Contracted Sales (equity rights) of the first 10 months

Published on October 31 2016

1-10 月銷售 (權益)

Projected 2016 contracted sales per HK$ of market capital :

0884 : (305.7 / 154.29 / 5) x 6 x 1.15 = HK$2.73 per HK$ of market capital

3380 : (257.9 / 173.15 / 5) x 6 x 1.15 = HK$2.06 per HK$ of market capital

3883 : (178.7 / 049.43 / 5) x 6 x 1.15 = HK$4.99 per HK$ of market capital

China Aoyuan has done really well so far this year. Obviously, net margin of the other two would not be more than twice in percentage comparing with 3883.

Forward PE of the three estimated based on 2016 contracted sales :

0884 : 1 / (2.73 x 0.12) = 3.04

3380 : 1 / (2.06 x 0.13) = 3.73

3883 : 1 / (4.99 x 0.10) = 2.00

HK / Shenzhen Stock Link is coming.

Contracted Sales (equity rights) of the first 10 months

8/11 龍光公布 10/2016 合約銷售 30.1 億元，同比增長 8.7%；合約銷售面積約 24.7 萬平方米；合約銷售單價約為人民幣 1.1 9萬元。截至 2016 年 10 月 31 日止 10 個月的合約銷售額約為人民幣 245.8 億元，同比增長 53.4%，合約銷售面積約 196.9 萬平方米 @12483。已完成全年目標 280 億元的 88%。

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11/2016 惠譽降 融創 1918 評級“BB”展望至“負面”，由於負債急升。 10/2016 穆迪將融創的公司家族評級從 B1 下調至 B2，同時將其高級無抵押債務評級從 B2 下調至 B3。預計融創盈利能力較低以及利息复蓋率偏弱的情況在未來 12 至 18 個月內取得明顯改善的可能性不大。