China Vanke's 1Q Earnings Slightly Below Expectations, but Significant for Full-Year Forecast
China Vanke reported first-quarter results slightly below our projection as weaker earnings growth lagged behind the top line. Revenue and attributable net income were CNY 30 billion and CNY 0.9 billion, respectively, up 68% and 29% year on year, driven by expected higher completions. On a positive note, the gross margin for the quarter expanded to 33.1% versus 27.6% a year ago, reflecting higher selling prices during 2017. EPS came to CNY 0.081, up 29% year on year. Revenue and net profit for t...
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