格16瞿雅茹资产评估作业英.docx

格16瞿雅茹资产评估作业英.docx

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格16瞿雅茹资产评估作业英

MScPortfolio:

DistanceLearning

PropertyAppraisal

ASSIGNMENT:

PORTFOLIOPROJECT

STUDENT:

QuYaruStudentID:

000905334

ASSESSMENTCRITERIA:

%

MARK

Backgrounddata:

Analysisanddiscussion:

Recommendationsandconclusions:

Structureandpresentation:

20

30

30

20

Total

100

CHECKLISTOFSPECIFICATTRIBUTES

Qualityofanalysis:

ExcellentGoodRoomforImprovementFair

Clarityofargument:

ExcellentGoodRoomforImprovementFair

Structureofassignment:

ExcellentGoodRoomforImprovementFair

Presentation:

ExcellentGoodRoomforImprovementFair

ASSESSORSCOMMENTS/FEEDBACK:

Pleasediscussanyquerieswithyourtutor

ASSESSOR:

DATE:

StudyofaRealEstateCompanyPortfolio-ACaseStudyofEvergrande

1.Background

EvergrandeRealEstateGroupCo.,Ltd.,referredtoasEvergrandeGroup,locatedinGuangzhou,China,isalivelihoodresidential,culturaltourism,FMCG,agriculture,dairyindustryandsportasoneoftheEnterpriseGroup.Totalassetsofover460billion,80,000employees.2014annualsalesof100.4billion;sevenmonthsof2015salesof90billion,11.9billiontax.ForbesChinesenetworkannouncedstrong2015globalenterpriseslistin2000,Evergranderanked500th.

CorporatestrategiclayoutofEvergrandeis:

thehigh-endseriesmainlyfocusonthelayoutofthecountrysecondandthirdtiercities,toachievefastandefficientbusinessexpansion.Amongthem,thehigh-endandmidrangeseries:

residentialrealestateisforthecurrentmainstreamhomecrowdintohigh-incomeearners.Theseriesiscompleteandperfectandbeautifulenvironmentofalargeresidentialarea.TourismSeries:

positionedasaliving,businessandtourismasoneoftheresortproject.High-endseries:

high-endluxuryprojectlocationforthecity,forthelocalhigh-incomegroups.

Strategicorientationontheproductseries:

（1）Listedcompanyasawell-funded,theabilityandtheneedsofenterprisebusinesscangrowrapidly;

（2）Secondandthirdtiercitiesbecomeinrecentyearstheexpansionoftheregionalrealestatemarketremainsrelativelythehigh-endpositioninghelpstomaintainthesecondandthirdtiercitiesintheenterprisemarketcompetitiveness.

（3）Standardizationofoperationsinordertoachievereplication,maintainspeedandcost,inordertogettothescaleandbrandtoenhancetheregionalimpactoftheprojectinthesecondandthirdtiercities,withthequalityandrelativelylow-coststrategytoensurethatthehigh-endstatus.

（4）Eventuallyformingproductseries,thedifferencebetweentheseriesofproductsismainlyreflectedinthehighdegreeofreplicationpositioningandlocationaboveproductfewbrightspots,rarelyinnovative.

2．Thetarget

Evergrande'sgoalistoachieveitsfull-yearsalesrankingChinesehousingpricesinthefirstlegion.Itsinsistenceoninnovation-driven,focusontheimplementationofbrandstrategy,createinternationalbrand.

Somehousingpricesinordertoachievethesetgoal,thetargetsetbyHengda,alwaysusedtooverride.

Inadditiontotherealestateindustry,diversifieddevelopmentHengdain2015,thesamerapid,Hengdafootballindustryandthehealthindustryhaveachievedalistingin2015.Inaddition,HengdaculturaltourismalsohasdistributioninGuangdong,Chongqing,Tianjinandotherprovincesandcitiesnationwide.

3．HengdaGroupFinancialStatementAnalysis

Inordertobetterhorizontalanalysis,Iselectedafewsharesinlistedcompaniesinrealestate.Theyare:

R&FGroup,offshorerealestate,HengdaRealEstate.

（A）Long-termsolvency

（1）Asset-liabilityratio=totalliabilities/totalassets

Asset-liabilityratioindicateshowmuchofthecompany'stotalassetswasraisedthroughdebt,theindexisacomprehensiveindexevaluationcompanydebtlevels.Thefollowingcompaniesforthepastfiveyears,thebalanceratiochart:

Table1

Assetsandliabilities

2011年

2012年

2013年

2014年

2015年

HengdaGroup

97%

71.3%

79.6%

80.2%

86.1%

R&F

77%

72.8%

74.5%

74.4%

73.2%

COSCO

58%

61.1%

62.3%

66.5%

68.1%

Youcanseefromthechart,HengdaGroup'sgearingratioishigh,butyoucanseeintheassetsthanliabilitieslistedinthedecreasecanbeseenHengdaGrouphasdevelopedrapidly,itisworththeinvestment!

Let'sasset-liabilityratioofEvergrandehorizontalandverticalcomparison:

97%from11yearsto15years86.10%overalltendstoahealthystage,reducedby11percentagepoints.

ComparedwiththeR&FGroupandCOSCO,Hengdagearingratiodecreasedmore.

Summary:

Thecurrentinternationalgenerallybelieved,asset-liabilityratiomaintainedat60%better!

AscanbeseenfromFigureHengdatoasset-liabilityratiois,theneedtostrengthensolvency.

（2）theequityratio=Totalliabilities/shareholders'equity×100%

Equityratioreferstototalliabilitiesratioofowner'sequityaccount,reflectingtheowners'equitylevelofprotectionoftheinterestsofcreditors.Accordingtothesecompaniesreportresultsforeachcompanyfiveyearsequityratiochart:

Table2

Equityratio

2011年

2012年

2013年

2014年

2015年

HengdaGroup

3253%

245.23%

390.60%

406.18%

439.89%

R&F

329%

268.15%

292.25%

291.23%

273.61%

COSCO

137%

159.20%

165.96%

198.45%

210.10%

Ascanbeseenfromthetable,Hengdaequityratiohasbeendeclining,indicatingthattheincreaseinsolvency.However,comparedwithR&FGroupandCOSCO,stillmaintainsahighratio,solvencyneedstobestrengthenedinordertoreducetheriskofcreditors.

（B）Analysisofoperatingcapacity

（1）.Accountsreceivableturnoverratio（times）=Operatingincome/averageaccountsreceivablebalance

Accountsreceivableturnoverratioistheratioofnetincometotheaveragecreditperiodoftimebusinessaccountsreceivable,accountsreceivableturnoverratioisthecashflowratesupplement,heisameasureofabusinessaccountsreceivableturnoverrateandmanagementefficiency.Table3:

Table3

Accountsreceivableturnover（times）

2011年

2012年

2013年

2014年

2015年

HengdaGroup

113

128

76

45

11

R&F

6

7

11

11

8

COSCO

11

33

44

108

117

Fromabove,thisfigurecanbedrawnHengdaGroup'saccountsreceivableturnoverratio（times）in2011fromahighleveltoalowlevelin2015,wecanseethatthelowpaymentcapacityfromaccountsreceivable,veryeasytoproducebaddebtlosses.Haveahugeimpactontheflowoffunds,butalsotodecreaseshort-termsolvencyisnotconducivetobusinessactivities.

（2）Averagetotal,totalassetturnoverratio（times）=Operatingincome/assets

Totalassetturnoverstudyisanimportantindicatorofcorporateassetsonoperatingefficiency,firstlookatthefollowingchart。

Table4

Totalassetturnoverratio（times）=operatingincome/Averagetotalassets

2011年

2012年

2013年

2014年

2015年

HengdaGroup

0.148

0.126

0.091

0.438

0.217

R&F

0.273

0.279

0.274

0.318

0.315

COSCO

0.152

0.15

0.142

0.148

0.18

AscanbeseenfromTable4,HengdaGroup'stotalturnover（times）increasedsignificantly,indicatingthatHengdaGrouprevenueincreasedsteadily.

（c）Profitabilityanalysis

（1）Themainbusinessnetprofitmargin=netprofit÷mainbusinessincome×100%

Mainbusinessprofitrateisanimportantindicatorreflectingtheprofitabilityofthebusiness,thehighertheindex,indicatingtheabilityofenterprisestoobtainincomefromthemainbusinessprofitstronger.Theindicatorreflectsthemostbasicbusinessactivitiesofprofitability,notbigenoughOPEwillnotbeabletoformthefinalprofits.

Table5

2011年

2012年

2013年

2014年

2015年

HengdaGroup

61.9%

23.5%

21.9%

30.2%

31.9%

R&F

55.6%

35.2%

29.5%

36.8%

37.8%

COSCO

54.5%

38.4%

33.2%

30.8%

27.8%

AscanbeseenfromTable5,HengdaGroupin2011,thehighestprofitability,butfrom2012to2011,HengdaGroupprofitfell,butfrom2014to2015,themainbusinessprofitrate,butstillneedcostcontrolandexpensemanagement.

（2）Returnontotalassets=Netprofit/Averagetotalassets*100%

Totalassetsofallassetsprofitmarginindicatesthelevelobtainbenefits,fullyreflecttheprofitabilityandinput-outputstateofthebusiness.Throughin-depthanalysisoftheindicators,thepartiesfacecanenhanceenterpriseassetmanagementconcerns,encourageenterprisestoimprovethelevelofunitincomeassets.Thefollowingaresomeofthecompany'stotalassetsprofitmargin.

Table6

2011年

2012年

2013年

2014年

2015年

HengdaGroup

9.17%

2.97%

1.99%

13.21%

6.89%

R&F

15.10%

10%

8.09%

11.73%

12.13%

COSCO

8.30%

5.76%

4.71%

4.55%

5.01%

AscanbeseenfromTable6,from2011to2013,HengdaGroup'stotalassetsdecliningmargins,butfrom2013to2015asawholethatyourisetoanupwardtrend.

（3）.ROE=netprofit/averagenetassets*100%

ROEistheratioofnetincometoaveragenetassets,sheisameasureoftheoverallefficiencyofbasicindicatorsofinvestorcapitalanddynamiccapabilityCapitalofcapitaloperation.

Table7

2011年

2012年

2013年

2014年

2015年

HengdaGroup

9.17%

2.97%

1.99%

13.21%

6.89%

R&F

15.10%

10%

8.09%

11.73%

12.13%

COSCO

8.30%

5.76%

4.71%

4.55%

5.01%

ItcanbedrawnfromTable7:

HengdaGroupfrom11to15yearsROEatarelativelystablerate.Incontrast,R&FGroupROEbetter,indicatingstrongprofitabilityinHengdaGroup.ButcomparedtoHengdaGroupandCOSCO,fromtheendof12,ROEbetterwithCOSCO.

（4）Themainbusinesscostrate=mainbusinesscost/mainbusinessincome*100%

Mainbusinesscostratethisindicatoristhemainbusinesscostsasapercentageofthemainbusinessincome,thehighertheratio,themoreinstructionstheloweroperatin