Kerry Properties' Interim Results Slightly Below, High Dividend a Surprise
For interim 2016, Kerry Properties reported core earnings of HKD 2.8 billion, almost double the amount seen a year ago, or about 53% of our full-year estimate of HKD 5.3 billion. The increase was due to higher booking of development properties. The company declared an interim dividend of HKD 0.45 per share, up 50% from a year ago. While rental assets and hotels outperformed, the margins on the Hong Kong development properties were below our projection. We adjusted our assumptions on rental growt...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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