FL

Published on April 9 2019

08/04/2019

新城发展（01030）现价升 5.26%，报 9.6 元。

野村发表 : 新城发展每股盈利增长优于大市，料其 2019 至 2021 财年每股盈利的复合增长率约 38%，加上经常性收入增长有韧力，认为其现时估值便宜，较资产净值折让 60%，高于同业的 46%，故该行将其今、明两年的每股盈利预期分别上调 11% 及 8%，主要因预期其合资公司盈利增长强劲，最后重申其“买入”投资评级，目标价由 8.2 元，上调至 12 元。

10/03

新城发展控股有限公司发布截至 2018 年度全年业绩。

期内新城发展实现收入 548 亿元，同比增长约 34.2%；实现归属于本公司股东的核心溢利约 56.63 亿元，同比增长约 83.4%；年度净利润增长 100.3% 至 120.48 亿元；核心盈利增长 104.4% 至人民 101.88 亿元。

毛利率从 33.3% 提升至 34.8%。截至期末，新城发展手头现金总额为 476 亿元；净负债与权益比率自去年末 100.4% 降低至本年末的 78.6%。董事会建议派发末期股息每股 30 分，较上年增长约 85.2%。

土地拓展方面，去年新城发展新增土地储备约 47.7 百万平方米。年内，新城发展新进入了北京、西宁、贵阳、包头、渖阳等城市。新城发展累计进入 98 个城市，总土地储备约 109.5 百万平方米。

新城發展

06/2018

Moody's assigned Ba2 senior unsecured rating to the proposed notes to be issued by New Metro Global Limited, and guaranteed by Future Land Holdings Co., Ltd (Ba2 stable).

Moody's projects that Future Land Holdings' adjusted revenue/debt and adjusted EBIT/interest coverage — including its share in joint ventures — will measure around 95%-100% and 4.0x-4.5x over the next 12-18 months. These ratios support the company's Ba2 corporate family rating (CFR). Future Land Holdings' Ba2 CFR also reflects its strong sales execution, growing scale and improving geographic diversification into other cities in the Yangtze River Delta.

In addition, its growing stream of non-development revenue will add stability to its earnings and debt-service ability. The Ba2 CFR is further supported by its adequate liquidity position, with its cash balance of RMB21.9 billion at the end of 2017 covering 156% of its short-term debt.

Although the majority of the company's claims are at the operating subsidiary level, its diversified business profile — with cash flow generation across a large number of operating subsidiaries and different business segments covering property development and property investment — mitigates structural subordination risks.

At the end of 2017, Future Land Holdings' land bank — totaling around 67.4 million square meters of gross floor area — was spread across 62 cities in China.

Download FL Rating Report_2017FY Final

05/2018 : Surveillance Rating on Future Land - China Chengxin

Bond Factsheet - FUTLAN 6.500% 12Sep2020 Corp (USD) || bondsupermart

https://www.bondsupermart.com/main/bond-info/bond-factsheet/XS1877986718

Issue Size : 3

Bond Factsheet - FUTLAN 6.150% 15Apr2023 Corp (USD) || bondsupermart

https://www.bondsupermart.com/main/bond-info/bond-factsheet/XS1978680400

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11/03/2019

问：2019是否会继续加大拿地力度 ?

答：我们以后会控制拿地，不会过多储备土地。

问 : 目前融资情况如何 ?