Poly Real Estate Delivered Higher Earnings, but Balance Sheet Stretched
Poly Real Estate Group achieved contract sales of CNY 309 billion in 2017, slightly ahead of its full-year target of CNY 300 billion. Preliminary full-year results showed lower-than-expected revenue, but core earnings were in line with our projection, owing to higher contributions from associates. As both earnings and contract sales were in line, we maintain our fair value estimate of CNY 12, along with our no-moat rating for the company.Full-year revenue was CNY 145 billion, 15% below our esti...
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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