China Merchants Shekou (001979): Integration completed
Introduction to this report: The land consolidation in Qianhai has made substantial progress, completing the second phase and entering the third phase.
After the completion of the land consolidation, the realization of land resources of about 4.8 million national construction sites will be accelerated.
Investment Highlights: Maintain Overweight rating and maintain target price of 28.
Maintain the EPS for 2019/2020/2021 to 2.
25 yuan, 2.
59 yuan, 3.
02 yuan judgment.
The company’s obvious location and resource advantages are also the core targets of the Guangdong-Hong Kong-Macao Greater Bay Area. This capital increase transaction marks the completion of the second phase of Qianhai’s land preparation, which will accelerate the realization of approximately 480 comprehensive construction land resources and enter intoThe third stage.
Qianhai’s land preparation has substantially completed the second stage and entered the third stage.
This time, the joint venture company adopted the method of capital increase and share expansion to China Merchants Qianhai Industry. Qianhai Investment Control respectively acquired 100% equity of China Merchants Chidi and 100% of Qianhai Hongyu according to the relevant provisions of the “Capital Increase Agreement”.Equity, before and after the transaction is completed, China Merchants Qianhai Industry and Qianhai Investment Control still hold 50% of the equity of the joint venture.
The safety margin of the price of injected soil storage is reasonable, and the types of soil storage are abundant.
China Merchants Chidi owns Shenzhen Qianhai Mawan Area.
The right to use 53 general-purpose land (including the land for the first phase of the pre-launch project and the land for the first phase of Qianhai Shengang Cultural and Creative Town) has a total construction area of approximately 212.
90,000 countries; overall, Qianhai Hongyu owns 38.
The total land area of 09 million countries is about 267.
The land is located in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and is a direct beneficiary of the policy of the “Overall Development Plan of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone”.
After the reorganization is completed, the development and construction of Qianhai region will start quickly.
After the completion of the transaction, China Merchants Shekou ‘s land rights in the Qianhai area will further expand, and the package of solutions including land variation and joint venture cooperation will have difficulties in the existing system under the 西安耍耍网 existing system.As an important platform carrier for the construction of Shenzhen-Hong Kong cooperation, the development and construction of Qianhai region will start quickly.
Risk Warning: The development progress of the park project exceeds expectations.