Report
EUR 88.49
For Business Accounts Only
POLY is still reliant on its parent company, Poly Developer and Holdings (PDH). As of 1H FY2019, it derived about 80% of revenue from PDH but this is lower compared to a year ago which was just under 90% in FY2018, implying efforts to diversify revenue.
Based on our peer comparison of operating metrics, we think that should be valued close COPH due to their similarity in size, fees, and having an SOE developer support, which implies a valuation of mid 20x FY2020E P/E.
Beyond that, sentiment of Hong Kong-listed China property management services has been good as evidenced from a 1x gain in share price over the past one year.
Poly Property Development (ä¿åˆ©ç‰©ä¸š å‘展) Pre-IPO - Updates from PHIP and thoughts on valuation
Poly Property Development (POLY HK) is an SOE-owned property management service provider operating in China. Updated financials from new filing shows that the company has sustained its growth going into 2019 with margins being largely stable.POLY is still reliant on its parent company, Poly Developer and Holdings (PDH). As of 1H FY2019, it derived about 80% of revenue from PDH but this is lower compared to a year ago which was just under 90% in FY2018, implying efforts to diversify revenue.
Based on our peer comparison of operating metrics, we think that should be valued close COPH due to their similarity in size, fees, and having an SOE developer support, which implies a valuation of mid 20x FY2020E P/E.
Beyond that, sentiment of Hong Kong-listed China property management services has been good as evidenced from a 1x gain in share price over the past one year.
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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