China World Trade (600007): The Age of Pure Rent Collection Is Coming

China World Trade (600007): The Age of Pure Rent Collection Is Coming

The company released its 2018 annual report and achieved revenue 31.

7 ppm, an increase of 14 in ten years.

6%; net profit attributable to mother 7.

700 million, an annual increase of 22%; EPS0.

77 yuan.

The performance has exceeded expectations, and this year’s goal is to stabilize.

The revenue expansion was mainly due to the increase in operating area brought about by the successive delivery and operation of Phase III B office buildings, hotels and malls. The increase in net profit attributable to mothers was mainly due to the decrease in the three fees compared to the previous year2.

52pct to 10.


Looking forward to 2019, the company will achieve its performance quota on a relatively stable growth target, and is expected to achieve operating income of 34.

800 million with a total profit of 10.

700 million yuan, the annual growth rate was 9 yuan.

8% and 2.

9%, we believe that we have fully taken into account the highly complex and volatile economy in 2019, coupled with the addition of new 南京夜网论坛 competitive products to the surrounding office buildings, the commercial property sector entering the era of stock and other operating environments.
Donglou Mall entered the market and smoothed the period of apartment renovation. Rents rose steadily.

Office and mall occupancy rates were 96.

7% and 89.

4%, which are all higher than last year.

In terms of apartment properties, since the Guomao Apartment closed down in April for renovation and renovation, the rentable area increased significantly, resulting in a gradual increase of 42% in the occupancy rate.

In terms of rental prices, the average rents of the three properties have increased compared to last year, and the average rents of office buildings, shopping malls and apartments have increased respectively.

8%, 6.

5%, 1.


We believe that the downward pressure on the economy in 2019 and the increase in 深圳桑拿网 surrounding competing products will suppress the overall market rent of office buildings, and the company’s office property rents may also be under pressure. However, Beijing’s commercial properties have entered the era of stock.High demand, commercial property rents are expected to remain high and even continue to rise.

Resistivity is low, and the era of pure rent collection is coming.

Asset-liability ratio and interest-bearing rejection rate were 37.

6% and 24.

2%, compared with the initial period.

Debt structure is optimistic and stable, financing costs and debt default risk are evenly controlled at a low level. At the same time, the capital expenditure period has basically passed. The company has maintained a dividend rate of more than 30% every year, and the dividend rate has been more than 40% in the past three years.It means that the company has a clear “cash cow” attribute, which is also a scarce target in the current A-share market.

Earnings forecast and investment rating: The company’s 19-20 EPS are expected to be 0.

79, 0.

88 yuan, give “overweight” rating.