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GZUHY - Guangzhou R&F Properties: Cheap For Good Reasons
Guangzhou R & F Properties Co. Ltd ADR
Elevator Pitch
Hong Kong-listed Mainland China property conglomerate Guangzhou R&F Properties Co., Ltd. (GZUHY) (GZUHF) [2777:HK] currently trades at 3.0 times consensus forward FY2019 P/E which represents a significant discount to its historical five-year average forward P/E of approximately 4 times. This makes it one of the cheapest Chinese property developers I have come across.
However, Guangzhou R&F's cheapness is justified by its high net gearing of 219% as of end-June 2019, and weak contracted sales for the first nine months of 2019 representing only 58% of its full-year target. Also,