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Author: kimeng   |   Latest post: Thu, 19 Sep 2019, 10:23 AM

 

Wheelock & Co Ltd (20 HK): Strong Hong Kong Residential Sales

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Wheelock & Company Ltd’s (20 HK) FY18 revenue fell 32% to HK$48.5b which was lower than our full year estimates of HK$57.5b. The fall in revenue was mainly due to the adoption of new accounting standards and reduction in new project completions.

Group core profit grew by 9% YoY to HK$13.2b, largely attributable to higher IP profits in Hong Kong and Mainland China, as well as higher DP profits in Hong Kong. 2018 Hong Kong residential contracted sales grew by 52% to a new record of HK$26.0b.

The group declared a second interim DPS of HK$1.05, bringing full-year DPS to HK$1.550, compared to HK$1.425 last year. We currently have a BUY rating, and a fair value estimate of HK$67.70.

Source: OCBC Research - 13 Mar 2019

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