China Vanke Interim Results in Line With Improving Margin and Adequate Run Rate to Full-Year Target
China Vanke reported interim 2018 results in line with our estimate. Revenue and net profit were CNY 105 billion and CNY 9 billion, respectively, up 55% and 25% year on year. Gross margin continued to expand and reached 34%, versus 32% and 30% seen at end of last year and last interim, reflecting higher average selling prices throughout 2017. Earnings per share came in at CNY 0.83, up 26% year on year. The company declared no dividend for the interim, the same as a year ago. The interim top line...
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