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　　机构：摩根士丹利

　　Comparison of results with our estimates:

　　Core net profit was up 45% YoY , 4% higher than our estimate

　　Recognized property sales up 43% YoY to Rmb31.8bn

　　Gross margin was 29.7% vs. MS estimate 27%

　　Core profit from JV/Associates up 44% YoY

　　Net gearing: went up to 70% from 59% in 1H17

　　Dividend: CIFI declared final dividend Rmb0.1454/share, making full year dividend Rmb0.1890/share. Full-year dividend implies 35% payout on core profit, flat YoY.

　　Biggest surprises in the results announcement:

　　 Gross margin was much higher than expected.

　　 Cash collection was resilient at 85%

　　 Landbank went up to 31mn sqm from 17.5mn in 2016

　　 Net gearing went up to 70% due to aggressive landbanking

　　Result briefing: 3:45PM on March 14, 2018 at Connaught Room, 1/F, Mandarin Oriental

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