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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Poly Developments' Interim Results Show Slower-Than-Expected Booking but Higher Margin

Phillip Zhong

Jul 23, 2020

Poly Developments and Holdings Group reported preliminary first-half results with revenue and attributable earnings of CNY 73.7 billion and CNY 9.8 billion, respectively. The top line was up 3.6% compared with the same period a year ago, and earnings were up 1.7%. Both achieved operating margin and net margin slightly higher than our projection, though top line only accounted for a quarter of the full year projection. We maintain our fair value estimate of CNY 16, along with our no-moat rating for the company.

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Poly Developments and Holdings Group Co Ltd Class A

Poly Developments' Interim Results Show Slower-Than-Expected Booking but Higher Margin

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