Poly's Full-Year Preliminary Results Slightly Below Estimate; Net Gearing Should Remain Steady
Poly Developments and Holdings reported preliminary full-year 2018 results with revenue and earnings of CNY 194 billion and CNY 18.1 billion, respectively. The top line is 2% below while earnings are 3% below our estimate. Compared with a year ago, the top line was up 32% year on year, while earnings were up 17%, unchanged from the trend seen during the third quarter. The lower growth in earnings was probably due to a bigger share of minority interest as the company undertook more joint ventures...Poly Real Estate Group is engaged in the real estate development; leasing of Co.'s developed commodity housing; the design of housing engineering; old building relocation; road and earthwork construction; interior renovation; the installation of air-conditioning project and management; property and hotel management; and trading of wholesale and retail. Through its subsidiaries, Co. is also engaged in the community intellectualization of integrated system engineering; club management; construction supervision; the provision of commercial consultation services; field management; and the sale and agent of real estate.
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