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Red Star Macalline 9-month revenue falls on decrease in number of shopping malls

By Reuters News


Overview

  • China home improvement mall operator's 9-month revenue declined year-over-year

  • Company returned to profit, with net income attributable to owners turning positive after prior-year loss

  • Lower revenue mainly due to fewer shopping malls and reduced investment in non-core segments


Outlook

  • Company did not provide specific guidance for future quarters or full year in its press release


Result Drivers

  • SHOPPING MALL REDUCTION - Co said revenue decline was mainly due to a decrease in the number of shopping malls and fewer projects in construction and decoration services

  • OCCUPANCY RATE IMPROVEMENT - Co said occupancy rate and operating quality of individual shopping malls improved compared with last year

  • FAIR VALUE LOSS REDUCTION - Co said loss on fair value change of investment properties fell sharply due to stabilized leasing business and expectations for future rental prices


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Revenue

RMB 4.58 bln

9M Net Income Attributable

RMB 93 mln


Analyst Coverage

  • The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 19 three months ago


Reuters Recommended Reads

  • Oct 28 - Hong Kong's China Overseas Land & Investment Ltd Q3 revenue reaches RMB32.8 bln

  • Oct 28 - China's Tsingtao Brewery nine-month revenue falls on domestic market pressure

  • Oct 28 - China's Topsports interim revenue drops on weak demand


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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