Poly Developments and Holdings Group Co Ltd Class A

600048: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Full-Year Results With Earnings in Line With Strong Margin, Despite Shortfall on Top Line

Phillip Zhong

Jan 13, 2020

Poly Developments and Holdings reported preliminary full-year 2019 results with revenue and earnings of CNY 236 billion and CNY 25.7 billion, respectively. The top line was 11% below our estimate, while attributable earnings were 2% below, on the account of an improved margin for the year. Compared with a year ago, the top line was up 21% year on year, while earnings were up 42%, unchanged from the pace seen during the third quarter. We maintain our fair value estimate of CNY 16, along with our no-moat rating for the company. The shares currently appear fairly valued.

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Poly Developments and Holdings Group Co Ltd Class A

Full-Year Results With Earnings in Line With Strong Margin, Despite Shortfall on Top Line

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