Shimao Property's Full-Year Results a Slight Miss, Scale Expansion Continues but at a Slower Rate
Shimao reported full-year 2018 results that were slightly below our estimate. Revenue and core attributable profit were CNY 86 billion and CNY 8.6 billion, respectively, up 21% and 23% year on year. Gross margin continued to improve, rising from 30% to 32% as expected. Full-year dividends totaled CNY 1.20 per share, up 20% year on year. The top line was 2% below our estimate, and core earnings were 6% below due to higher tax and higher minority interest. The company achieved strong contracted sa...Shimao Property Holdings is an investment holding company. Through its subsidiaries, Co. is principally engaged in property development, investment and hotel operation in the People's Republic of China. Co. develops commercial properties through its 64.12% owned subsidiary Shanghai Shimao Co., Ltd. As of Dec 31 2014, Co. had 104 projects in 41 cities in the country.
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