COLI's FY16 Results a Miss due to Digestion Pain
China Overseas Land and Investment, or COLI, reported full-year 2016 results below our expectations. On a comparable basis, core profit, excluding the revaluation gain was CNY 31.4 billion, up 8% year on year, but 5% below our estimate. EPS was HKD 3.64, down 3% year on year, due to a larger number of shares outstanding resulting from the share placement to Citic in September 2016. The company announced a final dividend of HKD 0.42 per share, bringing the full-year dividend to HKD 0.77 per share...China Overseas Land & Investment is an investment holding company. Co. is principally engaged in property development and investment, real estate agency and management, and treasury operations. Co.'s business activities are principally carried out in Hong Kong, Macau, Guangzhou, Shanghai, Beijing, Foshan, Chengdu, Nanjing, Suzhou and other regions in the China. Co.'s segments include: Property development, which is involved in the proceeds from property development activities; Property investment, which is involved in property rentals; and Other operations, which is involved in real estate agency and management services, construction and building design consultancy services.
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