Rongsheng Development (002146): Sales continue to increase, high dividend yield, investment value highlights

Rongsheng Development (002146): Sales continue to increase, high dividend yield, investment value highlights
The company disclosed the third quarter report of 2019, and the reports respectively achieved operating income and attributed to net profit of 388.3.9 billion, 48.87 trillion, an increase of 27 over the same period last year.12%, 30.73%; realized expected return1.12 yuan, up 30 from the same period last year.23%; the report’s initial net profit margin is 12.58%, compared with 12 in the first half of this year.09% increase to 0.49 units. Sales continued to increase and the growth rate slightly declined.On January 9, 2019, the company achieved a total of 678 contracts.28 ppm, an increase of 13 in ten years.98%; cumulative contracted area of 633.730,000 square meters, an increase of 10 in ten years.72%, with an average sales price of 1.7,000 yuan / square meter, basically the same as last year; of which 212 in the third quarter.The contract scale of 500 million US dollars, an increase of about 9 compared with the same period in 2018.5%. Advance receipts continued to grow steadily to 88.3 billion, an increase of 5 from the end of June.6.5 billion. In the third quarter, investment tended to be cautious, and 合肥夜网 financial leverage remained stable.In the third quarter, the company invested about US $ 3.4 billion through means of bidding, auctioning and auctioning. It obtained several lands in Changsha, Tangshan and other places, and the total investment amount in the first half of 2019 was 223.40,000 yuan, investment intensity has shrunk.As of the end of September, the company’s interest-based denials totaled 654.44 trillion, down about 23 trillion earlier at the end of the month; short-term debt was 341.4.3 billion, 99% of net debt accounting. The estimated level is low and the investment value is prominent.With the company’s closing price on October 24, 2019 8.92 yuan / share, the company’s current dynamic market surplus4.694 times, which is an absolute low among the leading real estate companies, and is even closer to the historical lowest forecast level in October last year. If the company maintains the dividend distribution ratio for 2018 this year, the current dynamic allocation rate will reach 6.3%, the returns are considerable.Considering that there is no further downward pressure on the estimation center of the sector in the short term, the certainty of the company’s performance growth and the low level of estimation have brought higher allocation value. Maintain the company’s BUY rating. It is estimated that the EPS in 2019, 2020 and 2021 will be 2 respectively.17, 2.59, 3.03 yuan, the corresponding PE is 4 respectively.1, 3.5, 2.9 times; risk warning: the market in the Beijing area exceeded expectations; the project carry-over was less than expected; the financing environment was further tightened.

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