The largest property IPO Song Guangju platform behind Poly property 50 times high valuation

2019-12-20 Source: Huanggang Real Estate Views: 73

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Recently, the property management industry has been a little lively. First, there was the reorganization of color life and personnel, becoming vice chairman of second-hand Tang Xuebin, and then Vanke Real Estate joined hands with Ded Liangxing, which once again caused expectations for its market.

At the Vanke Real Estate event, when the media asked whether Vanke Real Estate could reach a market price of 100 billion yuan after the establishment of the joint venture, CEO Zhu Baoquan was interested, saying that Poly Real Estate would soon go public, depending on Baoli's performance.

I heard that Polly's real estate or Vanke's real estate can provide a reference sample for finding a road capital market.

On December 19, Polly's real estate struck a causeway for sale at the port interchange. Just as Yang Guoqiang appeared on the platform when the Country Garden real estate was on sale, Song Guangju, the president of Poly Development, also appeared at the ringing scene.

Qing and other voices lag behind. Everyone saw the real-time trading picture of Hong Kong stocks. Poly Real Estate sold HK $ 43.8 for the first time, an increase of 24.79% from the offer price of HK $ 35.1. At the end of the transaction, the stock price was HK $ 45.35, 3.743 billion shares were traded, the market value was HK $ 24.187 billion, and the price-earnings ratio was 49.7 times.

On the same day, the bell ringing at the port interchange was in the vicinity of another era of real estate real estate stocks, but in two different directions. The income of Times Neighbor soon broke down, and the quoted price was 4.89 Hong Kong dollars, which was 5.05% lower than the stock price.

Behind the spike on the first day

Poly's real estate listing was as high as 24.79% on the first day of listing, not that it was not dissatisfied with the market.

According to the prospectus, the cornerstone investors include the well-known investment institutions Gao Hulu Capital, GIC, CCCC (Hong Kong), and the State Transfer Fund, with cornerstones accounting for 30%.

Among them, GIC is a Singapore government investment company and is currently one of the largest and most mature PE investors in the world. High-capacity capital is one of the largest asset management investment funds in Asia founded by Zhang Lei. To date, it has invested in Baidu, Tencent, and And other businesses.

According to the distribution results announced on December 18, Baoli Real Estate issued a total of 133 million h shares. Among them, the Hong Kong public offering shares were significantly over-purchased, and a total of 3.86 billion Hong Kong offering shares were purchased, which is approximately 222 times the 1,733,600 Hong Kong offering shares purchased for the first time in the Hong Kong public offering.

Therefore, if the callback mechanism is activated, the total number of public shares in Hong Kong will increase to 65,333,600 shares, plus approximately 49% of the internationally issued shares equivalent to the total number of first available shares for global listing projects, and ultimately will raise US $ 4.579 billion. This is the real estate with the largest listed assets

Star basic investors, over-purchased 223 times, highly rated & hellip; & hellip; market expectations for new real estate stocks are getting higher and higher, but from a point of view, according to real estate new media reports, actually in the black market transaction on the eve of listing yesterday, Polly Real Estate's stock price has risen by 14.67%, with a maximum reference of 40.4 Hong Kong dollars.

Why has Poly's real estate been enthusiastically reacted by the capital market?

Some industries told the new media of tourist attractions that the listing of Poly Real Estate is explosive, and it is indistinguishable from the popularity of the entire real estate sector. Compared with real estate start-up companies, the real estate industry itself has good cash flow, rapid expansion of light assets, weak cycle attributes, and high growth. Individual real estate stocks are also higher than the parent companies of residential companies.

Data show that as of December 18, the Hang Seng Index's overall rise since the beginning of the year is only 7.7%, and the overall rise of the sector this year has reached 88%, which significantly beat the Hang Seng Index. Among them, Xinchengyue Service, Yongsheng Life Service, Jiazhaoyemei, Elegant Life Service, China Shipping Real Estate, Country Garden Service and other services rose by more than 100% at the beginning of the year, and Xinchengyue Service increased by 195%.

But at the same time, there have been differences in listed real estate stocks. In terms of scale, income growth rate, income level, etc., the perspective of an article management company is usually measured.

In terms of scale, the development with the parent company's Poly as the background is almost "starting line" climbing up. As of June 30, 2019, Baoli Real Estate's area under management was 260 million square meters, and Country Garden Services' latest contract area of over 217 million square meters was 455 million square meters, second only to Country Garden Services and Color Living.

Among the area under management, Poly Development provided an area of 112 million square meters, with a ratio of 43.1%. This overall amount did not exceed that of the real estate company. But at the same time, in addition to accepting the business of the parent company, Poly Real Estate intends to conduct external development in recent years, and the proportion of third parties has dropped from 91.9% in 2016 to less than 50% now.

From 2016 to 2018, the total sales of Baoli Real Estate reached 2.56 billion yuan, 3.24 billion yuan and 4.229 billion yuan, respectively, an increase of 26.4% and 30.5% over the previous year. As of the first half of 2019, revenue was 2.822 billion yuan, an increase of 47.3% over the previous year, ranking the forefront of the industry.

Armor and soft ribs

If the scale is armored, the level of income is the soft underbelly of the new shares of Poly Real Estate.

According to the prospectus, the net profits of Poly Real Estate from 2016 to 2018 were 149 million yuan, 225 million yuan and 336 million yuan, respectively, and the first half of 2019 was 321 million yuan. The net profit rate was 11.4%, which was at a relatively low level.

In particular, the total profits of Baoli Real Estate from 2016 to 2018 were 428 million yuan, 580 million yuan and 851 million yuan, respectively, and 667 million yuan in the first half of 2019.

Based on this calculation, the gross profit margins of Poly Real Estate in the past three years and the first half of this year were 16.7%, 17.9%, 20.1%, and 23.6%, respectively. In 2018, the average gross profit margin of port-listed property management companies was 37.84%, Country Garden Services 39.2%, Elegant Life 37%, and Kaisa 34.3%.

According to Real Estate New Media, the level of income of real estate companies is related to the main business types and share. The income structure of Baoli Real Estate shows that in the first half of the year, revenue was 2.822 billion yuan. Property management services were the main source of income, accounting for 64.6% of total revenue. Non-owner value-added services accounted for 16.3%, and community value-added services accounted for only 19.1%.

On the contrary, the gross profit margin of traditional property management with large income is only 18.1%, and the gross profit margin of non-owner value-added services is 21.3%. Less than 20% of the community value-added services have the strongest profitability, and the gross profit margin reaches 44.1%.

In other words, value-added services with high crude profit margins are slightly lower, and the overall crude profitability is weak.

However, it can also be seen from the prospectus that Poly's real estate is also expanding its share of value-added services year by year. From 2016 to 2018 and the first half of 2019, the proportion of community value-added service income in total income was 10.1%, 9.9%, 14.7%, and 19.1%, respectively.

However, in addition to these universal measures, one of the characteristics of Poly Real Estate is real estate other than residential.

So far, the activities of Vanke Real Estate and Dade Liang Xing to set up a joint venture, Zhu Baoquan has given much strength to 100 billion companies based on the issuance capacity of commercial real estate. With a smile, "Poly's real estate seems to be listed soon, watching Poly's performance . & rdquo;

The reason behind Poly's real estate as a reference, the logic behind Poly's high share of non-real estate.

General property management companies believe that instead of using residential properties as main properties, Polly's properties are more dedicated to properties outside the home. From the perspective of business type, Poly Real Estate mainly develops residential communities, commercial and office buildings, public and other real estate (schools and research sites, industrial parks, public service facilities and towns, etc.).

Peter Wu, general manager of Poly Real Estate, said that developing non-residential markets is the focus of Poly Real Estate. Non-residential status is generally a single owner. Such cooperation projects better utilize the advantages of real estate company services and are conducive to the company's sustainable development.

Among them, in a commercial state, Poly Real Estate is the “Nebula Enterprise Service” service brand. As of the first half of 2019, Poly Real Estate has more than 70 projects operating in the commercial sector. It has also achieved brand and managed exports in an asset-light model. There are 10 shopping malls and 4 hotels.

However, compared to commercial conditions, Poly's greatest advantage may lie in public real estate. Focusing on the status of a central enterprise, Poly Real Estate has begun public service management since 2017, focusing on urban management and schools, and successfully completed the project of Xitang Ancient Town in Zhejiang.

As of the first half of 2019, out of 846 properties under Poly Property Management, there were 281 commercial and office buildings, public and other property projects, accounting for 33.2%.

Specifically, among the various types of real estate, of the 260 million square meters of real estate managed by Poly Real Estate, residential community areas account for 46.54% of commercial and office buildings account for 2.68% of public and other real estate areas, with the largest area of 50.78%. At the same time, Poly Real Estate's non-residential project management area accounted for 51.5% of the total.

It is also worth mentioning that the real estate sector for public buildings is large, but basic real estate interests such as urban management and schools are not high. Public construction real estate accounts for 50.78% of the total real estate management area of Poly Real Estate, and real estate management services income is only 11.87%. How to improve the income level afterwards is a problem that needs to be broken.

The new third board signboard was announced on April 11th, and a stock raising letter was released on August 6th in Hong Kong. On the first day of sale on December 19th, it rose by nearly 25%. What is this new real estate stock disturbing the animal industry?

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