Country Garden's Interim Results in Line, Slower Growth Likely With More Focus on Quality Over Speed
Country Garden reported interim 2018 results with core profit attributable to shareholders of CNY 13 billion, up 80% year on year. The earnings accounted for 45% of our full-year estimate of CNY 29 billion. The company declared an interim dividend of CNY 0.1852 per share, up 77% year on year. The payout amounted to 31% of the core earnings, in line with historical past. We maintain our fair value estimate of HKD 14, and the no-moat rating for Country Garden.Revenue and gross profit totaled CNY ...
Country Garden Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in the property development, construction, fitting and decoration, property management and hotel operation. Co. provides a range of products including residential projects such as townhouses, condos, as well as car-parks and retail shops. Co. also develops and manages hotels within some of its projects, and operates independent hotels. As of Dec 31 2014, excluding Guangdong province, Co. had property development operations in a number of selected locations in 23 provinces/ municipalities/autonomous regions in China.
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