China Merchants Prop Operation (.SZ)_ 3Q in line; scale growth solid and OCF improved but GPM deteriorated; Neutral
China Securities·2024-11-03 17:16
2131d4eaf4cb4d50b1d51c8af07b64b4 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------| | | | | | China Merchants Prop Operation (001914.SZ) 3Q in line; scale growth solid and OCF improved but GPM deteriorated; Neutral | CMPO's 3Q topline/NI increased by 11%/5% yoy (a similar growth trend as in 1H), and 9M came at +12%/+4% yoy (broadly inline with GSe and slightly below the Wind consensus). GPM notably deteriorated i ...