CTRYF - Country Garden: On Track To Meet Sales Target Despite Lower-Tier Cities Exposure

• Country Garden's core net profit decreased by -8.6% YoY in 1H 2020, due to slow construction progress, costly land bank acquired in 2017 & 2018, and losses from new businesses.
• Country Garden is on target to achieve a +10% YoY contracted sales growth for FY 2020, but the company's relatively high exposure to lower-tier cities is a key risk factor.
• Country Garden trades at 3.7 times consensus forward FY 2021 P/E and 1.21 times P/B, and it offers a consensus forward FY 2021 dividend yield of 8.3%.

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