Text: Deng Haozhi.
On the evening of December 11, Poly Development announced that in view of the fact that it is lower than the net assets, the company intends to repurchase the company's A shares with its own funds through centralized bidding transactions. The total amount of repurchase funds shall not be less than 1 billion yuan (inclusive) and not more than 2 billion yuan (inclusive). Buyback** not more than 15$19 shares. The ** price of Poly Development on the day was only 96 yuan, P/E ratio 62 times, with a price-to-book ratio of 059。Undervaluation is very obvious, and of course, this situation does not only exist in a listed company of Poly.
In recent years, real estate has not been good, and there has been a decline in the valuation of real estate and its surroundings. However, the real estate industry, housing prices in big cities, and high-quality real estate stocks have all seen over-falling, some of which are even seriously ultra-low. For example, the central enterprise Poly mentioned above. In the current downward market, Poly is the most capable real estate company, and its performance is also against the trend, and its scale is expanding against the trend. Before this round of real estate adjustment, the top 5 real estate companies were Bi, Wan, Heng, Rong and Bao. Poly is only around 300 billion yuan, and it can only rank fifth. However, in the past two or three years of market adjustment, Poly has increased instead of falling, but this year, the performance of Poly Development of A-shares may reach about 500 billion, and Poly Real Estate, which is listed in Hong Kong, also has a scale of about 100 billion, and Poly is currently the first domestic head real estate company.
Now many people in the market are discussing "G into the people and retreat", this kind of company is the part of the advance, and the progress is so obvious, so exaggerated, but its stock price continues to fall sharply. This is patently unreasonable. Therefore, like Poly, the head of the central state-owned enterprises whose performance has bucked the trend in recent years, may gradually usher in the process of valuation repair next year. For these high-quality real estate companies, the repurchase of their own ** may have a higher yield than the development of real estate projects. At present, real estate projects are good projects if they can not lose money, and those that can have 5% income are considered extremely high-quality projects. The repurchase of shares is equivalent to buying high-quality assets at a low price (close to a discount). It must be low-risk and high-return.
According to sources, since Beike announced its entry into the field of real estate development, its real estate management team has gradually improved. A person close to Beike said, "Beike has been established for three months, and it has already recruited many talents from Longfor, Vanke and other companies to join the management team." ”
In the past period, the Bei Haojia team has visited many cities intensively, conducted visits and exchanges, explored cooperation projects, and explored the possibility of various cooperation models. Shell's entry into real estate development is already a high probability event. As for how?What is possible?
1. At present, the real estate market is sluggish, and sales capacity has become the core competitiveness of the real estate field. Beike's huge team of agents and its strong ability to acquire customers online have allowed it to continue to grow in the past two years, and even many developers have "begged" it to help sell houses. And this is one that already has a "moat" in particular. For the time being, there is no second company in China that has strong bargaining power in this field. So the shell is very confident.
2. The shell also has a little money, so you can throw a little money out. In addition to the listing of public funds raised;There are also prepaid commissions;There is also the time difference between the settlement of the enterprise and it, and the settlement between it and the next one;And so on and all kinds of incoming funds with a time difference.
3. The market has been in a downturn for a long time, and housing prices in some areas may be over-falling. And there is room for imagination in the future. It's a big deal to hold it for a long time, and maybe it can appreciate in value.
4. Shell is unlikely to do the whole process of real estate development. No matter how good it is, after all, it is only in the field of intermediaries, and it has no accumulation in other fields of real estate. The best way to do this is to take a stake in some projects that are almost completed and have entered a saleable state. This is the only way to maximize its competitive advantage and maximize the value of its funds.