Earnings First Take: FY21 DPU up 7% YoY, below expectations
- Full year DPU came out at HK$24.5cts (+7% y-o-y), but below our and consensus estimates
- Revenue rose by only 2.2% YoY, on below-expected income from wholesale and retail mall and hotel business
- NOI dropped 1.8% YoY (-3.9% YoY before acquisition), due on the lack of tax rebate in 2021
- Gearing level edged up to 40%, still healthy and far below the 50% cap
- Current yield is attractive at 7.9%; rating and TP is under review
Results Summary