新券定价：唯品会奥莱REIT

Investment Highlights - The new VPH REIT (508082.SH) is based on the Ningbo Shanjing Outlet, with an asset value of CNY 2.901 billion[2] - The outlet has a commercial area of 83,300 square meters and a high occupancy rate of 99.91% expected by the end of 2024[2] Issuance and Valuation - The REIT will issue 1 billion units, with allocations of 70% for strategic placement, 21% for offline, and 9% for public[3] - The initial IRR is projected at 7.75%, with expected distributable amounts of CNY 151 million and CNY 164 million for the next two years[3] - The issuance price is set at CNY 3.48, with a P/NAV of 1.20 times and a corresponding P/FFO of 23.05 times[3] Market Comparison and Target Price - The average P/NAV for comparable REITs is 1.41 times, with a median P/FFO of 25.02 times and a TTM dividend yield of 3.69%[4] - The target price for VPH REIT is estimated between CNY 4.58 and CNY 5.46, representing a potential increase of 32% to 57% from the issuance price[4] Risk Factors - Risks include consumer downturns, increased competition, operational inefficiencies, and potential declines in market valuations[5]