Mass Transportation (600611) Coverage Report for the First Time： Support for Leasing of Financial Real Estate for Main Business Leasing
03/27/2020 | 洗浴 | No Comments
Mass Transportation (600611) Coverage Report for the First Time: Support for Leasing of Financial Real Estate for Main Business Leasing
This report reads: The historical cost of the taxi business license and the current price controls make it difficult for the company’s intentions to temporarily transform the profits of major industries. Fortunately, real estate and financial assets provide value support.
Investment Highlights: Taxi business is subject to asymmetric controls and is rated “Neutral”.
The relocation and the main business of the hotel strive to maintain stability, real estate development projects are settled one after another, and stock disposal attempts to continue to contribute to profits.
We predict EPS for 2019-21 to be zero.
Combining DCF with the average PE of a comparable company, gives the company a target price of 4.
Compared to online taxis, traditional taxi companies are subject to asymmetric regulation of prices and licenses. The company’s intentional operation is difficult to reflect sustainable performance growth in the short term.
Taxi and hotel business earnings are expected to be stable.
The high-compensation stage for online car rental and Internet car rental has passed, and the company’s business distribution is basically stable.
The competent department’s tolerance for the innovation of Internet car rental business is conducive to the travel of the general public, but objectively leads to a reduction in the value of all taxi companies’ inventory licenses.
Considering the growth of medium and long-term labor costs, the improvement of future profitability depends on the relaxation of price controls.
It is expected that the current macroeconomic expectations cannot temporarily place too high expectations on deregulation of prices.
The rise in hotel occupancy has led to a rise in revenue growth, and business is expected to be stable in the future.
Financial investment contributes profits.
The annual report of the 2018 annual report deals with financial and financial assets with a book value of US $ 3.6 billion. It is expected to contribute profits in the future and smooth changes in performance.
However, because the company’s time to dispose of financial assets is uncertain, and the disposal price is more difficult to predict, its contribution to profits is also uncertain.
Real estate settlement will contribute profits and cash flow.
Real estate projects are about to be pre-sold, and will 合肥夜网 contribute profits in the future. At the same time, by withdrawing cash, the company’s financial costs will be reduced and future investment capabilities will be enhanced.
Loss of taxi drivers, renewed net bookings, hotel occupancy rates, house prices, and stock prices