Soho China Interim Results a Miss, Special Dividend Unlock Some Value
Soho China report half-year 2017 results below our expectations. Excluding revaluation gain, core earnings were a loss of CNY 650 million, due to high land appreciation tax on property sales. This is below our projection of a profit of CNY 440 million for the year. Turnover and gross profit are up 47%% and 31% year on year, respectively. The top-line increase was mostly due to higher property sales of leftover units. Rental incomes grew modestly due to higher occupancy, and margin also improved ...Soho China is engaged in property development and property investments. Co. operates within three segments: completed projects held for sale; completed investment properties; and projects under development.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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