Kerry Properties' Full-Year Results a Slight Beat
Kerry Properties reported full-year core earnings of HKD 3.7 billion, up 5% year on year. Excluding the disposal gain of investment, the core earnings are 3% above our estimate. The company achieved better-than-expected margin on recognized sales of several development projects in China. Full-year dividends totaled HKD 1.10 per share, up 22% from a year ago with payout ratio higher at 43%. Net gearing rose to 30% due to two large landbank acquisitions in Hong Kong and Shenzhen. We make no change...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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