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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