Country Garden Expected to Post Wider Net Loss in 2023 -- Earnings Preview

Dow Jones03-27

By Kosaku Narioka

Country Garden Holdings is scheduled to report 2023 results on Thursday. Here is what you need to know:

NET LOSS FORECAST: Country Garden is expected to post a net loss of 44.80 billion yuan ($6.21 billion) for 2023, according to a poll of analysts by S&P Global Market Intelligence. That compares with a net loss of CNY6.05 billion in 2022.

REVENUE FORECAST: Revenue is estimated to have fallen 4.7% to CNY409.99 billion in 2023, according to the S&P Global Market Intelligence poll.

The stock has fallen 33% so far this year through Tuesday to HK$0.52, following a 14% drop in the October-December quarter.

WHAT TO WATCH:

--Country Garden has been seeking to restructure its offshore debt with investors after it missed a deadline to make an interest payment on a dollar bond in October. Investors are closely watching any progress in debt restructuring.

--The developer's contracted sales have been trending lower in recent months, falling to about CNY3.72 billion in February, or down 85% from a year earlier. Investors are focusing on any signs of a recovery in sales and any discussion on outlook by the company's management.

--Country Garden said in February that Ever Credit, a unit of Hong Kong-based Kingboard Holdings, had filed a liquidation petition to a Hong Kong court. The company said it would oppose the petition. It also said it would try to negotiate with the petitioner amicably, including making efforts to get the petition withdrawn. Investors are paying attention to any updates on the petition.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

March 27, 2024 02:08 ET (06:08 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Here is what you need to know: \n\n\n \n\n\n  NET LOSS FORECAST: Country Garden is expected to post a net ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"POST","symbol_name":"Post Holdings","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2422939838","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2422939838","pubTimestamp":1711519680,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Country Garden Holdings is scheduled to report 2023 results on Thursday. Here is what you need to know:. 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That compares with a net loss of CNY6.05 billion in 2022. \n\n\n \n\n\n  REVENUE FORECAST: Revenue is estimated to have fallen 4.7% to CNY409.99 billion in 2023, according to the S&P Global Market Intelligence poll. \n\n\n \n\n\n  The stock has fallen 33% so far this year through Tuesday to HK$0.52, following a 14% drop in the October-December quarter. \n\n\n \n\n\n  WHAT TO WATCH: \n\n\n  --Country Garden has been seeking to restructure its offshore debt with investors after it missed a deadline to make an interest payment on a dollar bond in October. Investors are closely watching any progress in debt restructuring. \n\n\n  --The developer's contracted sales have been trending lower in recent months, falling to about CNY3.72 billion in February, or down 85% from a year earlier. Investors are focusing on any signs of a recovery in sales and any discussion on outlook by the company's management. \n\n\n  --Country Garden said in February that Ever Credit, a unit of Hong Kong-based Kingboard Holdings, had filed a liquidation petition to a Hong Kong court. The company said it would oppose the petition. It also said it would try to negotiate with the petitioner amicably, including making efforts to get the petition withdrawn. 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