房地产公司估值方法

1、20060013山匚-rnu 山 s 1<一D£J.snaN_01134 W7.1V4.301221.4614.571.871.55(>25711.M< >65.10/A ()29204-13650:20050930邃书品阳光品牌.稳定增长)5/12/16推动业兴业证券IMDinTIIIAL MCVfllTIKBGG() ()120042005 E2006 E95621.40104027.05112474.2123845.3033441.1737466.8510878.7012985.9114380.300.370.440.49RNAVi5. 10-5.612

2、0052006 EPS0.440.4911 9.88PE产上市公司的PE值接近RNAV PE125.28-5.3968419393-1043021renzhuang7263. com2006 01 16性较大沽参阅后山I毎页页脚的車耍说明兴业证繰IMOUST1UAL SECURITIES公司报告兴业证繰IMOUST1UAL SECURITIES公司报告兴业证繰IMOUST1UAL SECURITIES公司报告RNAVRNAVRNAV10%RNAVG,4. 595 615. 104.59- 5.615. 10 5.6119.8%5.8%1134.841413283852034.5%&51

3、%Rf3.5%( )1.056.0%9.8%2RNAV1北京阳光1.东 C174%地上0.75 力，地F 2 )200690001675014871370北京阳光上东C274%地上0.72万，地下15万20069000139801241114474%52006130003496552454834B3.5C3C474%7.85.80. 12007120005846087697495C6C774%5.54.20.082006120004290064355931C5C8 C974%23.715.81.2820072008130001700002550021610A74%7.2200815000799

4、20119889826100%1012620072200018803710133RNAV/ /预计15000110010721340052000115238934867212000109585410675600010934265325780728%4RNAV7101378072兴业证繰IMOUSTK1AL SECURITIES公司报)5. 10PERNAVPEPE200520060.440.492006 113PE119.88GPEPE05PE05PE06PEPEG30512 06 11505EPS06EPSNAVPS( 2005)05 PE06 PEPB0.450.

5、522.709.42& 101. 560.440.492.5711.009.881.88 |0.500.584.0711.569.971.420.700.953.0812. 128.962.760.340.411.9813.1610.862.250.480.573.9713.4811.261.630.360.423.3818.2415.521.920.650.845.9319.0514.702.080.480.802.2220.0212.074.380.520.803. 1020.0213.013.360.490.643.3014.8211.402.31以2006年1月13 II收盘价

6、计算WND兴业证繰IMOUST1UAL SECURITIES公司报告6EPS04PE05PEPBCheung Kong5.3511.2912.641.04SHK PPT4.3217.6314.731.22Henderson Land5.986.0912.820.99Hang Lung Ppt1.956.3111.601. 13Sino Land Co Ltd1.217.8612.841. 17Henderson Inv1.2411.2115.801.71New World Dev0.8612.7915.710.62China Resources0.7613.6114.592.01Kerry Prop1.6310. 1814.801. 15Tsim Sha Tsui1.98&011.79China Overseas0. 1717. 9716. 581. 93Hysan Dev0.586.8721.310.88Forte0.279.939.292.07Hopewell1.8610.7311.671.1Chinese Est H0.785.568. 120.851.9310.409.291.31|REUTERS5. 28-5. 3912RNAV PE5.28-5.39|5兴业证繰IMOUS