New Morningstar analyst report for Hang Lung Properties
Hang Lung Properties announced full-year results with underlying earnings of HKD 4.1 billion or EPS of HKD 0.91. The results were 10% below our projection. The shortfall was largely attributed to lower property sales revenue in Hong Kong. The property leasing business in China, the company’s earnings driver, was mostly in line, with the top line slightly below coupled with better margin. We adjusted our growth assumptions, reflecting the continuing asset enhancement initiatives in China and slow...Hang Lung Properties is an investment holding company. Through its subsidiaries, Co. is engaged in property investment for rental income, property development for sales and leasing, car park management and property management. Co. segments include: property leasing in Hong Kong and mainland China; and property sales in Hong Kong. Co's property leasing segment includes property leasing operation. Co.'s investment properties portfolio consists of retail, office, residential, serviced apartments and carparks are primarily located in Hong Kong and mainland China. Co.'s property sales segment includes development and sale of Co.'s trading properties in Hong Kong.
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