Shimao Property's Full-Year Results a Small Miss, Continue to Scale up Operationally
Shimao reported full-year 2017 results that were slightly below our estimate. Revenue and core attributable profit were CNY 70 billion and CNY 6.9 billion, respectively, up 19% and 11% year on year. Gross margin improved from 28% to 30% as expected. Earnings per share were CNY 2.32, up 55% year on year. The company declared an annual dividend of CNY 1 per share, up 32% year on year. The top line was 3% above our estimate, and core earnings were 4% below due to higher earnings attributable to min...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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