not vested
China Overseas Land & Investment (688 HK)
2023: Results Beat Expectations; Watching For Stabilisation Of Profitability In 2024Attributable net profit after tax IP revaluation gain & losses grew 12% to Rmb22.58m,
beating our estimates by 5%.
DPS is flat yoy at HK$0.80/share, implying a dividend payout ratio of 34% over core net profit.
Gross profit margin stayed above 20% with no inventory impairment booked in 2023.
Management is planning for Rmb700b (-11% yoy) of high-quality saleable resources for 2024 and targets 25% growth in IP revenue.
Finetune earnings forecast and maintain BUY. Target price: HK$19.42.
We maintain BUY on COLI with an unchanged target price of HK$19.42, derived from a
50% discount to its estimated NAV of HK$38.80. Our target price implies 8.3x 2025F P/E
and 4% 2025 dividend yield.
Source: UOBKH
https://research.uobkayhian.com/content ... 730b14a8cf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"