Sunland reported softer FY19 results on the back of headwinds in the property market and a subdued residential housing market.
Sunland Group Ltd (Sunland, Group) reported results for the financial year ended 30 June 2019. Sunland managed to navigate a subdued property market stemming from restrictive prudential policies and fallout from the Royal Commission. Consequently, results were softer than FY18 with the Group reporting lower revenue, EBITDA and NPAT. However, the Group managed to control costs leading to stronger cash flow from operations. We reiterate our recommendation on Sunland's 7.55% senior unsecured notes due 2020. Additionally, we update our credit outlook on the back of policies aimed at stimulating the property market, and Sunland's healthy development pipeline.
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