[ET Net News Agency, 4 December 2014] Barclays Research cut its target price for Poly
Property (00119) to HK$2.9 from HK$3.5, and maintained its "underweight".
The research house said Poly Property's high funding costs and low interest coverage do
not match its majority state-owned status. Its high exposure to trust financings also
suggests limited financial benefit from the recent rate cut.
Barclays prefers a balance between sales growth, profitability and cash position, but it
said Poly is likely to report slowing sales, contracting margins and rising gearing for
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