Find out the only nick in Cheung Kong's impressive FY12 results

It's profit edged up by 8%.

According to Nomura, Cheung Kong’s FY12 results beat expectations. Excluding Hutchison and revaluation gains, CK’s own earnings rose 8% y-y to HKD14,213mn and was 30% higher than forecast of HKD10,971mn.

"The HKD3.2bn positive variance is partly due to some disposal gains (HKD1,326mn for MBFC and HKD450mn for Metropark Lido) but even at the coreoperation level, CK’s development (+HKD2,030mn) and rental earnings (HKD194mn) also beat our expectations," Nomura said.

The only slight disappointment from the results was that CK kept its final dividend unchanged at HKD2.63, taking its full year DPS to HKD3.16, Nomura added.

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