Full-Year Earnings a Beat on Higher Booking of Hong Kong Development Properties
Kerry Properties reported full-year core earnings of HKD 6.7 billion, up 81% year on year and 15% above our estimate. The strong earnings were attributed to faster-than-expected booking of development revenue in Hong Kong, as well as lower administrative expenses. Full-year dividends totaled HKD 1.50 per share, including a special dividend of HKD 0.15 per share, up 36% year on year. The payout ratio is low at 32%. While the rental portfolio performed as expected, the margins on the Hong Kong dev...Kerry Properties is an investment holding company. Through its subsidiaries and associated companies, Co. is engaged in property development, investment and management in Hong Kong, the People's Republic of China (the PRC) and the Asia Pacific region; hotel ownership in Hong Kong, and hotel ownership and operations in the PRC; and integrated logistics and international freight forwarding. The two principal activities of Co. and its subsidiaries are property business and logistics business. The property business is further segregated into the PRC property, Hong Kong property and Overseas property.
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