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HENDERSON LAND
HKD
31.6800.560
(1.80%)
1D
High
31.680
Open
31.120
VWAP
31.53
Vol
5.65M
Mkt Cap
142.05B
Low
31.000
Amount
178.06M
EV/EBITDA(TTM)
78.23
Total Shares
4.84B
EV
311.59B
EV/OCF(TTM)
77.16
P/S(TTM)
6.54
Henderson Land Development Co Ltd is an investment holding company mainly engaged in the property development. The Company operates its business through six segments. The Property Development segment is engaged in the development and sale of properties. The Property Leasing segment is engaged in the leasing of properties. The Department Stores and Supermarket-Cum-Stores Operation segment is engaged in the operation and management of department stores and supermarket-cum-stores. The Hotel Room Operation segment is engaged in the operation of hotel properties. The Other Business segment is engaged in hotel management, construction engineering, provision of financial lending, project management, property management, security and cleaning services, catering operations, travel operation, as well as the trading of building materials. The Utility and Energy segment is engaged in the production, transmission and sale of gas, water supply, renewable energy business and emerging energy business.
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News
4.5
01-13aastocks<Daily Summary> HSI Ends at 26,848, Gaining 239 Points; HSTI Finishes at 5,869, Up 6 Points; BABA Rises Over 3%; CHINA LIFE, HENDERSON LAND, ZIJIN MINING, SHK PPT, and CLP HOLDINGS Reach New Peaks; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) rose by 239 points (0.9%) to close at 26,848, with a total market turnover of $315.19 billion.
Active Heavyweights: Notable stock movements included Alibaba (+3.6%), Ping An (+2.2%), and Tencent (+0.7%), while Xiaomi saw a decline of 2%.
HSI & HSCEI Constituents: Wuxi Apptec surged by 8.3%, and China Life increased by 3.5%, both hitting new highs, while Tingyi dropped by 4.3%.
HSMI & HSSI Constituents: Fangzhou Jianke experienced a significant rise of 65.8%, while Breton fell by 15.6%, reflecting varied performance among smaller stocks.
4.5
01-13aastocks<Midday Update> HSI Rises by 268 Points; HSTI Gains 22 Points; BABA Surges Over 3%; HENDERSON LAND, ZIJIN MINING, CHINA LIFE, SHK PPT, and CLP HOLDINGS Reach New Peaks
Market Performance: The Hang Seng Index (HSI) rose by 268 points (1.0%) to 26,877, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also saw gains of 0.4% and 0.8%, respectively.
Active Heavyweights: Notable stock movements included Alibaba (BABA) up 3.5%, Ping An (02318.HK) up 2%, and Tencent (00700.HK) up 0.5%, while Meituan (03690.HK) and Xiaomi (01810.HK) experienced declines.
Top Gainers: Wuxi Apptec (02359.HK) surged by 7.9%, followed by CSPC Pharma (01093.HK) with a 5.7% increase, and Wuxi Bio (02269.HK) up 4.3%, indicating strong performance among certain constituents.
Short Selling Activity: Significant short selling was observed in several stocks, with Xiaomi and Meituan having high short selling ratios of 31.1% and 12.6%, respectively, reflecting market sentiment and trading strategies.
4.5
01-12aastocks<Full-day Summary> HSI Gains 376 Points; HSTI Rises 176 Points; MEITUAN Surges Over 6%; BABA Increases Over 5%; ZIJIN MINING, CKH HOLDINGS, SHK PPT, CK ASSET, ND PAPER Reach New Peaks; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) rose by 376 points (1.4%) to close at 26,608, with significant gains in other indices such as HSTI and HSCEI, and a market turnover of $306.22 billion.
Top Gainers: Notable heavyweights like Meituan and Alibaba saw substantial increases of 6.6% and 5.3%, respectively, while Ping An experienced a decline of 2.1%.
HSI & HSCEI Movers: Companies like Ali Health and Kuaishou-W had impressive gains of 10.2% and 7.4%, respectively, while several other stocks also showed strong performance.
Emerging Stocks: Smaller companies such as MarketingForce and Synagistics reported remarkable increases of 32.1% and 24.3%, indicating a vibrant market for emerging stocks.
6.0
01-12aastocksCiti's Projections for Ratings, Target Prices, and Valuations of HK Real Estate Stocks (Table)
Stock Performance: Various Hong Kong stocks showed mixed performance, with some companies like Henderson Land and Hysan Development experiencing gains, while others like Wharf REIC and Champion REIT saw declines.
Short Selling Data: Significant short selling activity was noted across multiple stocks, with SHK PPT and Wharf Holdings having the highest short selling ratios, indicating bearish sentiment among investors.
Investment Ratings: Analysts provided investment ratings, recommending buys for several stocks including Hysan Development and Sino Land, while suggesting sells for Wharf Holdings and New World Development.
Discount to NAV: Many stocks are trading at substantial discounts to their net asset values (NAV), with Kerry Properties and Hang Lung Properties showing the largest discounts at 74% and 68%, respectively.
6.5
01-12aastocksCiti Increases 2026 Home Price Growth Prediction for HK to 8%, Anticipates Developers to Reestablish Growth Momentum
Citi Research Forecast Revision: Citi Research has revised its forecast for Hong Kong residential property prices in 2026 from a 3% increase to an 8% increase, following a 4.7% rise in 2025 and a 1% increase since the start of 2026.
Optimism for Homebuilders: The report indicates a more optimistic outlook for Hong Kong homebuilders in 2026, driven by a home price upcycle, improving profit margins, and a six-year high in new home sales volume.
Recommended Stocks: Citi Research has recommended several stocks, including SHK PPT, SINO LAND, and HENDERSON LAND, highlighting their potential for growth amid the recovering market.
Short Selling Data: The report includes short selling data for the recommended stocks, indicating varying levels of short selling activity and ratios for each company as of January 9, 2026.
Money Flow
Over the past 66 trading days, overall net money flow is 237.70M, with retail investors contributing 8.44M and major investors adding 225.04M.
Net Buy $ Volume
Net Sell $ Volume
Morgan Stanley
Morgan Stanley
upgrade
$NULL
2026-01-06
Reason
Morgan Stanley upgraded its view on the Hong Kong real estate sector to "Attractive" due to the expectation that all three sub-sectors—local residential property prices, Central office rents, and local retail sales—will experience positive year-over-year growth for the first time since 2018. The firm is particularly optimistic about the residential property market, followed by office spaces and retail. This positive outlook has led to recommendations for increasing holdings in specific real estate stocks, with target prices set for each.
Morgan Stanley
Price Target
$NULL
2026-01-06
upgrade
Morgan Stanley upgraded its view on the Hong Kong real estate sector to "Attractive" due to the expectation that all three sub-sectors—local residential property prices, Central office rents, and local retail sales—will experience positive year-over-year growth for the first time since 2018. The firm is particularly optimistic about the residential property market, followed by office spaces and retail. This positive outlook has led to recommendations for increasing holdings in specific real estate stocks, with target prices set for each.
Morgan Stanley
Morgan Stanley
Equalweight -> Overweight
upgrade
$39 -> $47
2026-01-06
Reason
The analyst rating from Morgan Stanley is based on several key factors:
1. Increased Demand from Mainland Buyers: There is an expectation of rising demand for Hong Kong's homes, particularly from buyers in mainland China.
2. Depleting Inventories and Limited Supply: The current inventory of homes is decreasing, and there is limited new supply, which is likely to drive prices up.
3. Falling Interest Rates: Lower interest rates are expected to make borrowing cheaper, further stimulating demand for home purchases.
4. Talent Inflows Driving Rental Performance: An influx of talent is anticipated to boost rental demand, leading to a projected 5% increase in rents, which will enhance yields and investment demand.
These factors collectively support Morgan Stanley's positive outlook on Hong Kong's real estate market, prompting upgrades in ratings and target prices for specific real estate stocks.
Morgan Stanley
Equalweight -> Overweight
Price Target
$39 -> $47
2026-01-06
upgrade
The analyst rating from Morgan Stanley is based on several key factors:
1. Increased Demand from Mainland Buyers: There is an expectation of rising demand for Hong Kong's homes, particularly from buyers in mainland China.
2. Depleting Inventories and Limited Supply: The current inventory of homes is decreasing, and there is limited new supply, which is likely to drive prices up.
3. Falling Interest Rates: Lower interest rates are expected to make borrowing cheaper, further stimulating demand for home purchases.
4. Talent Inflows Driving Rental Performance: An influx of talent is anticipated to boost rental demand, leading to a projected 5% increase in rents, which will enhance yields and investment demand.
These factors collectively support Morgan Stanley's positive outlook on Hong Kong's real estate market, prompting upgrades in ratings and target prices for specific real estate stocks.
Citi
upgrade
$110
2025-11-13
Reason
Citi's optimistic analyst rating for the Hong Kong real estate market recovery in 2026 is based on several key factors:
1. Housing Prices: An anticipated upward cycle in housing prices due to improved profit margins on new sales and potential increases in net asset value.
2. Retail Sales: Strong performance in luxury goods and stabilization in the mass market, with expectations for steady recovery starting in the second half of 2026.
3. Office Space: Despite increased competition following record completions in 2025, Grade A offices in prime locations are expected to perform well.
4. Streamlined Companies: Listed companies are expected to benefit from active capital recycling, reduced liabilities, and lower costs, which will support growth and stable cash flow.
5. Increased Investment Willingness: A growing appetite for investment in the market.
6. Leadership Changes: Smooth transitions in leadership may facilitate the implementation of new strategies.
Additionally, Citi predicts a decrease in interest rates in Hong Kong and other regions, which could benefit high-yield stocks. The firm also highlights catalysts such as dividend and earnings per share growth, luxury retail performance, large new projects, and REIT connections as important factors to watch. Overall, these elements contribute to Citi's positive outlook for the Hong Kong real estate market in 2026.
Citi
Price Target
$110
2025-11-13
upgrade
Citi's optimistic analyst rating for the Hong Kong real estate market recovery in 2026 is based on several key factors:
1. Housing Prices: An anticipated upward cycle in housing prices due to improved profit margins on new sales and potential increases in net asset value.
2. Retail Sales: Strong performance in luxury goods and stabilization in the mass market, with expectations for steady recovery starting in the second half of 2026.
3. Office Space: Despite increased competition following record completions in 2025, Grade A offices in prime locations are expected to perform well.
4. Streamlined Companies: Listed companies are expected to benefit from active capital recycling, reduced liabilities, and lower costs, which will support growth and stable cash flow.
5. Increased Investment Willingness: A growing appetite for investment in the market.
6. Leadership Changes: Smooth transitions in leadership may facilitate the implementation of new strategies.
Additionally, Citi predicts a decrease in interest rates in Hong Kong and other regions, which could benefit high-yield stocks. The firm also highlights catalysts such as dividend and earnings per share growth, luxury retail performance, large new projects, and REIT connections as important factors to watch. Overall, these elements contribute to Citi's positive outlook for the Hong Kong real estate market in 2026.
JPMorgan
maintain
2025-11-13
Reason
The analyst rating from JPMorgan is based on several key factors:
1. Recent Performance: The China and Hong Kong property sectors have shown significant gains, with increases of 7% and 5% respectively, outperforming the Hang Seng Index's 3% rise. This performance is attributed to heightened policy expectations amidst deteriorating economic data.
2. Policy Expectations: The broker believes that the rise in Chinese developers is primarily driven by expectations of new policy support, which is likely to continue until the next government meeting in late November or December. If no new policies are introduced by then, there is a risk of the sector underperforming again.
3. Industry Fundamentals: Current industry fundamentals suggest an increasing probability of new policy support, which supports a positive outlook for the property sector.
4. Risk-Reward Assessment: JPMorgan has identified specific stocks with favorable risk-reward ratios, particularly in the context of a policy-driven rebound. They have highlighted certain developers and landlords as offering better risk-reward profiles compared to residential stocks, which have already priced in expectations of a full recovery.
5. Valuation Considerations: The broker notes that while they maintain a positive view on the property market, residential stock valuations have reached levels that reflect expectations of recovery, indicating that there may be limited upside potential in that segment.
Overall, the analyst rating reflects a cautious optimism based on policy expectations and market performance, while also recognizing the potential for underperformance if those expectations are not met.
JPMorgan
Price Target
2025-11-13
maintain
The analyst rating from JPMorgan is based on several key factors:
1. Recent Performance: The China and Hong Kong property sectors have shown significant gains, with increases of 7% and 5% respectively, outperforming the Hang Seng Index's 3% rise. This performance is attributed to heightened policy expectations amidst deteriorating economic data.
2. Policy Expectations: The broker believes that the rise in Chinese developers is primarily driven by expectations of new policy support, which is likely to continue until the next government meeting in late November or December. If no new policies are introduced by then, there is a risk of the sector underperforming again.
3. Industry Fundamentals: Current industry fundamentals suggest an increasing probability of new policy support, which supports a positive outlook for the property sector.
4. Risk-Reward Assessment: JPMorgan has identified specific stocks with favorable risk-reward ratios, particularly in the context of a policy-driven rebound. They have highlighted certain developers and landlords as offering better risk-reward profiles compared to residential stocks, which have already priced in expectations of a full recovery.
5. Valuation Considerations: The broker notes that while they maintain a positive view on the property market, residential stock valuations have reached levels that reflect expectations of recovery, indicating that there may be limited upside potential in that segment.
Overall, the analyst rating reflects a cautious optimism based on policy expectations and market performance, while also recognizing the potential for underperformance if those expectations are not met.
JPMorgan
upgrade
2025-10-23
Reason
The analyst rating from JPMorgan is based on several key factors:
1. Strong Year-to-Date Performance: The MSCI Hong Kong Index has returned 26% in USD terms year-to-date, indicating robust market performance.
2. Valuation Metrics: The forward 12-month P/E ratio for Hong Kong is currently 0.3 standard deviations below the 10-year average, making it the lowest-valued market in the Asia-Pacific region (excluding ASEAN). This suggests that Hong Kong stocks may be undervalued relative to historical levels.
3. Recovery Trends: Hong Kong has shown a pronounced recovery trend since 2023, which is contributing to a positive outlook.
4. Financial Market Strength: There is strong performance in the financial markets and a stabilizing residential property market, which are both positive indicators for future growth.
5. Capital Inflows: The combination of low valuations and recovery trends is expected to continue attracting capital inflows into the market.
Overall, these factors lead JPMorgan to maintain a positive outlook for Hong Kong for the next year and to upgrade the rating of the communication services sector to Overweight.
JPMorgan
Price Target
2025-10-23
upgrade
The analyst rating from JPMorgan is based on several key factors:
1. Strong Year-to-Date Performance: The MSCI Hong Kong Index has returned 26% in USD terms year-to-date, indicating robust market performance.
2. Valuation Metrics: The forward 12-month P/E ratio for Hong Kong is currently 0.3 standard deviations below the 10-year average, making it the lowest-valued market in the Asia-Pacific region (excluding ASEAN). This suggests that Hong Kong stocks may be undervalued relative to historical levels.
3. Recovery Trends: Hong Kong has shown a pronounced recovery trend since 2023, which is contributing to a positive outlook.
4. Financial Market Strength: There is strong performance in the financial markets and a stabilizing residential property market, which are both positive indicators for future growth.
5. Capital Inflows: The combination of low valuations and recovery trends is expected to continue attracting capital inflows into the market.
Overall, these factors lead JPMorgan to maintain a positive outlook for Hong Kong for the next year and to upgrade the rating of the communication services sector to Overweight.
UBS
NULL -> Buy
upgrade
$31
2025-10-08
Reason
The analyst rating for CK ASSET was upgraded to Buy due to several factors: it is the largest local hotel operator, which positions it to benefit from improved hotel profitability, student dormitory conversions, and asset disposals. Additionally, the expected growth in non-Hong Kong student enrollments, driven by increased enrollment quotas, reduced competition, and the reputation of Hong Kong's universities, supports the positive outlook for the company.
UBS
NULL -> Buy
Price Target
$31
2025-10-08
upgrade
The analyst rating for CK ASSET was upgraded to Buy due to several factors: it is the largest local hotel operator, which positions it to benefit from improved hotel profitability, student dormitory conversions, and asset disposals. Additionally, the expected growth in non-Hong Kong student enrollments, driven by increased enrollment quotas, reduced competition, and the reputation of Hong Kong's universities, supports the positive outlook for the company.
Citi
Citi
Buy
maintain
$30
2025-08-21
Reason
Citi
Buy
Price Target
$30
2025-08-21
maintain
Goldman Sachs
Goldman Sachs
Sell
maintain
$19.3
2025-08-21
Reason
Goldman Sachs
Sell
Price Target
$19.3
2025-08-21
maintain
Goldman Sachs
Goldman Sachs
Buy
maintain
$38.2
2025-08-19
Reason
Goldman Sachs
Buy
Price Target
$38.2
2025-08-19
maintain
M Stanley
Underweight
to
NULL
upgrade
$22.5
2025-08-19
Reason
The analyst rating from the article is influenced by several factors:
1. HIBOR Trends: The one-month HIBOR has returned to over 2% after a period of low levels, which may have been anticipated. Analysts believe that HIBOR will likely remain in the range of 2-3% in the foreseeable future, indicating a stable interest rate environment.
2. Resilience of the Real Estate Sector: JPMorgan believes that Hong Kong's real estate sector will remain resilient in the short term, particularly until the government releases its Policy Address. This suggests that there are expectations for new policies that could positively impact the market.
3. Short-term Reprieve from US Interest Rate Cuts: Following the US interest rate cut, the sector may experience a temporary boost, although the broker anticipates that the recovery will be gradual.
4. Preference for Specific Stocks: JPMorgan has shown a preference for certain stocks within the sector, such as SWIREPROPERTIES and HENDERSON LAND, indicating a positive outlook on these specific investments.
Overall, the rating reflects a cautious optimism about the real estate sector's resilience and potential for gradual recovery, influenced by interest rate trends and upcoming government policies.
M Stanley
Underweight
to
NULL
Price Target
$22.5
2025-08-19
upgrade
The analyst rating from the article is influenced by several factors:
1. HIBOR Trends: The one-month HIBOR has returned to over 2% after a period of low levels, which may have been anticipated. Analysts believe that HIBOR will likely remain in the range of 2-3% in the foreseeable future, indicating a stable interest rate environment.
2. Resilience of the Real Estate Sector: JPMorgan believes that Hong Kong's real estate sector will remain resilient in the short term, particularly until the government releases its Policy Address. This suggests that there are expectations for new policies that could positively impact the market.
3. Short-term Reprieve from US Interest Rate Cuts: Following the US interest rate cut, the sector may experience a temporary boost, although the broker anticipates that the recovery will be gradual.
4. Preference for Specific Stocks: JPMorgan has shown a preference for certain stocks within the sector, such as SWIREPROPERTIES and HENDERSON LAND, indicating a positive outlook on these specific investments.
Overall, the rating reflects a cautious optimism about the real estate sector's resilience and potential for gradual recovery, influenced by interest rate trends and upcoming government policies.
Valuation Metrics
Forward PE
5Y Average PE
11.71
Current PE
15.68
Overvalued PE
13.56
Undervalued PE
9.85
Forward EV/EBITDA
5Y Average EV/EBITDA
26.93
Current EV/EBITDA
36.27
Overvalued EV/EBITDA
30.69
Undervalued EV/EBITDA
23.16
Forward PS
5Y Average PS
4.51
Current PS
5.59
Overvalued PS
5.36
Undervalued PS
3.67
Financials
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