Elevator Pitch
Hong Kong-listed Mainland China property developer China Jinmao Holdings Group Ltd (FRSHY) [817:HK] currently trades at 7.2 times consensus forward FY2019 P/E at a similar level with its historical five-year average forward P/E of approximately 7 times. Also, the average forward P/E of Mainland China property developers I track is approximately 4-5 times. China Jinmao also offers a trailing 4.8% dividend and a forward FY2019 dividend yield of 5.5%.
China Jinmao's higher P/E relative to peers is justified by the company's progress with mixed-ownership reform, its niche land banking channel in