长实集团(01113.HK)Earnings Review： In line with expectations： Keeping the course under a

机构：高盛

评级：中性

CKA reports in-line underlying profit with 11% yoy DPS growth

 CK Asset reported HK$20.3bn FY2017 underlying profit, up 13%yoy, in line with our forecasts, with additional contributions frominvestments in new business areas more than offsetting the 8%decline in property sales (attr. EBIT).

 Underlying EPS grew 16% yoy to HK$5.44, faster than profit(HK$mn) growth at 13%, as a result of sizable share buybacks atHK$8.7bn worth of shares since 2016.n Final DPS grew 11% yoy, in line with the interim DPS growthrate at end-2H17 (HK$1.28), sending full year DPS to HK$1.70.

 BVPS at HK$78.85, up 11.6% yoy, of which certain announceddisposals (e.g. Century Link and The Center) were yet to berecognized as of Dec-2017, in addition hotels/servicedapartments were at depreciated costs and HK Central officeportfolio was at c.4.75% cap rate.

 Mr. Ka-shing Li, announced plans to step down as Chairman andto retire from the position of Executive Director at theforthcoming AGM (i.e., May 10), but will serve as Senior Advisor