Country Garden Strong Contract Sales Benefiting From Spill-Over Demand
We increase Country Garden’s fair value estimate to HKD 12 per share from HKD 9, accounting for stronger-than-expected contract sales year to date. We maintain the company’s no-moat and stable moat trend ratings. Year to November, the company achieved contract sales of CNY 534 billion, exceeding its full-year target of CNY 500 billion. Total sales were up 85% over the same period a year ago, attributed to 73% growth in gross floor area sold and 12% increase in average selling price. Our contract...Country Garden Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the property development, construction, fitting and decoration, property management and hotel operation. Co. provides a range of products including residential projects such as townhouses, condos, as well as car-parks and retail shops. Co. also develops and manages hotels within some of its projects, and operates independent hotels. As of Dec 31 2014, excluding Guangdong province, Co. had property development operations in a number of selected locations in 23 provinces/ municipalities/autonomous regions in China.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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