COLI's Year Through September, Booking a bit Slow but Earnings on Track
China Overseas Land & Investment reported nine-month revenue of HKD 111 billion and operating profit of HKD 43 billion. Compared with a year ago, the top line was up slightly while operating profit was up 8% year on year. The revenue run rate is about 50% of our full-year estimate, slower than that seen from a year ago. We may adjust our revenue projection down, but earnings should be well supported by higher margins. We maintain our fair value estimate of HKD 34, as well as our no-moat rati...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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