RBS2010年6月中国房地产商研究.pdf

e 11 June 2010 Produced by: The Royal Bank of Scotland N.V., (Hong Kong) Branch t a t s Greentown China E l a Hold Love and hate e R Target price GREE was the best performing China property stock in 2009 (up 282% versus the HK$7.88 (from HK$8.98) | Price 82% sector average), but its high gearing should overshadow its robust sales in HK$8.41 the current market downturn. Managements preference for expensive land a n Short term (0-60 days) acquisitions and reliance on trust financing are weaknesses. n/a i h Market view Key forecasts C Underweight FY08A FY09A FY10F FY11F FY12F | Total property income (Rmbm) 6,635 8,727 10,192 26,734 49,911 % y Price performance Reported net profit (Rmbm) 540.3 1,012 1,147 2,748 3,810 t i Reported EPS 0.35 0.63 0.69 1.66 2.3 (1M) (3M) (12M) u Price (HK$) 8.25 10.90 11.48 Reported PE (x) 21.1 11.7 10.7 4.45 3.21 Dividend per share 0.18 0.29 0.26 0.5 0.7 q