CNLLF - Central China Real Estate: Geographical Concentration Is A Double-Edged Sword
Elevator Pitch
I downgrade my rating on Hong Kong-listed Mainland China property developer Central China Real Estate Limited (OTC:CNLLF) [832:HK] from Bullish to Neutral.
This is an update of my initiation article on Central China Real Estate published on September 3, 2019. Central China Real Estate currently trades at 3.9 times consensus forward FY2020 P/E and 0.98 times trailing P/B, and it offers a consensus forward FY2020 dividend yield of 8.2%.
Central China Real Estate's contracted sales have recovered strongly from the coronavirus since March 2020, and are up +13.5% YoY at RMB29,375