[ET Net News Agency, 21 August 2020] HSBC Global Research lowered its target price for
Henderson Land Development (HLD)(00012) to HK$23.4 from HK$23.8 and maintained its
"reduce" rating.
The research house said HLD reported a weak set of 1H results, with an underlying profit
decline of 23% to HK$5.2bn. HSBC continues to see operational challenges for its various
business divisions, in particular, its property rental business.
There was also muted progress on its farmland conversion and non-asset disposal
activities for capital recycling activities. The most recent asset disposal was the sale
of Wo Shang Wai agricultural land last July. As such, HSBC sees limited near-term
catalysts for HLD to re-rate despite its sound financial position.
It added that concerns on dividend sustainability could be another overhang. (KL)
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00012 HENDERSON LAND
Nominal 
23.850 +0.300 (+1.274%) Others
21/08/2020 15:55
{I-bank focus}HSBC lowers Henderson Land (00012) to HK$23.4
| Remark: | Real time quote last updated: 26/04/2024 13:22 |
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