Ambitious Growth Target May Stretch Balance Sheet for Poly Real Estate
We initiate coverage of Poly Real Estate, or PRE, with no-moat and stable moat trend ratings, and a fair value estimate of CNY 12 per share. PRE is a large real estate developer in China, and it is affiliated with China Poly Group, a prominent central government-controlled state-owned enterprise, or SOE, with ties to the military. China Poly Group holds an aggregate controlling stake of 41% in PRE.For a real estate developer to achieve long-standing excess returns, a company must have access to...
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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