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公司簡報:合富輝煌(733.HK)

Tuesday, June 21, 2016 Views5177
公司簡報:合富輝煌(733.HK)

業務介紹

合富輝煌主要于廣州和國內其他城市從事房地産代理業務,其中一手物業代理主要向物業發展商提供一手物業服務,二手物業代理主要向個人或公司提供二手物業服務、按揭轉介及貸款融資服務,物業管理主要向業主提供樓宇管理服務。

分業務來看,一手物業代理與二手物業代理營收占比分別爲66%和22%,其餘12%來自物業管理等業務;分地區來看,廣州業務和非廣州業務營收占比分別爲51%和49%。

財務回顧

營收和純利均錄得雙位數增長。2015年合富輝煌實現營業額27.6億港元,較去年上升12%,營收主要來源於代理傭金及服務收入;股東應占利潤2.23億港元,較去年急升52%,顯著上升主要是源於出售附屬公司所取得的收益,並帶動每股收益同比上升22.5%至33.7港仙。全年派息0.08港元,派息比例上升至23.5%。

盈利能力方面,公司淨利率爲8.2%,ROE爲10%,盈利能力較佳。

償債能力方面,公司資産負債率比較低,僅爲21.3%,流動比率高達4.64,而且手持10.5億港幣現金,折合每股淨現金約爲1.51港元,財務結構和資産狀況頗爲穩健。

業務表現

物業代理服務保持穩步增長,房地産金融服務初露鋒芒。從各業務表現來看,1)一手物業代理成交額爲2152億港元,按年升12%;營業額18.15億元,按年升13.7%,其業務覆蓋城市達150多個,代理樓盤專案900多個,其中有850多個爲公司營收帶來貢獻。2)二手物業代理營業額5.95億元,按年升2.76%,隨著業務量上升,線下門店數量已增至310間。3)物業管理營業額3.5億元,按年升19.9%。4)房地産金融服務方面,公司主營小額貸、裝修貸、家居貸、地産衆籌融資平臺等業務,並著力形成地産金融O2O交易閉環。2015年金融服務經營規模超過8億港元,營業額約爲5100萬港元。

我們的看法

總體而言,合富輝煌屬於基本面穩健,財務杠杆低,並具備持續分紅能力的公司。去年公司一手物業代理銷售額達2152億港元,約占同業上市公司世聯行的40%左右,而市值僅有後者的十三分之一。目前公司市值約13.5億港元,PE爲6倍,PB僅0.6倍,股價較每股淨資産折讓40%,價值窪地優勢明顯,可積極關注。

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