Recurring profit is $23b.
According to Nomura, stripping out one-off items, FY12 recurring profit of HKD23bn (+10% y-y) is broadly in line with our (HKD23bn) and consensus (HKD23.2bn) estimates.
"We believe consensus estimates might move up slightly on stronger earnings from 3 Group Europe and property, but partially offset by larger losses at 3-Australia and more conservative forecasts for retail and ports," it said.
One disappointment was that Hutch kept its final dividend unchanged, although Nomura still expects a stable progressive DPS going forward as FCF should continue to grow.
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