Announcement • Apr 20
Poly Developments and Holdings Group Co., Ltd., Annual General Meeting, May 12, 2026 Poly Developments and Holdings Group Co., Ltd., Annual General Meeting, May 12, 2026, at 14:30 China Standard Time. Location: No. 832, Yuejiang Middle Road, Haizhu District, Guangzhou, Guangdong China Reported Earnings • Apr 19
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.09 (down from CN¥0.42 in FY 2024). Revenue: CN¥308.1b (down 1.1% from FY 2024). Net income: CN¥1.03b (down 79% from FY 2024). Profit margin: 0.3% (down from 1.6% in FY 2024). Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) missed analyst estimates by 66%. Revenue is forecast to decline by 10% p.a. on average during the next 2 years, while revenues in the Real Estate industry in China are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Mar 30
Poly Developments and Holdings Group Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Poly Developments and Holdings Group Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Announcement • Dec 26
Poly Developments and Holdings Group Co., Ltd. to Report Fiscal Year 2025 Results on Apr 21, 2026 Poly Developments and Holdings Group Co., Ltd. announced that they will report fiscal year 2025 results on Apr 21, 2026 Board Change • Dec 12
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Zheng Zhang was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 22
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: CN¥0.062 loss per share (down from CN¥0.034 profit in 3Q 2024). Revenue: CN¥56.9b (up 31% from 3Q 2024). Net loss: CN¥782.2m (down 299% from profit in 3Q 2024). Revenue missed analyst estimates by 12%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to fall by 3.7% p.a. on average during the next 3 years compared to a 1.7% decline forecast for the Real Estate industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Poly Developments and Holdings Group Co., Ltd. to Report Q3, 2025 Results on Oct 22, 2025 Poly Developments and Holdings Group Co., Ltd. announced that they will report Q3, 2025 results on Oct 22, 2025 Price Target Changed • Aug 31
Price target decreased by 8.5% to CN¥9.05 Down from CN¥9.89, the current price target is an average from 9 analysts. New target price is 14% above last closing price of CN¥7.96. Stock is down 2.0% over the past year. The company is forecast to post earnings per share of CN¥0.39 for next year compared to CN¥0.42 last year. Reported Earnings • Aug 27
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: CN¥0.067 (down from CN¥0.42 in 2Q 2024). Revenue: CN¥62.6b (down 30% from 2Q 2024). Net income: CN¥760.0m (down 85% from 2Q 2024). Profit margin: 1.2% (down from 5.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is expected to fall by 2.0% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Real Estate industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 21
Price target decreased by 11% to CN¥8.90 Down from CN¥10.03, the current price target is an average from 7 analysts. New target price is 11% above last closing price of CN¥8.05. Stock is down 12% over the past year. The company is forecast to post earnings per share of CN¥0.45 for next year compared to CN¥0.42 last year. Announcement • Jun 30
Poly Developments and Holdings Group Co., Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Poly Developments and Holdings Group Co., Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 24% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CN¥0.61 to CN¥0.467 per share. Revenue forecast steady at CN¥287.9b. Net income forecast to grow 27% next year vs 32% growth forecast for Real Estate industry in China. Consensus price target up from CN¥10.03 to CN¥10.23. Share price was steady at CN¥8.17 over the past week. Announcement • May 19
Poly Developments and Holdings Group Co., Ltd., Annual General Meeting, Jun 09, 2025 Poly Developments and Holdings Group Co., Ltd., Annual General Meeting, Jun 09, 2025, at 14:30 China Standard Time. Location: No. 832, Yuejiang Middle Road, Haizhu District, Guangzhou, Guangdong China Major Estimate Revision • May 05
Consensus EPS estimates fall by 43%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from CN¥279.6b to CN¥285.1b. EPS estimate fell from CN¥0.801 to CN¥0.454 per share. Net income forecast to grow 31% next year vs 29% growth forecast for Real Estate industry in China. Consensus price target broadly unchanged at CN¥10.03. Share price was steady at CN¥8.37 over the past week. New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.0% net profit margin). Reported Earnings • Apr 30
Third quarter 2024 earnings released: EPS: CN¥0.034 (vs CN¥0.089 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.034 (down from CN¥0.089 in 3Q 2023). Revenue: CN¥43.5b (down 22% from 3Q 2023). Net income: CN¥392.7m (down 63% from 3Q 2023). Profit margin: 0.9% (down from 1.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 8.3% p.a. on average during the next 4 years compared to a 1.1% decline forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
Poly Developments and Holdings Group Co., Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Poly Developments and Holdings Group Co., Ltd. announced that they will report Q1, 2025 results on Apr 29, 2025 Announcement • Dec 27
Poly Developments and Holdings Group Co., Ltd. to Report Fiscal Year 2024 Results on Apr 29, 2025 Poly Developments and Holdings Group Co., Ltd. announced that they will report fiscal year 2024 results on Apr 29, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CN¥0.034 (down from CN¥0.089 in 3Q 2023). Revenue: CN¥43.5b (down 22% from 3Q 2023). Net income: CN¥392.7m (down 63% from 3Q 2023). Profit margin: 0.9% (down from 1.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 45%. Earnings per share (EPS) also missed analyst estimates by 81%. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Real Estate industry in China are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥11.39, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Real Estate industry in China. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥17.95 per share. Price Target Changed • Oct 09
Price target increased by 12% to CN¥10.35 Up from CN¥9.27, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of CN¥9.89. Stock is down 20% over the past year. The company is forecast to post earnings per share of CN¥0.95 for next year compared to CN¥1.01 last year. New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Announcement • Sep 30
Poly Developments and Holdings Group Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Poly Developments and Holdings Group Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥9.12, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Real Estate industry in China. Total loss to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥17.95 per share. Reported Earnings • Aug 22
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: CN¥0.42 (down from CN¥0.78 in 2Q 2023). Revenue: CN¥89.5b (down 7.8% from 2Q 2023). Net income: CN¥5.20b (down 45% from 2Q 2023). Profit margin: 5.8% (down from 9.8% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 65%. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Real Estate industry in China are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 21
Price target decreased by 7.1% to CN¥10.18 Down from CN¥10.95, the current price target is an average from 11 analysts. New target price is 29% above last closing price of CN¥7.87. Stock is down 43% over the past year. The company is forecast to post earnings per share of CN¥1.01 for next year compared to CN¥1.01 last year. Price Target Changed • Jul 09
Price target decreased by 7.6% to CN¥11.09 Down from CN¥12.00, the current price target is an average from 11 analysts. New target price is 30% above last closing price of CN¥8.56. Stock is down 33% over the past year. The company is forecast to post earnings per share of CN¥1.06 for next year compared to CN¥1.01 last year. Announcement • Jun 28
Poly Developments and Holdings Group Co., Ltd. to Report First Half, 2024 Results on Aug 20, 2024 Poly Developments and Holdings Group Co., Ltd. announced that they will report first half, 2024 results on Aug 20, 2024 Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥11.20, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Real Estate industry in China. Total loss to shareholders of 3.8% over the past three years. Reported Earnings • Apr 24
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: CN¥1.01 (down from CN¥1.53 in FY 2022). Revenue: CN¥346.9b (up 23% from FY 2022). Net income: CN¥12.1b (down 34% from FY 2022). Profit margin: 3.5% (down from 6.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Real Estate industry in China are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 17% per year. Announcement • Mar 29
Poly Developments and Holdings Group Co., Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Poly Developments and Holdings Group Co., Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Price Target Changed • Jan 22
Price target decreased by 11% to CN¥14.27 Down from CN¥16.10, the current price target is an average from 12 analysts. New target price is 64% above last closing price of CN¥8.72. Stock is down 45% over the past year. The company is forecast to post earnings per share of CN¥1.03 for next year compared to CN¥1.01 last year. Buy Or Sell Opportunity • Jan 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to CN¥8.72. The fair value is estimated to be CN¥10.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to decline by 2.6% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Reported Earnings • Jan 20
Full year 2023 earnings released: EPS: CN¥1.01 (vs CN¥1.53 in FY 2022) Full year 2023 results: EPS: CN¥1.01 (down from CN¥1.53 in FY 2022). Revenue: CN¥347.1b (up 24% from FY 2022). Net income: CN¥12.0b (down 34% from FY 2022). Profit margin: 3.5% (down from 6.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 7.6% growth forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Dec 30
Poly Developments and Holdings Group Co., Ltd. to Report Fiscal Year 2023 Results on Apr 30, 2024 Poly Developments and Holdings Group Co., Ltd. announced that they will report fiscal year 2023 results on Apr 30, 2024 Price Target Changed • Dec 27
Price target decreased by 7.5% to CN¥16.64 Down from CN¥17.99, the current price target is an average from 12 analysts. New target price is 75% above last closing price of CN¥9.49. Stock is down 38% over the past year. The company is forecast to post earnings per share of CN¥1.64 for next year compared to CN¥1.53 last year. Announcement • Dec 13
Poly Developments and Holdings Group Co., Ltd. (SHSE:600048) announces an Equity Buyback for CNY 2,000 million worth of its shares. Poly Developments and Holdings Group Co., Ltd. (SHSE:600048) announces a share repurchase program. Under the program, the company will repurchase up to CNY 2,000 million worth of class A shares. The shares will be repurchased at a price of not more than CNY 15.19 per share. The purpose of the program is to maintain the Company’s value and shareholders rights. The program will be valid till 3 months. Reported Earnings • Oct 31
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CN¥0.089 (down from CN¥0.19 in 3Q 2022). Revenue: CN¥55.5b (up 22% from 3Q 2022). Net income: CN¥1.07b (down 53% from 3Q 2022). Profit margin: 1.9% (down from 5.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 74%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Aug 31
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: CN¥0.78 (up from CN¥0.69 in 2Q 2022). Revenue: CN¥97.1b (up 26% from 2Q 2022). Net income: CN¥9.50b (up 14% from 2Q 2022). Profit margin: 9.8% (in line with 2Q 2022). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 4.1%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 08
Second quarter 2023 earnings released: EPS: CN¥0.76 (vs CN¥0.69 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.76 (up from CN¥0.69 in 2Q 2022). Revenue: CN¥98.4b (up 28% from 2Q 2022). Net income: CN¥9.28b (up 12% from 2Q 2022). Profit margin: 9.4% (down from 11% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 10% per year. Announcement • Jun 28
Poly Developments and Holdings Group Co., Ltd. to Report First Half, 2023 Results on Aug 31, 2023 Poly Developments and Holdings Group Co., Ltd. announced that they will report first half, 2023 results on Aug 31, 2023 Reported Earnings • Apr 27
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: CN¥0.23 (up from CN¥0.21 in 1Q 2022). Revenue: CN¥40.0b (up 19% from 1Q 2022). Net income: CN¥2.72b (up 7.5% from 1Q 2022). Profit margin: 6.8% (down from 7.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 30%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥314.7b to CN¥303.8b. EPS estimate also fell from CN¥2.18 per share to CN¥1.92 per share. Net income forecast to grow 23% next year vs 27% growth forecast for Real Estate industry in China. Consensus price target down from CN¥20.10 to CN¥19.69. Share price rose 6.9% to CN¥15.11 over the past week. Reported Earnings • Jan 08
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥1.53 (down from CN¥2.29 in FY 2021). Revenue: CN¥281.1b (down 1.3% from FY 2021). Net income: CN¥18.3b (down 33% from FY 2021). Profit margin: 6.5% (down from 9.6% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 91%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Dec 31
Poly Developments and Holdings Group Co., Ltd. announced that it expects to receive CNY 12.5 billion in funding Poly Developments and Holdings Group Co., Ltd. announced a private placement of common shares for gross proceeds of up to CNY 12,500,000,000 on December 30, 2022. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Li Fei was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 30
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥0.19 (down from CN¥0.27 in 3Q 2021). Revenue: CN¥45.7b (down 5.7% from 3Q 2021). Net income: CN¥2.27b (down 31% from 3Q 2021). Profit margin: 5.0% (down from 6.8% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 25%. Earnings per share (EPS) also missed analyst estimates by 63%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Aug 31
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: CN¥0.70 (up from CN¥0.65 in 2Q 2021). Revenue: CN¥77.3b (up 19% from 2Q 2021). Net income: CN¥8.19b (up 5.0% from 2Q 2021). Profit margin: 11% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 6.6%, compared to a 22% growth forecast for the Real Estate industry in China. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Jul 17
Second quarter 2022 earnings released: EPS: CN¥0.68 (vs CN¥0.65 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.68 (up from CN¥0.65 in 2Q 2021). Revenue: CN¥77.3b (up 19% from 2Q 2021). Net income: CN¥8.19b (up 5.0% from 2Q 2021). Profit margin: 11% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.0%, compared to a 15% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.21 (vs CN¥0.21 in 1Q 2021). Revenue: CN¥33.6b (up 34% from 1Q 2021). Net income: CN¥2.53b (up 1.2% from 1Q 2021). Profit margin: 7.5% (down from 10.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 39%. Earnings per share (EPS) also missed analyst estimates by 50%. Over the next year, revenue is forecast to grow 11%, compared to a 20% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Price Target Changed • Apr 27
Price target increased to CN¥21.02 Up from CN¥19.61, the current price target is an average from 17 analysts. New target price is 25% above last closing price of CN¥16.78. Stock is up 19% over the past year. The company is forecast to post earnings per share of CN¥2.41 for next year compared to CN¥2.29 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Li Fei was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 19
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CN¥2.29 (down from CN¥2.42 in FY 2020). Revenue: CN¥285.0b (up 17% from FY 2020). Net income: CN¥27.4b (down 5.4% from FY 2020). Profit margin: 9.6% (down from 12% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.9%. Over the next year, revenue is forecast to grow 11%, compared to a 14% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥17.22, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Real Estate industry in China. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥20.04 per share. Buying Opportunity • Mar 15
Now 27% undervalued Over the last 90 days, the stock is up 3.1%. The fair value is estimated to be CN¥20.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% per annum over the last 3 years. Earnings per share has grown by 12% per annum over the last 3 years. Buying Opportunity • Feb 24
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be CN¥20.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% per annum over the last 3 years. Earnings per share has grown by 12% per annum over the last 3 years. Price Target Changed • Feb 09
Price target increased to CN¥19.46 Up from CN¥18.08, the current price target is an average from 16 analysts. New target price is 25% above last closing price of CN¥15.59. Stock is up 13% over the past year. The company is forecast to post earnings per share of CN¥2.45 for next year compared to CN¥2.30 last year. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥14.49, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Real Estate industry in China. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥8.88 per share. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥13.15, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Real Estate industry in China. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥8.33 per share. Reported Earnings • Aug 24
Second quarter 2021 earnings released: EPS CN¥0.65 (vs CN¥0.65 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: CN¥64.9b (up 30% from 2Q 2020). Net income: CN¥7.80b (flat on 2Q 2020). Profit margin: 12% (down from 16% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥11.62, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Real Estate industry in China. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥8.43 per share. Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS CN¥0.65 (vs CN¥0.65 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: CN¥65.0b (up 31% from 2Q 2020). Net income: CN¥7.80b (flat on 2Q 2020). Profit margin: 12% (down from 16% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 20
Full year 2020 earnings released: EPS CN¥2.42 (vs CN¥2.35 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥243.2b (up 3.1% from FY 2019). Net income: CN¥28.9b (up 3.5% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Jan 25
Analysts lower revenue estimates to CN¥298.0b The 2021 consensus revenue estimate decreased from CN¥340.5b. Earning per share (EPS) estimate was also lowered from CN¥3.14 to CN¥2.78 for the same period. Net income is expected to grow by 16% next year compared to 34% growth forecast for the Real Estate industry in China. The consensus price target was lowered from CN¥20.41 to CN¥20.32. Share price is down by 8.3% to CN¥14.63 over the past week. Analyst Estimate Surprise Post Earnings • Jan 23
Revenue and earnings miss expectations Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 22%, compared to a 34% growth forecast for the Real Estate industry in China. Is New 90 Day High Low • Jan 22
New 90-day low: CN¥14.83 The company is down 10.0% from its price of CN¥16.40 on 23 October 2020. The Chinese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥9.71 per share. Reported Earnings • Jan 20
Full year 2020 earnings released: EPS CN¥2.42 The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥245.3b (up 3.9% from FY 2019). Net income: CN¥28.9b (up 3.4% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 04
New 90-day low: CN¥15.29 The company is down 4.0% from its price of CN¥15.89 on 30 September 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥9.76 per share. Is New 90 Day High Low • Nov 28
New 90-day high: CN¥17.40 The company is up 6.0% from its price of CN¥16.47 on 28 August 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥8.00 per share. Is New 90 Day High Low • Oct 30
New 90-day low: CN¥15.36 The company is down 2.0% from its price of CN¥15.60 on 31 July 2020. The Chinese market is also down 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Real Estate industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥8.18 per share. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue and earnings miss expectations Third-quarter revenue missed analyst estimates by 24% at CN¥43.7b. Earnings per share (EPS) also missed analyst estimates by 53% at CN¥0.26. Revenue is forecast to grow 35% over the next year, compared to a 36% growth forecast for the Real Estate industry in China. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥28.3b, up 27% from the prior year. Total revenue was CN¥241.6b over the last 12 months, up 14% from the prior year. Announcement • Oct 18
Poly Developments and Holdings, as Landlord Enters into the Property Leasing Agreement with Poly Business Commercial Property, as Lessee On 16 October 2020, Poly Business Commercial Property, a wholly-owned subsidiary of the Company, as lessee, entered into the Property Leasing Agreement with Poly Developments and Holdings, as landlord, for a lease term from 16 October 2020 to 31 December 2021. Lease term is From 16 October 2020 to 31 December 2021. Subject matter: Poly Developments and Holdings agreed to lease the Subject Properties it owned to Poly Business Commercial Property for business management on an as-is basis. Rental expense: The rent payable under the Property Leasing Agreement will be paid in the form of "guaranteed rent + shared rent". Poly Business Commercial Property is required to pay the guaranteed rent in full during the lease term as follows: From 16 October 2020 to 31 December 2020: approximately RMB 36.56 million. From 1 January 2021 to 31 December 2021: approximately RMB 184.50 million. The excess of the actual operating income from the Subject Properties over the amount of guaranteed rent during the lease term will be shared between both parties at ratios of 50% and 50%. The amount of the guaranteed rent and the sharing ratio under the Property Leasing Agreement have been arrived after arm's length negotiations between the parties and have been determined with reference to, among other things, factors such as the actual rental income in the past and the terms of existing leasing contracts. The rent under the Property Leasing Agreement is expected to be financed by internal resources in the ordinary and usual course of business of the Group. Payment arrangement: Poly Business Commercial Property shall pay the rent to Poly Developments and Holdings on a monthly basis by the 25th day of each month, calculated 90% of the guaranteed rent for each calendar year during the lease term. The actual rent is settled on a calendar year basis. Poly Business Commercial Property shall complete the audit by 25 December of each year, and both parties will settle the actual amount upon confirmation by Poly Developments and Holdings. Terms relating to: As Poly Developments and Holdings and its associates subleasing to have reserved certain properties in the Subject Properties connected persons and will rent properties in the Subject Properties for their own use, Poly Business Commercial Property will become the lessor of such reserved and newly rented properties upon signing the Property Leasing Agreement. The Subleasing Transactions between Poly Business Commercial Property and Poly Developments and Holdings and its associates will constitute connected transactions. According to the Property Leasing Agreement, the pricing principles for the Subleasing Transactions between Poly Business Commercial Property and Poly Developments and Holdings and its associates are: (i) For the existing leasing contracts, the existing rent shall be kept for the remaining lease term without modification. (ii) For the new leasing contracts, the amount of rent shall be in line with the market pricing principle with reference to factors such as the market rents of relevant properties and the market rents of comparable properties, in an amount of no less than the price at which Poly Business Commercial Property leases comparable properties to independent third parties. The contracts shall be carried out on normal commercial terms. The aggregate amount of subleasing income from subleasing to connected persons during the lease term is estimated not to exceed RMB 83 million. Announcement • Jul 09
Poly Developments and Holdings Group Co., Ltd. to Report First Half, 2020 Results on Aug 25, 2020 Poly Developments and Holdings Group Co., Ltd. announced that they will report first half, 2020 results on Aug 25, 2020 
