Hongkong Land Holdings Ltd

H78: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Hongkong Land Earnings: Results In Line; Raising Valuation by 19% on Reduced China Residential Risk

Xavier Lee , Kathy Chan

Mar 11, 2025

Underlying trends in Hongkong Land’s 2024 results were in line with our expectations. Revenue grew 8.6% year on year as development property sales increased 28.8% on more project completions, offsetting the weakness in the Hong Kong office rental income due to challenging market conditions. Full-year dividends per share rose 5% to USD 0.23, meeting our expectation. The company remains committed to delivering annual mid-single-digit DPS growth and ultimately doubling its DPS by 2035. We maintain our 2025 DPS forecast of USD 0.24, implying a dividend yield of 5.4%.

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Hongkong Land Holdings Ltd

Hongkong Land Earnings: Results In Line; Raising Valuation by 19% on Reduced China Residential Risk

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