CRBJY - China Resources Land Limited: Significant Earnings Visibility With Valuation Upside From Spin-Off
Elevator Pitch
Hong Kong-listed Mainland China property developer China Resources Land Limited (CRBJY) (CRBJF) [1109:HK] enjoys significant earnings visibility from yet-to-be recognized residential sales and recurring rental income, with further upside from spin-off of its property management services business.
China Resources Land trades at 8.4 times consensus forward FY2019 P/E, which is at a premium to its historical five-year average forward P/E of approximately 8 times. The stock is valued by the market at 1.4 times P/B, versus its historical five-year average P/B of approximately 1.2 times. China Resources Land offers