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@Today’s topic @snowball talent show @snowball creator center $ Poly Development (SH600048) $ $ Vanke A (SZ000002) $ $ Overseas Chinese Town A (SZ000069) $
1. Real estate-related data for September 2022:
In September 2022, the sales of the top 100 real estate companies fell by 25.4% compared with the same period in 2021, and the decline was further narrowed. However, the cumulative sales from January to September still fell by 45.4% year-on-year, and the industry as a whole was still facing huge downward pressure.
Data source: Kerri
2. September 2022 sales data of Poly Development and Vanke A
According to Kerrey data:
In September, Poly’s full-scale sales in September were 38.4 billion, and the monthly equity sales were 20.2 billion. At the same time, this year’s full-caliber cumulative sales were 320.1 billion and equity sales were 214.5 billion, ranking second in the industry!
Poly’s sales performance in September was mediocre, and the high probability has a certain relationship with the rhythm and quality of the push!
Compared with the 45% decline in the top 100 industries, Poly’s cumulative decline from January to September narrowed to 27%, still the best among leading companies.
Vanke’s performance in September was stronger than that of Poly, with a monthly full-mouth sales of 33.96 billion and a monthly equity sales of 22.07 billion. At the same time, this year’s full-caliber cumulative sales of 312.94 billion and equity cumulative sales of 203.41 billion ranked third in the industry. Vanke’s data is in grams The difference between Errui and the Middle Finger Academy is still far away. This can be verified when Vanke publishes its own report!
Equity sales in the month of September increased by 7.14% month-on-month, and fell by 5.76% year-on-year in the month of September, and the decline for the whole year narrowed to 34.94%.
It is still a 47% decline compared to the top 100 in the industry. Vanke has also shown resilience. In September, Vanke’s product launch was quite positive!
Data source: Kerrey, author collated
3. Valuation comparison between Poly and Vanke:
PE-TTM: Poly 8.01, 10-year historical quantile 44.2%; Vanke 8.87, 10-year historical quantile 45.75%
PB: Poly 1.19, 10-year historical quantile 31.46%; Vanke 0.91, 10-year historical quantile 3.11%
Dividend yield: Poly 3.22%, Vanke 5.47%
Judging from the recent stock price performance, Poly and Vanke are on a par with each other. The adjustment is not large, and when it rises, it follows the upper sector. Basically, it is gradually recognized by institutions. In the case of the overall decline in the macro and capital markets, real estate As the economic ballast, supportive policies will continue to appear. For example, some policies to continue to cut interest rates in the past two days are all to stabilize the economy. In the end, it depends on the economic recovery. With the current position of real estate, relative to the There are many cycles and growth sectors, and the price/performance ratio is still there!
quote
Kerrey
almond
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