山西证券研究早观点-20251010

Core Insights - The report focuses on the pricing and valuation of the Huaxia Zhonghai Commercial REIT, which is the first major asset acquisition shopping center by Zhonghai [3][5] - The underlying asset is the Foshan Yingyuehu Huanyu City, with a strong asset quality backed by a state-owned enterprise [5] - The REIT is positioned as a regional shopping center, serving an area with over 800,000 people within a five-kilometer radius [5] Market Performance - The report provides a summary of the domestic market indices, highlighting the closing values and percentage changes for major indices such as the Shanghai Composite Index and Shenzhen Component Index [2] Issuance and Valuation - The REIT plans to issue 300 million shares, with a distribution of 70% for strategic placement, 21% for offline, and 9% for the public [5] - The expected issuance price is 5.281 yuan, with a net subscription rate of 0.27% based on a subscription multiple of 374.72 times [5] - The asset valuation is estimated at 1.29 billion yuan, with a discount rate of 6.75%, slightly below the industry average of 7.0-7.5% [5] - The projected annual distribution amounts for the next two years are 64 million yuan and 67 million yuan, with corresponding annualized dividend yields of 4.77% and 5.02% [5] Comparative Analysis - The report compares the REIT's valuation metrics with other listed REITs, noting that the average P/NAV for similar REITs is 1.54 times, and the average P/FFO is 26.18 times [5] - It suggests that the valuation multiples for Huaxia Zhonghai Commercial REIT may be slightly higher than the average due to the quality of the underlying assets and the strength of the original equity holder [5]