China Vanke's Full-Year Results Miss Slightly, but Stability Should Prevail Going Forward
China Vanke reported full-year 2016 results that were below our estimate. Revenue and net profit were CNY 229 billion and CNY 21 billion, respectively, up 24% and 16% year on year. Gross margin expanded from 22% seen at the interim to 25% for the full year, reflecting higher average selling prices in 2016. Earnings per share were CNY 1.90, up 16% year on year. The company declared an annual dividend of CNY 0.79 per share, up 10% year on year. The top line was 5% above our estimate, but earnings ...China Vanke is engaged in the development and sale of properties with commodity housing as its major products. Through its subsidiaries, Co. is also engaged in project investments; the construction technology research; investment trading and provision of consultancy services; intelligent technology; and the provision of yacht and berth leasing. Co.'s investment covers Guangshen Region, Shanghai Region, Beijing Region and Chengdu Region.
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