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00012 HENDERSON LAND
RTNominal down28.300 -0.450 (-1.565%)
Research Report

24/04/2020 17:02

{I-bank focus}Goldman cuts Henderson Land (00012) to HK$40

[ET Net News Agency, 24 April 2020] Goldman Sachs lowered its target price for
Henderson Land Development (HLD)(00012) to HK$40 from HK$47 and maintained its "buy"
rating.
The research house said HLD declared flat full-year DPS at HK$1.80/share, but it did not
announce an annual one-for-ten bonus issue. While FY2019 results were above estimates,
Goldman views the decision to skip the traditional bonus issue as negative to its original
DPS growth trajectory.
Looking ahead, management noted in their results their plans to conserve their capacity
and the potential to deploy in 2020, including farmland conversions, old buildings
assembly, and Yau Tong Bay projects with land premium payment.
Goldman thinks the potentially slower pace of land formation/supply to private
residential by the government will benefit developers with large landbanks. After
factoring in the latest sector growth assumptions, it lowered its FY2020-22 EPS forecasts
by up to -1%. (KL)

Remark: Real time quote last updated: 28/09/2020 17:59
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