FY19 revenue grew by 17.3% yoy with growth across the segments. Development gross margin came back to a more normalized level as expected. As a result, core cash profit grew by 9.6% yoy. Full year DPS was maintained at HK$22 cents, same as FY18. We estimate that FY19 contracted sales slightly declined to HK$5.0bn vs HK$6.3bn in FY18. For FY20 FEC plans a HK$15.4bn worth of new launches.
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