Henderson Land Development Co Ltd

00012: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Hong Kong Developers: Better Year Ahead for Hong Kong Housing; Inventory Risk Remains

Xavier Lee

Jan 8, 2025

We expect 2025 home transaction volume to continue to pick up from 2024’s growth of 16.7% (according to data from Hong Kong’s Land Registry) even as expectations on interest rate cuts moderate. Our preferred pick in the sector is Henderson Land, which trades at a 33% discount to our fair value estimate of HKD 34 per share and offers an attractive 2025 dividend yield of 8.2% currently, compared with Sun Hung Kai Properties' 5.6%. We also like its diversified recurring income stream generated by its investment properties portfolio and stable contribution from its utility associate.

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Henderson Land Development Co Ltd

Hong Kong Developers: Better Year Ahead for Hong Kong Housing; Inventory Risk Remains

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