China Resources' Strong Results in Line with Expectation, Asset Injection May Stretch Balance Sheet
China Resources Land reported interim 2016 revenue of HKD 45 billion, up 20% year on year. Gross margin improved 1.7 percentage points to 33.9%. Core profit attributable to shareholders was HKD 6.3 billion, up 26% year on year. EPS was HKD 1.11, up 13% from the same period last year. The company declared an interim dividend of HKD 0.092 per share, up 5.7% year on year. This is a strong set of results as expected. We maintain our no-moat rating for China Resources Land, along with our fair value ...China Resources Land is an investment holding company. Through its subsidiaries, Co. is engaged in the development and sales of developed properties, property investments and management, hotel operations and the provision of construction, decoration and other property development related services in the People's Republic of China. As of Dec 31 2014, Co. operated in four segments: sale of developed properties, property investments and management, hotel operations, and construction, decoration services and others.
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