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00012
HENDERSON LAND
HKD
31.980-0.460
(-1.42%)
1D
AI Analysis for 00012
AI Analysis
High
32.220
Open
32.100
VWAP
31.86
Vol
7.54M
Mkt Cap
142.05B
Low
31.640
Amount
240.21M
EV/EBITDA(TTM)
79.28
Total Shares
4.84B
EV
315.75B
EV/OCF(TTM)
78.20
P/S(TTM)
6.72
Henderson Land Development Co Ltd is an investment holding company mainly engaged in the property development. The Company operates its business through six segments. The Property Development segment is engaged in the development and sale of properties. The Property Leasing segment is engaged in the leasing of properties. The Department Stores and Supermarket-Cum-Stores Operation segment is engaged in the operation and management of department stores and supermarket-cum-stores. The Hotel Room Operation segment is engaged in the operation of hotel properties. The Other Business segment is engaged in hotel management, construction engineering, provision of financial lending, project management, property management, security and cleaning services, catering operations, travel operation, as well as the trading of building materials. The Utility and Energy segment is engaged in the production, transmission and sale of gas, water supply, renewable energy business and emerging energy business.
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News
4.5
02-06aastocksHSI Drops 304 Points at Midday; AIA Plummets Nearly 5% Amid Weak Financials
Market Performance: The HSI fell 304 points (1.1%) to 26,580, with the HSCEI and HSTECH also experiencing declines, while total market turnover reached HKD139.462 billion.
Financial Stocks Decline: Major financial stocks like HSBC, AIA, and Standard Chartered saw significant drops, with short selling ratios indicating increased market pressure.
Tech Stocks Movement: Tech stocks such as Meituan, Tencent, and Alibaba faced losses, while some companies like Bilibili and Kuaishou also reported declines in their stock prices.
Carmakers Rally: In contrast to the overall market, car manufacturers like Geely, BYD, and NIO experienced gains, with notable increases in their stock prices amidst the downturn.
6.5
02-04aastocksHSBC Research Positive on HK/SG Real Estate Markets; Capital Inflows and Policy Support as Main Influencers
Positive Outlook on Real Estate: HSBC Global Research has a favorable view on the real estate sectors in Hong Kong and Singapore, citing structural factors that support this optimism.
Recommended Stocks: The report highlights five Buy-rated stocks in Hong Kong, including SHK PPT, Henderson Land, and Sino Land, along with City Developments and UOL Group in Singapore.
Market Dynamics: The Hong Kong property market is benefiting from a shift in capital away from China's adjusting property market, enhancing its attractiveness.
Singapore's Market Revitalization: Singapore has introduced a SGD5 billion policy to stimulate the stock market and attract local investment into its undervalued real estate sector.
4.5
02-03aastocksHSI Jumps 54 Points at Midday, Weighed Down by TENCENT and KUAISHOU; Banks and Homebuilders Rise
Market Overview: The HSI rose by 54 points (0.2%) to 26,830, while the HSCEI fell by 19 points (0.2%) to 9,060, and the HSTECH dropped by 72 points (1.3%) to 5,453, with a total half-day turnover of $195.285 billion.
Tech Sector Performance: Major tech stocks like TENCENT and BIDU-SW saw significant declines of 4.1% and 3.8%, respectively, with TENCENT's turnover nearing $26 billion, while other tech companies also experienced losses.
Banking Sector Gains: Banks such as HSBC and BOC HONG KONG reported gains of 2.3% and 2.5%, respectively, contributing to a positive trend in the banking sector, alongside notable increases in Chinese insurers.
Commodity and Real Estate Stocks: Commodity prices rose, with companies like ZIJIN GOLD INTL and CMOC increasing by over 4%, while Hong Kong homebuilders also saw gains, with HENDERSON LAND and SHK PPT rising by 2.1% and 1.7%.
4.5
01-29aastocksMidday Update: HSI Ends at 27,975, Gaining 148 Points; HSTI at 5,860, Dropping 39 Points; SANDS CHINA LTD Falls Over 7%; XINYI GLASS, ZIJIN MINING, CNOOC, HENDERSON LAND, AIA Reach New Peaks
Market Performance: The HSI rose by 148 points (0.5%) to 27,975, while the HSTI fell by 39 points (0.7%) to 5,860, and the HSCEI increased by 43 points (0.5%) to 9,555.
Active Heavyweights: Notable stock movements included PING AN (+1.9%), XIAOMI (+1.5%), and CCB (+1.5%), while BABA saw a slight decline of 0.2%.
Significant Movers: SANDS CHINA LTD dropped significantly by 7.3%, whereas LONGFOR and XINYI GLASS saw gains of 5.6% and 5.1%, respectively, with XINYI hitting a new high.
High Performers in HSMI & HSSI: LOGAN GROUP surged by 29.1%, SUNAC by 27.2%, and COUNTRY GARDEN by 20%, indicating strong performance among certain stocks in the market.
4.5
01-28aastocksHSI Rises by 699 Points, Reaching Highest Level in Over 4.5 Years; Financials, Developers, and Commodity Stocks Lead Gains
Market Performance: The Hong Kong bourse saw significant gains, with the HSI closing at 27,826, up 699 points or 2.6%, marking its highest level in over four and a half years, driven by a decline in the USD Index (DXY).
Sector Highlights: Financials, property developers, and resource stocks performed well, with notable increases in shares of HSBC, BOC Hong Kong, and various Chinese banks, as well as significant gains in property and resource companies.
Gold and Silver Surge: Spot gold prices exceeded USD 5,200, and silver futures rose sharply, with companies like SD Gold and Zijin Gold International seeing substantial increases in their stock prices.
Tech Sector Movements: Major tech stocks such as Tencent, Alibaba, and Meituan experienced moderate gains, while Kuaishou and Bilibili saw sharper increases, reflecting a positive trend in the technology sector.
Money Flow
Over the past 66 trading days, overall net money flow is 227.71M, with retail investors contributing 26.37M and major investors adding 179.70M.
Net Buy $ Volume
Net Sell $ Volume
UBS
downgrade
2026-01-26
Reason
The analyst rating from UBS is influenced by a survey indicating that the overall sentiment among Hong Kong respondents is more cautious than expected. Although their financial situation has remained stable, there is a notable decrease in the number of respondents with a positive outlook on Hong Kong's economic prospects for the next year, which has negatively impacted their consumption intentions. However, their investment intentions have remained stable. UBS has reiterated a positive view on the real estate and financial sectors, specifically replacing HENDERSON LAND with SINO LAND in its top picks due to SINO LAND's higher dividend visibility.
UBS
Price Target
2026-01-26
downgrade
The analyst rating from UBS is influenced by a survey indicating that the overall sentiment among Hong Kong respondents is more cautious than expected. Although their financial situation has remained stable, there is a notable decrease in the number of respondents with a positive outlook on Hong Kong's economic prospects for the next year, which has negatively impacted their consumption intentions. However, their investment intentions have remained stable. UBS has reiterated a positive view on the real estate and financial sectors, specifically replacing HENDERSON LAND with SINO LAND in its top picks due to SINO LAND's higher dividend visibility.
JPMorgan
JPMorgan
Underweight -> Neutral
upgrade
2026-01-21
Reason
JPMorgan upgraded its rating for New World Development (00017.HK) from Underweight to Neutral because the most concerning risks associated with the company have been fully reflected in its stock price. Additionally, the upcoming results for the developer are expected to show slight improvement, indicating a more favorable outlook.
JPMorgan
Underweight -> Neutral
Price Target
2026-01-21
upgrade
JPMorgan upgraded its rating for New World Development (00017.HK) from Underweight to Neutral because the most concerning risks associated with the company have been fully reflected in its stock price. Additionally, the upcoming results for the developer are expected to show slight improvement, indicating a more favorable outlook.
Morgan Stanley
Morgan Stanley
upgrade
$NULL
2026-01-06
Reason
Morgan Stanley upgraded its view on the Hong Kong real estate sector to "Attractive" due to the expectation that all three sub-sectors—local residential property prices, Central office rents, and local retail sales—will experience positive year-over-year growth for the first time since 2018. The firm is particularly optimistic about the residential property market, followed by office spaces and retail. This positive outlook has led to recommendations for increasing holdings in specific real estate stocks, with target prices set for each.
Morgan Stanley
Price Target
$NULL
2026-01-06
upgrade
Morgan Stanley upgraded its view on the Hong Kong real estate sector to "Attractive" due to the expectation that all three sub-sectors—local residential property prices, Central office rents, and local retail sales—will experience positive year-over-year growth for the first time since 2018. The firm is particularly optimistic about the residential property market, followed by office spaces and retail. This positive outlook has led to recommendations for increasing holdings in specific real estate stocks, with target prices set for each.
Morgan Stanley
Morgan Stanley
Equalweight -> Overweight
upgrade
$39 -> $47
2026-01-06
Reason
The analyst rating from Morgan Stanley is based on several key factors:
1. Increased Demand from Mainland Buyers: There is an expectation of rising demand for Hong Kong's homes, particularly from buyers in mainland China.
2. Depleting Inventories and Limited Supply: The current inventory of homes is decreasing, and there is limited new supply, which is likely to drive prices up.
3. Falling Interest Rates: Lower interest rates are expected to make borrowing cheaper, further stimulating demand for home purchases.
4. Talent Inflows Driving Rental Performance: An influx of talent is anticipated to boost rental demand, leading to a projected 5% increase in rents, which will enhance yields and investment demand.
These factors collectively support Morgan Stanley's positive outlook on Hong Kong's real estate market, prompting upgrades in ratings and target prices for specific real estate stocks.
Morgan Stanley
Equalweight -> Overweight
Price Target
$39 -> $47
2026-01-06
upgrade
The analyst rating from Morgan Stanley is based on several key factors:
1. Increased Demand from Mainland Buyers: There is an expectation of rising demand for Hong Kong's homes, particularly from buyers in mainland China.
2. Depleting Inventories and Limited Supply: The current inventory of homes is decreasing, and there is limited new supply, which is likely to drive prices up.
3. Falling Interest Rates: Lower interest rates are expected to make borrowing cheaper, further stimulating demand for home purchases.
4. Talent Inflows Driving Rental Performance: An influx of talent is anticipated to boost rental demand, leading to a projected 5% increase in rents, which will enhance yields and investment demand.
These factors collectively support Morgan Stanley's positive outlook on Hong Kong's real estate market, prompting upgrades in ratings and target prices for specific real estate stocks.
Citi
upgrade
$110
2025-11-13
Reason
Citi's optimistic analyst rating for the Hong Kong real estate market recovery in 2026 is based on several key factors:
1. Housing Prices: An anticipated upward cycle in housing prices due to improved profit margins on new sales and potential increases in net asset value.
2. Retail Sales: Strong performance in luxury goods and stabilization in the mass market, with expectations for steady recovery starting in the second half of 2026.
3. Office Space: Despite increased competition following record completions in 2025, Grade A offices in prime locations are expected to perform well.
4. Streamlined Companies: Listed companies are expected to benefit from active capital recycling, reduced liabilities, and lower costs, which will support growth and stable cash flow.
5. Increased Investment Willingness: A growing appetite for investment in the market.
6. Leadership Changes: Smooth transitions in leadership may facilitate the implementation of new strategies.
Additionally, Citi predicts a decrease in interest rates in Hong Kong and other regions, which could benefit high-yield stocks. The firm also highlights catalysts such as dividend and earnings per share growth, luxury retail performance, large new projects, and REIT connections as important factors to watch. Overall, these elements contribute to Citi's positive outlook for the Hong Kong real estate market in 2026.
Citi
Price Target
$110
2025-11-13
upgrade
Citi's optimistic analyst rating for the Hong Kong real estate market recovery in 2026 is based on several key factors:
1. Housing Prices: An anticipated upward cycle in housing prices due to improved profit margins on new sales and potential increases in net asset value.
2. Retail Sales: Strong performance in luxury goods and stabilization in the mass market, with expectations for steady recovery starting in the second half of 2026.
3. Office Space: Despite increased competition following record completions in 2025, Grade A offices in prime locations are expected to perform well.
4. Streamlined Companies: Listed companies are expected to benefit from active capital recycling, reduced liabilities, and lower costs, which will support growth and stable cash flow.
5. Increased Investment Willingness: A growing appetite for investment in the market.
6. Leadership Changes: Smooth transitions in leadership may facilitate the implementation of new strategies.
Additionally, Citi predicts a decrease in interest rates in Hong Kong and other regions, which could benefit high-yield stocks. The firm also highlights catalysts such as dividend and earnings per share growth, luxury retail performance, large new projects, and REIT connections as important factors to watch. Overall, these elements contribute to Citi's positive outlook for the Hong Kong real estate market in 2026.
JPMorgan
maintain
2025-11-13
Reason
The analyst rating from JPMorgan is based on several key factors:
1. Recent Performance: The China and Hong Kong property sectors have shown significant gains, with increases of 7% and 5% respectively, outperforming the Hang Seng Index's 3% rise. This performance is attributed to heightened policy expectations amidst deteriorating economic data.
2. Policy Expectations: The broker believes that the rise in Chinese developers is primarily driven by expectations of new policy support, which is likely to continue until the next government meeting in late November or December. If no new policies are introduced by then, there is a risk of the sector underperforming again.
3. Industry Fundamentals: Current industry fundamentals suggest an increasing probability of new policy support, which supports a positive outlook for the property sector.
4. Risk-Reward Assessment: JPMorgan has identified specific stocks with favorable risk-reward ratios, particularly in the context of a policy-driven rebound. They have highlighted certain developers and landlords as offering better risk-reward profiles compared to residential stocks, which have already priced in expectations of a full recovery.
5. Valuation Considerations: The broker notes that while they maintain a positive view on the property market, residential stock valuations have reached levels that reflect expectations of recovery, indicating that there may be limited upside potential in that segment.
Overall, the analyst rating reflects a cautious optimism based on policy expectations and market performance, while also recognizing the potential for underperformance if those expectations are not met.
JPMorgan
Price Target
2025-11-13
maintain
The analyst rating from JPMorgan is based on several key factors:
1. Recent Performance: The China and Hong Kong property sectors have shown significant gains, with increases of 7% and 5% respectively, outperforming the Hang Seng Index's 3% rise. This performance is attributed to heightened policy expectations amidst deteriorating economic data.
2. Policy Expectations: The broker believes that the rise in Chinese developers is primarily driven by expectations of new policy support, which is likely to continue until the next government meeting in late November or December. If no new policies are introduced by then, there is a risk of the sector underperforming again.
3. Industry Fundamentals: Current industry fundamentals suggest an increasing probability of new policy support, which supports a positive outlook for the property sector.
4. Risk-Reward Assessment: JPMorgan has identified specific stocks with favorable risk-reward ratios, particularly in the context of a policy-driven rebound. They have highlighted certain developers and landlords as offering better risk-reward profiles compared to residential stocks, which have already priced in expectations of a full recovery.
5. Valuation Considerations: The broker notes that while they maintain a positive view on the property market, residential stock valuations have reached levels that reflect expectations of recovery, indicating that there may be limited upside potential in that segment.
Overall, the analyst rating reflects a cautious optimism based on policy expectations and market performance, while also recognizing the potential for underperformance if those expectations are not met.
JPMorgan
upgrade
2025-10-23
Reason
The analyst rating from JPMorgan is based on several key factors:
1. Strong Year-to-Date Performance: The MSCI Hong Kong Index has returned 26% in USD terms year-to-date, indicating robust market performance.
2. Valuation Metrics: The forward 12-month P/E ratio for Hong Kong is currently 0.3 standard deviations below the 10-year average, making it the lowest-valued market in the Asia-Pacific region (excluding ASEAN). This suggests that Hong Kong stocks may be undervalued relative to historical levels.
3. Recovery Trends: Hong Kong has shown a pronounced recovery trend since 2023, which is contributing to a positive outlook.
4. Financial Market Strength: There is strong performance in the financial markets and a stabilizing residential property market, which are both positive indicators for future growth.
5. Capital Inflows: The combination of low valuations and recovery trends is expected to continue attracting capital inflows into the market.
Overall, these factors lead JPMorgan to maintain a positive outlook for Hong Kong for the next year and to upgrade the rating of the communication services sector to Overweight.
JPMorgan
Price Target
2025-10-23
upgrade
The analyst rating from JPMorgan is based on several key factors:
1. Strong Year-to-Date Performance: The MSCI Hong Kong Index has returned 26% in USD terms year-to-date, indicating robust market performance.
2. Valuation Metrics: The forward 12-month P/E ratio for Hong Kong is currently 0.3 standard deviations below the 10-year average, making it the lowest-valued market in the Asia-Pacific region (excluding ASEAN). This suggests that Hong Kong stocks may be undervalued relative to historical levels.
3. Recovery Trends: Hong Kong has shown a pronounced recovery trend since 2023, which is contributing to a positive outlook.
4. Financial Market Strength: There is strong performance in the financial markets and a stabilizing residential property market, which are both positive indicators for future growth.
5. Capital Inflows: The combination of low valuations and recovery trends is expected to continue attracting capital inflows into the market.
Overall, these factors lead JPMorgan to maintain a positive outlook for Hong Kong for the next year and to upgrade the rating of the communication services sector to Overweight.
UBS
NULL -> Buy
upgrade
$31
2025-10-08
Reason
The analyst rating for CK ASSET was upgraded to Buy due to several factors: it is the largest local hotel operator, which positions it to benefit from improved hotel profitability, student dormitory conversions, and asset disposals. Additionally, the expected growth in non-Hong Kong student enrollments, driven by increased enrollment quotas, reduced competition, and the reputation of Hong Kong's universities, supports the positive outlook for the company.
UBS
NULL -> Buy
Price Target
$31
2025-10-08
upgrade
The analyst rating for CK ASSET was upgraded to Buy due to several factors: it is the largest local hotel operator, which positions it to benefit from improved hotel profitability, student dormitory conversions, and asset disposals. Additionally, the expected growth in non-Hong Kong student enrollments, driven by increased enrollment quotas, reduced competition, and the reputation of Hong Kong's universities, supports the positive outlook for the company.
Citi
Citi
Buy
maintain
$30
2025-08-21
Reason
Citi
Buy
Price Target
$30
2025-08-21
maintain
Goldman Sachs
Goldman Sachs
Sell
maintain
$19.3
2025-08-21
Reason
Goldman Sachs
Sell
Price Target
$19.3
2025-08-21
maintain
Valuation Metrics
Forward PE
5Y Average PE
11.72
Current PE
15.68
Overvalued PE
13.58
Undervalued PE
9.85
Forward EV/EBITDA
5Y Average EV/EBITDA
27.01
Current EV/EBITDA
36.27
Overvalued EV/EBITDA
30.74
Undervalued EV/EBITDA
23.27
Forward PS
5Y Average PS
4.50
Current PS
5.59
Overvalued PS
5.34
Undervalued PS
3.66
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