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Hang Lung Properties Ltd 00101

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Stock XHKG Rating as of
HKD 8.40 +0.03 (0.36%)
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As of Delayed Price Closed
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Company Report

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Hang Lung Properties Is a Good Proxy for China Luxury Demand

Xinfu Lee, Kathy Chan

Hang Lung Properties, or HLP, is a property developer that develops and holds a portfolio of investment properties for rental income in Mainland China and Hong Kong. Beginning in the late 1990s, the company pursued a strategy of pivoting from Hong Kong residential development to Chinese commercial properties. So thorough was the pivot that the company has not made any land acquisitions in Hong Kong for nearly 20 years, until late 2020.

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Price vs Fair Value

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00101 is trading within a range we consider fairly valued.
Price
HKD 8.36
Fair Value
HKD 32.20
Uncertainty
Medium
1-Star Price
HKD 13.65
5-Star Price
HKD 87.32
Economic Moat
Qdgg
Capital Allocation
Hqvkwdzpky

Bulls Say, Bears Say

Bulls

The company’s luxury retail malls expose it to the luxury goods sector that is more resilient through economic cycles and benefits from China’s rising middle to high income population.

Bears

China’s retail space is highly competitive with newer and younger malls entering to compete against HLP’s existing malls.

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Trading Information

Previous Close Price
HKD 8.37
Day Range
HKD 8.32–8.48
52-Week Range
HKD 7.80–14.70
Bid/Ask
HKD 8.39 / HKD 8.40
Market Cap
HKD 37.79 Bil
Volume/Avg
10.5 Mil / 9.9 Mil

Key Statistics

Price/Earnings (Normalized)
9.01
Price/Sales
3.66
Dividend Yield (Trailing)
9.29%
Dividend Yield (Forward)
9.29%
Total Yield
9.32%

Company Profile

Hung Lung Properties primarily operates in Mainland China and Hong Kong where it develops and invests in a portfolio of commercial properties for rental income, as well as develop residential properties for sale. Most of its revenue is generated in China where it focuses on retail malls in Tier 1 and 2 cities such as Shanghai, Wuxi, Hangzhou, Wuhan, Kunming, Jinan, Dalian, Shenyang, and Tianjin. As such, investors view the company as a proxy for China’s overall retail growth. The company is 59% owned by Hang Lung Group.
Sector
Real Estate
Industry
Real Estate Services
Stock Style Box
Large Value
Total Number of Employees
4,126
Website
https://www.hanglung.com

Competitors

Valuation

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Metric
00101
01972
H78
Price/Earnings (Normalized)
 9.0112.169.44
Price/Book Value
 0.290.330.22
Price/Sales
 3.666.373.77
Price/Cash Flow
 10.0414.0216.45
Price/Earnings
00101
01972
H78

Financial Strength

Metric
00101
01972
H78
Quick Ratio
 0.580.480.61
Current Ratio
 1.521.031.70
Interest Coverage
 11.017.92−1.16
Quick Ratio
00101
01972
H78

Profitability

Metric
00101
01972
H78
Return on Assets (Normalized)
 1.94%2.11%1.87%
Return on Equity (Normalized)
 3.14%2.54%2.39%
Return on Invested Capital (Normalized)
 2.39%2.33%2.39%
Return on Assets
00101
01972
H78
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