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Henderson Land Development Co Ltd 00012

Morningstar Rating
HKD 27.25 +0.80 (3.02%)
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Company Report

Henderson Land Is a Well-Diversified Hong Kong Property Developer

Henderson Land Development, or HLD, is a leading Hong Kong property developer. It ranks third in square footage in the retail sector, and fourth in the office sector. In residential sales, HLD is usually a top-five developer in terms of units sold and contracted sales. Despite its strong presence across all sectors of Hong Kong real estate, it has limited signature projects.

Price vs Fair Value

00012 is trading at a 552% premium.
Price
HKD 26.45
Fair Value
HKD 28.00
Uncertainty
Medium
1-Star Price
HKD 14.30
5-Star Price
HKD 75.90
Economic Moat
Hvxw
Capital Allocation
Vvhfbrq

Bulls Say, Bears Say

Bulls

The Hong Kong government is expected to speed up the farmland conversion process as part of its effort to increase housing supply

Bears

The farmland conversion process remains challenging, given the number of stakeholders involved. Urban redevelopment is slow by its very nature. Hence, asset turn is expected to remain slow.

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News

Trading Information

Previous Close Price
HKD 26.45
Day Range
HKD 26.0027.60
52-Week Range
HKD 19.3227.60
Bid/Ask
HKD 27.20 / HKD 27.25
Market Cap
HKD 131.93 Bil
Volume/Avg
6.5 Mil / 4.5 Mil

Key Statistics

Price/Earnings (Normalized)
15.66
Price/Sales
4.64
Dividend Yield (Trailing)
6.90%
Dividend Yield (Forward)
6.90%
Total Yield
6.81%

Company Profile

Henderson Land Development is a leading property developer in Hong Kong with a focus on urban redevelopment and farmland conversion. The company was founded in 1976, listed in 1981. Founder Lee Shau Kee is the controlling shareholder, and a series of disposals in December 2017 reduced his stake to below 72.8%. The share disposals were the first since 1993, lessening the possibility of a privatization. Lee stepped down in May 2019, succeeded by his two sons as joint chairmen and managing directors. Henderson Land also controls four listed entities directly, including a 69% stake in Henderson Investment, a 41.5% stake in Hong Kong and China Gas, a 33.4% stake in Hong Kong Ferry, and a 50.1% stake in Miramar Hotel & Investment.
Sector
Real Estate
Industry
Real Estate - Diversified
Stock Style Box
Large Value
Total Number of Employees
9,835

Competitors

Valuation

Metric
00012
01972
H78
Price/Earnings (Normalized)
15.6611.8610.26
Price/Book Value
0.390.320.24
Price/Sales
4.646.214.10
Price/Cash Flow
13.6717.86
Price/Earnings
00012
01972
H78

Financial Strength

Metric
00012
01972
H78
Quick Ratio
0.400.480.61
Current Ratio
2.241.031.70
Interest Coverage
8.257.92−1.16
Quick Ratio
00012
01972
H78

Profitability

Metric
00012
01972
H78
Return on Assets (Normalized)
1.81%2.11%1.87%
Return on Equity (Normalized)
2.97%2.54%2.39%
Return on Invested Capital (Normalized)
2.49%2.33%2.39%
Return on Assets
00012
01972
H78
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Real Estate - Diversified Industry Comparables

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Capital Allocation
Economic Moat
Market Cap
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MITEY
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MITEF
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HLDVF
Henderson Land Development Co LtdByxj$16.4 Bil
HLDCY
Henderson Land Development Co Ltd ADRTynsd$16.4 Bil
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