20150612-JEFFERIES-保利置业集团(0119):EMERGING_SIGNS_OF_RECOVERY,HOLD-317189

$保利置业集团(hk00119)$  
De-leverage of Poly HK should take place gradually with prudent land acquisitions this year.Shenzhen project launch would help to uplift the sales figure in June with a higher-than-expected ASP,thanks to a strong local market. We believe the company now is on track for recovery but growth visibility remains low with a destocking theme.Trading at 0.5x PB,future re-rating should come from the restructure with Poly A once there is a clear plan. Maintain Hold..
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*声明:文章为作者独立观点,不代表格隆汇立场

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