Special Dividend as Expected; Share Price Run-Up Not Justified
Soho China has announced a special interim dividend of CNY 0.576 (or HKD 0.677) per share. After the announcement, the share price moved up by 10%, or HKD 0.45, to HKD 5.14. We do not believe the share price jump is justified, as the special dividend, while larger than expected, was already priced in. We maintain our fair value estimate of HKD 4.60, along with our no-moat rating on the company. The shares are overvalued at this point.The special interim dividend was widely expected after the sa...
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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