1H16comparableperiod.Revenuewasup19%y-o-ytoRMB35.8bn.Grossprofitmarginexpandedby1.4ppty-o-yto29.6%,consistentwithmanagementguidanceprovidedduringFY16resultsbriefing.Leverageremainsundercontrolwithreportednetgearingdown3.2ppty-o-yto55.7%.ShimaodeclaredaninterimDPSofHKD0.40,up25%y-o-yandimplies2.8%yield.Asareminder,1H16dividendincludedaspecialdividendofHKD0.06.Managementisupbeatonthemarginoutlook.ShimaohasrevisedupitsFY17salestargetby10%toRMB88bn,afterachievingRMB51bnin7M17,implying30%y-o-ygrowthand58%oftherevisedFY17salestarget.ManagementhasbeenconfidentinexceedingitsnewsalestargetbasedonamplesaleableresourcesofRMB152bnwhichimpliesamodestsale-throughrateofc58%.Thecompanycontinuestobeconfidentontheirgrossmarginoutlookandexpectsittoreach30%oraboveinFY17.Itestimatedthecontractedsalesin1H17hasanetmarginof19%.Buildingasustainablegrowthstory.Inordertobuildsustainableandqualitygrowthin2017-2019postthebusinesstransitionin2016,Shimaohasspedupinlandbankreplenishment,acquiringanattributableGFAof3.03msqmlandbankforRMB24.7bnin1H17,whichisequivalentto94%and82%oftheamountpurchasedinFY16intermsofvolumeandvalue,respectively.Forbettercontrollandcost,c45%ofacquisitionwerefrombased-pri...