Tahoe Group (000732) Company Comments： Improved cash flow, debt further reduced, financing costs improved, rising
Tahoe Group (000732) Company Comments: Improved cash flow, debt further reduced, financing costs improved, rising
The company released its semi-annual report for 2019 and achieved operating income of 145 in the first half of the year.
0.6 billion, previously +14.
33%, net profit attributable to mother 15.
6.1 billion, previously +58.
74%, net profit deducted from non-mother 10 was achieved.
9.8 billion, an annual increase of 2.
Revenue growth and cash flow improvement: 1) Sales carried forward as scheduled and gross profit margin decreased: 2019H1 company’s real estate business realized operating income of 138.
2.4 billion, carried over area 62.
86 GM, but at the same time the gross profit margin of the real estate business decreased by 5 compared with the same period last year.
15 up to 28.
09%, deducting non-return to mother’s profit growth rate is less than revenue; 2) increase in investment income growth: the company’s return to mother’s net profit increased by 58.
74%, mainly due to the company’s recognition of investment income through disposal of subsidiaries7.
4.9 billion, accounting for 35% of total profits.
15%, a year-on-year growth of 389%; 3) Improved cash flow: The company’s operating net flow was 20.2 billion, the net investment flow was 10.3 billion, and the cash flow situation was improved by accelerating sales and disposing of subsidiaries.
The total debt scale was reduced and leverage was controlled: 1) Debt structure optimization: At the end of the reporting period, the company’s debt due within one year was 461 in Q1 2019.
200 million further dropped to 330.
700 million, long-term loans and bond balances from 810 in Q1 2019.
6.8 billion fell to 773.
2.2 billion; 2) The growth rate of the net debt ratio decreased: at the end of the reporting period, the company’s net debt ratio was higher than the 384 at the end of 2018.
84% down 126.
15 up to 258.
69%; 3) Financing costs have increased: the impact of tighter financing since the second quarter of this year, the company’s comprehensive financing costs increased by 0 compared to the end of last year.
78 up to 9.
30%, the company’s various financing channels cost as follows: bank loans 247.
3.8 billion (8.
48%), non-bank loans 650.
25 billion (10.
13%), corporate bonds 205.
6.2 billion (7.
Total value of goods, project resources focus on the first and second lines: the company adhered to the actual strategic layout of “deep cultivation of the core first line, comprehensive layout of the second line” until 2019H1, the company’s soil storage construction area 209.
250,000 countries, 12% in Fujian, 10% in Beijing-Tianjin-Hebei, 72% in the Yangtze River Delta and 6% in the Pearl River Delta; 1637 projects are under construction.
It has a distribution of 39% in Fujian, 9% in Fujian, 9% in Beijing-Tianjin-Hebei, 14% in the Yangtze River Delta, 18% in the Pearl River Delta, and 20% in other hot cities. The market demand for housing is strong and the ability to resist risks is strong.
Settle the average price 2 with the 北京夜生活网 company’s 2019H1.
Estimated at 180,000 / square, conservatively estimates that the company’s soil storage value is more than 350 billion yuan, which can meet the development needs in the next 2-3 years.
Investment suggestion: 2018 can be said to be the most difficult year, but we have seen that the company has weathered difficulties and sales exceeded 100 billion yuan; 2019 or the company’s most critical year, the company’s sales recovery in the first half of the year basically completed its tasks and liabilitiesAnd leverage continued to decrease as scheduled. We are optimistic about the company’s merger differentiation and high-end product advantages. We will maintain a high rate of elimination in the second half of the year and continue to complete our sales and payment targets.
The company’s EPS for 2019-2021 is expected 天津夜网 to be 1.25, 1.
84 yuan, corresponding to PE4.
33X, maintain “Buy” rating.
Risk warning: The industry’s financing end tightens more than expected, and first-tier and second-tier cities reduce the tightening and exceed expectations.