CTRYF - Country Garden Holdings: Exposure To Lower Tier Cities And Investment In Robotics Are Key Risks
Elevator Pitch
Hong Kong-listed Mainland China property developer Country Garden Holdings Company Limited (OTCPK:CTRYF) (OTCPK:CTRYY) [2007:HK] is trading at a discount to both its historical mean valuations and listed property developer peers.
The stock trades at 4.8 times consensus forward FY2019 P/E which represents a discount to its historical five-year average forward P/E of approximately 5.2 times. Country Garden's property developer peers trade at higher forward P/E ratio in the mid-to-high single digit compared to Country Garden, which is justified by their strong double-digit contracted sales growth in the first eight