花旗：越秀注资旗下房托，达双嬴局面，维持买入评级 citigroup：Under "room of yuexiu capital injection，Win-win situation of，Maintain buy rating

　　花旗集团发表研究报告指,越秀地产(00123)向旗下越秀房托(00405)注入广州国金中心,将会形成双嬴局面,维持越秀地产?买入?投资评级,目标价2﹒7元?

Citigroup to published the study,Yuexiu real estate(00123)Its yuexiu room to hold(00405)Guangzhou countries into the gold center,Will develop a win-win situation,Maintain yuexiu real estate?buy?Investment rating,Target price condemned by 2 $7?

　　报告指,越秀地产早前已投资达81亿元(人民币.下同)在广州IFC项目,但于去年才开始正式营运,注入资产可提升短期回报,录得确认收益5亿元至7亿元;流动性改善,现金水平提升40亿元,并同时将银行贷款降减少45亿元,交易完成后的负债比率将降至约40%;管理层指出,交易完成后,将会加快其新购入,总值54亿元土储的发展步伐?

The report refers to,Yuexiu real estate earlier has a total investment of 8.1 billion yuan(RMB. Same)IFC project in guangzhou,But in the last year that began in full operation,Injection can promote short-term assets returns,Confirm gains recorded 500 million yuan to 700 million yuan;Liquidity improve,Cash level 4 billion yuan,And at the same time will bank loans drop reduced 4.5 billion yuan,After the completion of the trading of debt ratio will drop to about 40%;Management points out that,Transaction is completed,Will speed up its new purchases,Total value is RMB 5.4 billion yuan the pace of development of soil reservoir?

　　该行估计,由于其继续控股越秀房托,注资将有助提升其资产净值11.8%,即约每股0﹒52港元?

The bank estimates that,Because of its continue to holding yuexiu's room,Capital injection will help us to improve its net assets of 11.8%,That's about a condemned by 0 hk $52?

　　不过,对越秀房托而言,由于广州IFC仍处于稳定期,虽然越秀地产至2016年之前,仍会为项目营运提供现金支持,但基金单住持有人而言,项目或存在不确定性,与基金单位持有人寻求稳定投资的目的相违背?

but,"To yuexiu room for people,Because guangzhou IFC still in stable,Although yuexiu real estate to 2016 years ago,Will still provide support for project operating cash,But fund for single the abbot someone,Project or uncertain,And fund unit for the purpose of the holder of the stable investment against?