Full-Year Results a Slight Beat on Margin; Higher Completion Points to Future Growth
China Vanke reported full-year 2017 results that were slightly above our estimate. Revenue and net profit were CNY 237 billion and CNY 28 billion, respectively, up 4% and 33% year on year. Gross margin expanded to 32% versus 30% and 25% seen at the interim and a year ago, respectively, reflecting higher average selling prices in 2016 and 2017. Earnings per share came in at CNY 2.54, up 33% year on year. The company declared an annual dividend of CNY 0.9 per share, up 14% year on year. The top li...
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