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Poly Developments and Holdings, recently renamed from Poly Real Estate Group, reported year-to-September revenue and earnings of CNY 95 billion and CNY 9.6 billion, respectively. The top line was up 26% year on year, while earnings were up 16%. This smaller growth in earnings was due to a bigger share of minority interest as the company undertook more joint ventures during the year to scale up its operation. Strong contract sales and joint venture structures have allowed the company to…

Poly Real Estate Group released updated first-half results which are largely unchanged from the preliminary results. Revenue and attributable earnings were CNY 60 billion and CNY 6.5 billion, respectively. The top line was up 9% and core earnings were up 15%, compared with the same period a year ago. The stronger growth in earnings was attributed to improved gross margin. We estimate full-year earnings per share of CNY 1.58 and CNY 1.92 for 2018 and 2019, respectively. The share price has pulled…

Poly Real Estate Group reported preliminary first-half results with revenue and attributable earnings of CNY 60 billion and CNY 6.4 billion, respectively. The top line was up 10% compared with the same period a year ago, and earnings were up 15%. This stronger growth in earnings was attributed to a better gross margin on certain projects and higher investment incomes. Both achieved operating margin and net margin slightly higher than our projection. We estimate full-year earnings per share of…

Poly Real Estate Group reported first-quarter revenue and earnings of CNY 20 billion and CNY 1.9 billion, respectively. While the top line was up 12% compared with the same period a year ago, earnings were flat. This lack of earnings growth was attributed to higher financing costs as well as bigger share of minority interest. Net gearing rose further to above 100%, compared with 93% at year-end 2017. While the results are somewhat weak, the proportion to full-year contribution is small at less…

China

Poly Real Estate Group Co., Ltd. mainly develops and sells residential homes. The company is also in the business of leasing and rental of real estates, and property management.

Poly Real Estate Group Co., Ltd (600048 CH)

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