Kerry Properties' Interim Results Lower as Expected, China Sales to Boost Earnings in Second Half
For interim 2016, Kerry Properties reported core earnings of HKD 1.4 billion, down 34% year on year. The decline was due to smaller profit contribution from associates, and was mostly expected. Earnings per share were HKD 1.41, down 27% year on year. The company declared an interim dividend of HKD 0.30 per share, unchanged from a year ago. We adjusted our revenue projection based on the timing of project completion. We maintain our fair value estimate of HKD 25 and the no-moat rating.Revenue wa...
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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