Group 1 - The core investment strategy for the Shenyang International Software Park REIT includes an initial inquiry period from September 29, 2025, with a preliminary price range of CNY 2.736 to CNY 4.104 per share, aiming to raise CNY 1.026 billion [2][6] - The project is the only privately-owned park in Shenyang with municipal state-owned capital participation, located in a prime area with direct subway access, ensuring stable rental rates and occupancy levels [2][10] - The expected fair value range for the project over the next 12 months is CNY 902 million to CNY 1.15 billion, with an internal rate of return (IRR) projected between 6.40% and 7.42% [2][5] Group 2 - The Shenyang International Software Park is the largest software industry cluster in Shenyang, benefiting from superior location and transportation infrastructure, with significant government support for resource integration [8][15] - The original equity holders are leading regional developers managing over 1 million square meters of industrial parks, showcasing their capability in resource integration and operational management [17][21] - The project has a stable performance with EBITDA margins improving from 70.7% in 2022 to 74.1% in Q1 2025, although the gross profit margin remains below the average of comparable REITs [43][49] Group 3 - The project primarily serves startups and small to medium-sized tenants, with a weighted average occupancy rate around 85%, but faces potential risks of rising vacancy rates due to a high proportion of short-term leases [4][12] - The rental income is diversified, with 66.29% coming from startups and small enterprises, and a significant portion of leases expiring in the next two years, indicating potential challenges in tenant retention [4][14] - The project is expected to maintain a competitive edge due to its established tenant base and government-backed incubation policies, despite the risk of increased market competition [29][32] Group 4 - The anticipated capitalization rate for 2025 is projected between 5.81% and 7.22%, with a lower valuation per square meter compared to comparable REITs [5][23] - The expected distribution rates for 2025 and 2026 are 4.61% and 4.67%, respectively, aligning closely with other industrial park REITs [5][24] - The project is strategically positioned to leverage the growing demand for high-quality industrial spaces in Shenyang, supported by favorable economic growth and technological advancements [42][41]
沈阳国际软件园REIT申购价值深度分析
Shenwan Hongyuan Securities·2025-09-28 06:43