The Zhitong Finance App learned that China Overseas Development (00688) rose more than 4% in the afternoon. As of press release, it had risen 4.07% to HK$12.28, with a turnover of HK$150 million.
According to the news, China Overseas Development announced at noon that for the three months ended March 31, 2024, the Group's revenue was RMB 36.50 billion, up 14.4% year on year, and operating profit was RMB 6.65 billion. Operating profit after net exchange gains and losses rose 22.2% year on year. Furthermore, in the first quarter of 2024, the Group, together with its associated companies and joint ventures, achieved contract property sales of RMB 60.21 billion, with a corresponding sales area of 2.02 million square meters.
According to a previous research report by Guosheng Securities, as a financially sound state-owned enterprise, the company will continue to benefit from improvements in the competitive landscape, and the company's core location and diverse and balanced land reserves will guarantee strong momentum and resilience in sales. Furthermore, the company's expense ratio is within the lowest range in the industry, and the net profit margin advantage effectively guarantees the scale of profits carried forward in the future.