Kerry Properties' Full-Year Results a Miss due to Exceptional Items, Underlying Operations on Track
Kerry Properties reported full-year core earnings of HKD 3.3 billion, down 50% year on year and 15% below our estimate. The miss was attributed to the fair value loss of investment in a subsidiary in Shanghai. Excluding that, property rental was broadly in line. While property development revenue was lower than projected, higher margin partially offset topline weakness. Full-year dividends totaled HKD 1.35 per share, same as a year ago excluding the special dividend. We maintain our no-moat rati...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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