China Vanke Full-Year Results a Miss on Lower Top Line, but Strong Margin Provides Mitigation
China Vanke reported full-year 2018 results that were below our estimate. Revenue and net profit were CNY 297 billion and CNY 33.7 billion, respectively, up 25% and 20% year on year. Development margin expanded to 37%, a record high for the company, reflecting the rising average selling price in 2017. Earnings per share came in at CNY 3.06, up 20% year on year. The company declared an annual dividend of CNY 1.07 per share, up 19% year on year. The top line was 15% below our estimate, but earning...
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