Market PositionCOGO benefits from its unique position as the only SOE developer with a focus on lower-tier cities, with an emphasis on high quality products catering to replacement demand.
Presales PerformanceExtension of presales outperformance upon sufficient saleable resources should help COGO to benefit from a potential rebound in homebuyer sentiments.
ValuationCurrently trading at c.0.2x FY26F PB, COGO is valued near distressed-developer levels and screens as undervalued vs its SOE peers.