| Real estate enterprise operation is currently concerned by many investors. The annual report is stakeholder to analyze the operation, which is the most direct and important way. This paper is chosen the middle level of listed real estate enterprises, COFCO Property of State-Owned as the research object, which use variety financial analysis tools and methods, estimate its current operation and forecast future.Firstly this paper introduces the status of the entire real estate industry as well as its research purpose and method, and then is the historical development of COFCO Property which is for the following financial analysis.Secondly, it is respectively evaluated three main tables of COFCO Property from three dimensions, which namely the longitudinal historical comparison, transverse comparison and vertical structure. And then use trend analysis, structure analysis and benchmarking to analyze comprehensively the profitability, solvency, operation capability, cash flow quality and growth ability of COFCO Property. Meanwhile, it also use the present most popular performance evaluation indicators, namely EVA and Financial Strategy Matrix to figure up COFCO Property operation performance, to determine its ability to create value for shareholders. It is found that under the condition of the overall market weakness, COFCO Property EVA is negative, the invested capital returns is lower than the cost, financial leverage is increased yearly, the business performance is not ideal, however, as a whole it is under control. When comes into 2014, the financial condition and operation will be improved significantly. And if it can carry out the product adjustment strategy, optimize asset structure, develop the brand influence, improve product quality, increase the land reserves and the financing channels, plus its state-owned background, the future development of COFCO Property is still worth to looking forward. |
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