Soho China Interim Core Earnings in Line, but Rental Income Growth Weak
Soho China reported half-year 2017 results in line with our expectations. Excluding revaluation gain and disposal gain, core earnings were estimated to be CNY 129 million, compared with our full-year estimate of CNY 240 million. For the rental segment, performance was subdued, with turnover and gross profit up 4% and down 1% year on year, respectively. The spin-off of the 3Q business is expected to be the next driver to unlock value in the company. However, the company did not separately disclos...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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