Earnings Miss: Hang Lung Properties Limited Missed EPS By 51% And Analysts Are Revising Their Forecasts
Earnings Miss: Hang Lung Properties Limited Missed EPS By 51% And Analysts Are Revising Their Forecasts
There's been a notable change in appetite for Hang Lung Properties Limited (HKG:101) shares in the week since its half-year report, with the stock down 10% to HK$5.75. Statutory earnings per share disappointed, coming in -51% short of expectations, at HK$0.23. Fortunately revenue performance was a lot stronger at HK$6.1b arriving 20% ahead of predictions. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
自上半年報發佈以來,恒隆地產限公司(HKG:101)股票的需求出現顯著變化,股價下跌10%至HK$5.75。每股收益未能達到預期,僅爲HK$0.23,低於預期收益的-51%。幸運的是,營業收入表現要好得多,達到了HK$61億,比預計高出20%。每次收益報告分析師們通常會更新他們的預測,我們可以從他們的預測中判斷他們對公司的看法是否發生了變化,或是否有任何新的問題需要注意。考慮到這一點,我們收集了最新的法定預測,以查看分析師對明年的預期。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240802/0-88a2c3ff9cfba6eb16af0d4617aa5f6a-0-f92cb5664189a2796d5335f551ca1c91.png/big)
After the latest results, the 14 analysts covering Hang Lung Properties are now predicting revenues of HK$11.7b in 2024. If met, this would reflect a satisfactory 4.4% improvement in revenue compared to the last 12 months. Per-share earnings are expected to bounce 25% to HK$0.70. Before this earnings report, the analysts had been forecasting revenues of HK$12.1b and earnings per share (EPS) of HK$0.95 in 2024. From this we can that sentiment has definitely become more bearish after the latest results, leading to lower revenue forecasts and a large cut to earnings per share estimates.
最新結果發佈後,現有14家覆蓋恒隆地產的分析師預測2024年營業收入將達到HK$117億,相比過去12個月,這將反映出4.4%的令人滿意的增長。預計每股收益將反彈25%,至HK$0.70。在本次收益報告之前,分析師們一直預測2024年恒隆地產的營業收入爲HK$121億,每股收益(EPS)爲HK$0.95。從這些預測可以看出,最新結果後,情緒顯然變得更加看淡,導致營收預測下調,每股收益估計大幅下降。
It'll come as no surprise then, to learn that the analysts have cut their price target 29% to HK$7.55. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. The most optimistic Hang Lung Properties analyst has a price target of HK$11.60 per share, while the most pessimistic values it at HK$5.30. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business.
因此並不意外,我們了解到分析師已將恒隆地產的目標價下調29%至HK$7.55。還有另一種方式來思考價格目標,那就是看一下分析師提出的價格目標範圍,因爲廣泛的估計範圍可能表明他們對業務可能結果的看法不同。最樂觀的恒隆地產分析師的目標價爲每股HK$11.60,而最悲觀的則將其估值爲每股HK$5.30。這是相當廣泛的估計範圍,表明分析師預測了各種可能的業務結果。
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Hang Lung Properties' past performance and to peers in the same industry. The analysts are definitely expecting Hang Lung Properties' growth to accelerate, with the forecast 9.0% annualised growth to the end of 2024 ranking favourably alongside historical growth of 5.1% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 5.0% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Hang Lung Properties to grow faster than the wider industry.
這些預測很有趣,但是在觀察預測如何與恒隆地產的過去表現以及同行業的同行公司相比時,進行一些更廣泛的概述也可能很有用。分析師們顯然預計恒隆地產的增長將加速,這一預測爲9.0%的年化增長,排名好於過去五年每年5.1%的歷史增長表現。與同行公司相比,預計它們的營收將每年增長5.0%。顯然,儘管增長前景比最近過去要好,但分析師也預計恒隆地產的增長速度將快於整個行業。
The Bottom Line
最重要的事情是分析師增加了它對下一年每股虧損的估計。令人欣慰的是,營收預測未發生重大變化,業務仍有望比整個行業增長更快。共識價格目標穩定在28.50美元,最新估計不足以對價格目標產生影響。
The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. They also downgraded Hang Lung Properties' revenue estimates, but industry data suggests that it is expected to grow faster than the wider industry. The consensus price target fell measurably, with the analysts seemingly not reassured by the latest results, leading to a lower estimate of Hang Lung Properties' future valuation.
最重要的是,分析師下調了他們的每股收益預測,表明在這些結果之後,情緒已經明顯下滑。他們還下調了恒隆地產的營收預測,但行業數據表明,預計它的增長速度將快於整個行業。共識價格目標顯著下降,分析師們似乎對最新結果並不放心,導致對恒隆地產未來估值的預期降低。
With that in mind, we wouldn't be too quick to come to a conclusion on Hang Lung Properties. Long-term earnings power is much more important than next year's profits. We have estimates - from multiple Hang Lung Properties analysts - going out to 2026, and you can see them free on our platform here.
考慮到這一點,我們不應該過快得出結論,恒隆地產的長期盈利能力比明年的利潤重要得多。我們有多個恒隆地產分析師的預測,可以追溯到2026年,您可以在我們的平台上免費查看。
Plus, you should also learn about the 3 warning signs we've spotted with Hang Lung Properties (including 1 which can't be ignored) .
此外,您還應該了解我們發現的3個警告信號與恒隆地產相關(其中1個不能忽視)。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。