Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed Mainland China property developer Times China Holdings Limited (TMPPF) [1233:HK].
Times China's FY2020 pre-sales guidance seems conservative implying only a +5% YoY growth, but a lot depends on how fast things can get back to normal in Mainland China in view of the current coronavirus outbreak. Also, Times China has considerable refinancing risks, with approximately 34.9% of the company's total debt maturing within the next twelve months, while financing cost is higher than peers at 7.5% for FY2019. As such, a "Neutral" rating