Regulators and REITs managers intensively remind REITs of the risk of high premium rate. Regulators and REITs managers take a series of measures such as suspension of trading, disclosure of trading risk warning announcements, etc. while doing a good job of market risk warning, they stabilize the price of REITs and guide rational investment through relevant means. In our report “REITs has entered the third stage” on February 13, we suggested that REITs has entered the stage of trading capital inflow and substantial increase in volatility. At the same time, with the sharp rise of premium rate, small restrictions on circulation and significant reduction in the cost performance of institutional capital, it is suggested to pay attention to the strategic placement and subscription opportunities at the primary issuing end, After the market returns to rationality, there will be opportunities for high-quality scarce targets and opportunities for institutional funds to enter after market expansion. On March 5, Huaxia China Communications Construction Company Limited(601800) reits received feedback from the exchange.
REITs market rebounded at the bottom after falling this week, led by industrial park REITs. This week (2022.2.282022.3.4), the REITs index rose, among which the REITs index rose (0.17%) to close at 139.21 points, the management rights REITs index fell (- 2.33%) to close at 134.12 points, and the property rights REITs index rose (2.25%) to close at 143.45 points. The average increase this week was 0.35%, led by REIT (3.89%) in Zhangjiang Everbright Park, Hua’an. Relative to the issue price, the average increase is 39.21%, of which, the first water REIT (74.23%), the red earth innovation Shenzhen Yan Tian Port Holdings Co.Ltd(000088) storage logistics REIT (59.52%) and the Jianxin Beijing Centergate Technologies (Holding) Co.Ltd(000931) Industrial Park REIT (58.31%) are the top three of the price increase.
The transaction activity of REITs was flat this week, and the transaction amount decreased slightly. The average turnover rate of 11 public offering REITs this week was 3.08%, with an average turnover of 373 million yuan and a turnover of 73 million copies; Last week, the average turnover was RMB 309.2 billion, with an average turnover of 3.06 billion. The weekly turnover of 11 public offering REITs was 1.863 billion yuan, with a turnover of 367 million copies, a month on month change of – 4.90% and 0.55% compared with the previous week, corresponding to the historical quantile levels since listing of 17.14% and 11.43% respectively; The weekly turnover rate was 3.16%, corresponding to the historical quantile level since listing of 8.57%.
This week, the REITs of the park’s infrastructure was actively traded. This week, the largest turnover of REITs in the park infrastructure reached 805 million yuan, up 1.65% from the previous week. The turnover of REITs in ecological and environmental protection, park infrastructure, transportation infrastructure and warehousing and logistics this week were 366, 805, 309 and 381 million yuan respectively, down – 6.27%, 1.65%, – 10.67% and – 11.16% from the previous week. The average daily turnover rates in the range were 5.09%, 3.42% and 1.71% and 2.8%. Since its issuance, the cumulative transaction amount of public offering REITs of park infrastructure, ecological environmental protection, transportation infrastructure and warehousing and logistics reached RMB 11.891 billion, 5.86 billion, 9.33 billion and 8.881 billion respectively, and the cumulative transaction volume was 3.258 billion, 778 million, 835 million and 2.19 billion respectively.
This week, the REITs valuation of ecological environmental protection and warehousing logistics is high, while the valuations of Zhejiang merchants, Shanghai, Hangzhou and Ningbo and Guangzhou Guanghe are relatively low. Compared with the ABS valuation of CSI, as of March 5, 2022, Zheshang Securities Co.Ltd(601878) Shanghai Hangzhou Ningbo Expressway REIT (REITs valuation 10.07 / ABS valuation 9.45) and Ping An Guangzhou Jiaotou Guanghe Expressway REIT (REITs valuation 13.20 / ABS valuation 14.40) were relatively low.
Risk warning: the future operation of REITs basic assets project is uncertain; The future cash flow calculated in the prospectus may not accurately reflect the actual situation; The progress of raising and issuing was less than expected.
