HLD Results Miss on Lower Booking, but Strong Pipeline and Continued Asset Disposal in Near Term
Henderson Land Development reported underlying profit of HKD 19.8 billion for 2018, up slightly year on year. Underlying EPS amounted to HKD 4.49 versus HKD 4.43 on a share-adjusted basis a year ago. The underlying profit included disposal gains and a cumulative fair value change of derecognized investment properties. Stripping out those, underlying profit was around HKD 13 billion, up slightly from a year ago and 10% lower than our estimate. HLD declared a full-year dividend of HKD 1.80 per sha...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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