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CRBJY - China Resources Land Limited: Dividends And Spin-Off In The Spotlight
China Resources Land Ltd ADR
Elevator Pitch
I maintain my Neutral rating on Hong Kong-listed Mainland China property developer China Resources Land Limited (CRBJY, CRBJF, 1109:HK).
China Resources Land's FY2019 dividends were a disappointment, as dividends grew by a mere +0.7% YoY in absolute terms, while the dividend payout ratio (based on core earnings) was reduced from 38% in FY2018 to 34% last year. Furthermore, the company's gross profit margin dropped from 43.4% in FY2018 to 37.9% in FY2019, and there are expectations of a further decline in its gross profit margin going forward due to competition