13 property stocks fell by more than 10percent in September, but the enthusiasm of leading property companies to go public remained unchanged

category:Finance
 13 property stocks fell by more than 10percent in September, but the enthusiasm of leading property companies to go public remained unchanged


Huang Lichong, President of Huisheng international financing, said that the stock price of property stocks had been rising all the time before, mainly because there was a certain speculation atmosphere in the capital market behind it. However, in fact, the value of the property industry could not support the overvalued value under the previous speculation atmosphere. When the tide gradually faded, the market began to restore rationality, and the future performance of property stocks will return further. The reasonable P / E ratio should be between 18-29 times of historical P / E.

From the stock price performance of each listed property management enterprise, among the 30 listed property management enterprises, zhongaojiajia ranked first in the decline list with a decline of about 27.78%, which was the second consecutive month in which China Austria Home Depot led the decline, and it was also the only property stock whose share price fell more than 20%.

According to the data, in the first half of the year, the area under management was 65.1 million square meters, a decrease of 0.3 million square meters compared with the end of last year; the contract area was 71.8 million square meters, a decrease of 0.2 million square meters compared with the end of last year. The stagnation of area growth sent a dangerous signal to the performance, and then the share price of China Austria property went down all the way.

Some securities analysts told time finance that property management is not a high-profit industry in essence. Many previous attempts to provide value-added services for owners have failed. The property industry has not yet succeeded in seizing the market from the online platforms represented by meituan, didi and Taobao. Before finding other profit growth points, it is necessary to transfer the interests of related real estate enterprises, and M & A expansion is also a very important means of growth. At present, the performance growth expectation is directly linked to the scale, and the market is still looking at the scale growth expectation.

As it is said, in the past, listed property management enterprises have rapidly improved the scale of management through the way of endogenous + merger and acquisition + external expansion. However, when the listed companies enter the stage of horse racing and enclosure, the number of high-quality third-party projects available for M & A will become less and less, and the price will only be higher and higher under the relationship between supply and demand. As a result, the return on capital of enterprises relying solely on M & a is getting lower and lower, while the endogenous growth rate of real estate parent company is very limited.

The above securities analysts pointed out that in the mid-term performance test, the growth rate of most property management enterprises was lower than expected. It can be seen that for the property management enterprises, it becomes more and more difficult to achieve sustained high growth, which is a problem faced by the industry, and also one of the reasons for the downward trend of the whole property sector.

However, the enthusiasm of real estate companies to split the listing of property has not been hindered, and the listing tide is still continuing. In September, COSCO services and Evergrande property management companies formally submitted forms to the Hong Kong stock exchange. Two property management companies, first service and outstanding commercial enterprises, have passed the hearing. It is expected that they will officially land on the Hong Kong stock exchange market after the National Day holiday in October.

According to reports, Evergrande property raised between 1 billion and 2 billion US dollars (about 7-14 billion yuan). In view of the introduction and listing of country garden service and China Ocean property, the highest amount of property stock raised is 4.83 billion yuan of poly property. This amount of capital raised by Evergrande property will be the highest among property management enterprises.

At the same time, as one of the few industry leaders without listing action, Vanke propertys brand-new action in September also deserves the industrys attention.

On September 25, at the media exchange meeting in the south of Vanke, chief executive officer of Vanke property, Zhu Baobao, announced that after the exploration of Vanke property from residential property to commercial property, Vanke property reorganized its brand-new brand concept. Vanke property is a brand that provides high-quality service mainly by residential property, and will replace the legal entity providing service for owners from urban companies Gradually split, reduce the front-end business, focus on the exclusive services of the owners of the territory, and let the whole brand return to the residence. Tang Zhuo, an analyst at Jiahe JIAYE Property Service Research Institute, believes that the real significance of Vanke propertys return to residential property this time is to consolidate the service quality through system separation and restructuring, so as to bring more premium space to Vanke property or the possibility of creating other derivative service income. Source: time finance editor: Tong Jie source: time finance editor: Yang Bin_ NF4368

On September 25, at the media exchange meeting in the south of Vanke, chief executive officer of Vanke property, Zhu Baobao, announced that after the exploration of Vanke property from residential property to commercial property, Vanke property reorganized its brand-new brand concept. Vanke property is a brand that provides high-quality service mainly by residential property, and will replace the legal entity providing service for owners from urban companies Gradually split, reduce the front-end business, focus on the exclusive services of the owners of the territory, and let the whole brand return to the residence.

Tang Zhuo, an analyst at Jiahe JIAYE Property Service Research Institute, believes that the real significance of Vanke propertys return to residential property this time is to consolidate the service quality through system separation and restructuring, so as to bring more premium space to Vanke property or the possibility of creating other derivative service income.

Source: time finance editor: Tong Jie