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Henderson Land Development Company Limited (HKG:12) Shares Could Be 24% Above Their Intrinsic Value Estimate
Key Insights The projected fair value for Henderson Land Development is HK$18.41 based on 2 Stage Free Cash Flow to Equity Henderson Land Development's HK$22.90 share price signals that it might
Hong Kong property stocks are doing well. Wharf REIC (01997) rose 2.4%. The sector is short-term strong, but facing fundamental challenges.
Hong Kong property stocks rose in early trading, with Wharf Reic (01997) up 2.4%, Henderson Land (00012) up 2.45%, SHK PPT (00016) up 1.63%, New World Dev (00017), Hang Lung PPT (00101), Sino Land (00083) and others followed suit. The Tourism Board announced that the preliminary number of visitors to Hong Kong in June was 3.13 million, an increase of 14% from the same period last year. Cumulatively, there were about 21 million visitors to Hong Kong in the first half of this year, an increase of 64% compared to last year, with an average daily passenger volume of 0.116 million.
Market Chatter: Hong Kong Real Estate Developers Continue Sweetening Price Offerings to Drive Sales
Real estate developers in Hong Kong choose to continue sweetening their pricing to clear their excess inventory as interest rate reductions and a robust economic recovery continue to dampen demand, the South China Morning Post reported, citing analysts.
Credit Suisse: rated Henderson Land Development (00012) as "hold", with a target price of HKD 23.
According to the research report released by Fubon, Henderson Land (00012) is rated as "hold", and the profit forecast for the fiscal year 2024 to 2026 is 10% to 20% lower than market expectations. It is expected that the profit for the first half of fiscal year 2024 will be about 5.4 billion yuan, a year-on-year decrease of 9%, even though the profit, including the income from the sale of Harbour East, is expected to reach about 6.5 billion yuan. The bank believes that Henderson will still strive to maintain stable dividends despite the challenges facing profitability. The target price was lowered from HKD 24 to HKD 23. The bank prefers Sun Hung Kai Properties (00016) because its gross profit is more resilient and is expected to
Hong Kong's Distressed Commercial Real Estate Sales Soar in H1
Distressed commercial real estate sales in Hong Kong surged in the first half to comprise 73% of the total volume, the South China Morning Post reported Tuesday, citing real estate firm CBRE.
Market Chatter: Hong Kong Office Vacancy Rate Hits New High in June
Hong Kong's office vacancy rate hit a new high of about 17% in the second quarter, with 15 million square feet vacant, The Standard reported Tuesday, citing CBRE.
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