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JPM中国海外投资研究报告20100812
Asia Pacific Equity Research
12 August 2010
China Overseas Land
Overweight
Investment
0688.HK, 688 HK
Price: HK$16.52
FY10 interim review: Results in line but watch for
▲Price Target: HK$18.00
potential fund raising Previous: HK$17.00
• Interim results in line: COLI posted a strong 67% Y/Y growth in China
headline net profit to HK$5.1 billion but this was boosted by HK$1.2 Property
billion one-off gain from an asset disposal and negative goodwill. Core Raymond Ngai, CFAAC
net profit rose by 27% to HK$3.86 billion which was bang in line with (852) 2800-8527
our forecast of HK$3.81 billion. The strong profit growth was driven by raymond.ch.ngai@
both revenue and margin. Property sales revenue rose 14% to HK$17 J.P. Morgan Securities (Asia Pacific) Limited
billion with gross margin improving to 41% from 37% in 1H09.
Price Performance
• N
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