Since asset injection in 2009, Shanghai Shimao has emerged as thelargest commercial property developer in the A share market. Operatingincome and net profit should see rapid growth in the next 3 years, with a36% EPS Cagr in 10-12CL. We believe the market underestimates theinvestment and consumption value of its commercial property. Moreover,commercial property is not affected by tightening policies. We initiatecoverage with BUY to Rmb16 TP, on 12x 11PE and 10% NAV discount.
首页
微信公众号
证券之星APP
