CTRGF - Country Garden Services: Still Too Expensive
Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed Mainland China property management services company Country Garden Services Holdings Company Limited (OTCPK:CTRGF) [6098:HK].
The coronavirus outbreak had a relatively limited impact on Country Garden Services' property services management business, but the company still suffered from increased operating expenses and a decline in value-added services revenue. The company's property management services business' revenue grew +68.8% YoY to RMB5,817 million in FY2019, and there is significant revenue visibility as reserved Gross Floor Area or GFA is 1.48 times its revenue-bearing GFA. There is also