信达国际控股5月8日发布公告。While we understand that investors are concerned about the high gearing (net gearing at 135% as of end FY18), we expect net gearing ratio would peak in 1H19 and improve afterward given i) lower CAPEX (~RMB1bn and ~RMB600mn in FY19E and FY20E versus RMB4.4bn in total during FY17-18), ii) contribution from Shanghai and Sanya projects, and iii) more focus on asset light projects in the future, such as consultancy services, brand licensing and mini indoor park in shopping malls. New target price at HK$2.10, which translate to 8.5X FY20E EV/EBITDA, 10% discount to international peers.
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