Henderson Land's Interim Results Miss on Weak China Property Sales, Expect Catch-up in Second Half
For interim 2016, Henderson Land Development, or HLD, reported an underlying profit of HKD 4.8 billion, down 12% year on year. Underlying EPS was HKD 1.31, down 13% year on year. Overall, the results are slightly below our expectation. HLD declared an interim dividend of HKD 0.42 per share, up 11% year on year, despite the decline in earnings. We believe the company can make up for the earnings shortfall through higher booking of development revenue in China during the second half of the year. W...Henderson Land Development is an investment holding company, engaged in property development and investment in Hong Kong and mainland China, hotel operation, project and property management, construction and provision of finance. Co.'s segments include Property development, property leasing, construction, infrastructure, hotel operation, department store operation, utility and energy, and others. Co.'s others segment is involved in the provision of finance, investment holding, project management, property management, agency services, cleaning and security guard services, as well as the trading of building materials and disposal of leasehold land.
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