Soho China Strategy Unclear, Rental Portfolio Results Lower on Compressed Margin
Soho China reported full-year 2018 results slightly below our expectations. Rental turnover and gross profit were down 1% and 9% year on year, respectively. The margin compression was likely due to slightly lower occupancy and opening expenses. The company declared a final dividend of CNY 0.030 per share.ÂWe maintain our fair value estimate of HKD 3.40 and our no-moat rating. Operationally, the portfolio’s performance was reasonable. However, the company’s strategy seems to be moving back to th...
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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