中银国际-中国海外发展-年报简评 English

22 March 2007 (Thursday) 1页

Ken YEUNG, CFA
China Overseas Land & Investment (COLI, 0688.HK/HK$8.94, OP)
has reported that its 2006 net profit grew 55% YoY to HK$2.37bn, 12%
higher than our forecast of HK$2.11bn (revised after strict enforcement
of land appreciation tax [LAT] in February 2007). Stripping out the
effect of a net increase in fair value of investment properties
amounting to HK$175m in 2006, its core net profit was 4% higher than
our forecast. COLI’s 2006 turnover grew 57% YoY to HK10.9bn, equal
to our estimate of HK$10.9bn. The company’s area sold increased 48%
YoY to 1.67m m2 in 2006. Despite charging the full LAT in its accounts,
COLI’s gross profit margin for projects increased to 31.5% in 2006 from
29.7% in 2005. Year to date in 2007, the company has acquired three
sites, to adding 1.1m m2 to its land bank to take it up to 16m