Shimao Property's Interim Results in Line, Strong Contract Sales Expected for Full Year
Shimao reported interim 2018 results was in line with our estimate. Revenue and core attributable profit were CNY 43 billion and CNY 4.4 billion, respectively, up 19% and 20% year on year. Gross margin improved to 31% from 30% as expected. Earnings per share were CNY 1.266, up 10% year on year. The company declared an interim dividend of HKD 0.50 per share, up 25% year on year. The top line and core earnings accounted for 49% and 48% of our projection, the run rate is about the same as that seen...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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