Chiwayland: (S$0.112) 2Q16 sinks into a loss; turnaround in 4Q16?
- Slumped into a 2Q16 net loss of Rmb35m
- Revenue plunged 47% to Rmb3987.7m as it suffered a double whammy of both lower sales volume and average selling price
- Its recent acquisition spree in US, Europe, and Australia as well as the financing demand of new projects have elevated its net gearing to 2.5x
- Looking ahead, development profits are expected to come from its higher end Suzhou projects; management envisages a return to profitability by 4Q16.
- Chiwayland is trading at a substantial discount of 0.2x P/B
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