信和置业(00083.HK)：FY18 Results in line with expectation; Strong new launch pipeline a

机构：高盛

Underlying profit HK$11bn, and excluding one-off disposal gainsfrom Chengdu projects, recurring underlying profit at HK$5.4bn,-2.3% yoy, in line with our forecasts.

Attributable gross rental revenue at HK$4.1bn, up 3.3%, orimplying roughly HK$0.64/ share recurring income.Management expects that in the next couple of years, asidefrom ongoing positive reversions, there are also a handful ofnew HK investment properties completions (including rentalprojects in Yueng Long, Wong Chuk Hang and Kwai Chung, anda hotel at Ocean Park) with c.1 mn sq ft of attr. GFA, or implying10% additional to their existing rental space in HK.

Full year DPS at HK$98 cents, and if excl. HK$45 cents specialdividend, recurring DPS at HK$53 cents, flat yoy

BVPS at HK$21.14, up 4.0% yoy.