Henderson Land Development Co Ltd (HK:0012)
:0012
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Henderson Land Development Co
(0012)
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Rating:63Neutral
Price Target:
HK$32.00
▲(6.38% Upside)
Action:DowngradedDate:04/29/26
The score is driven primarily by decent underlying profitability and improved recent cash generation, offset by a multi-year step-down in earnings and low/declining ROE. Technicals add a mild headwind due to negative MACD and trading below the 50-day average, while valuation is supported by a strong dividend yield but constrained by a higher P/E.
Positive Factors
Sustained Profitability
Margins around 21%–25% across 2024–2025 indicate durable underlying profitability driven by property investment income and development margins. Sustained margins support cash generation and cover fixed costs, making earnings less sensitive to moderate revenue swings over the next 2–6 months.
Negative Factors
Declining Earnings Power
Multi-year step-down in net income and a low ROE (~1.75% in 2025) signal weakening returns on shareholder capital. Persistently lower earnings reduce internal funding for projects and dividends, and indicate structural pressure on profitability that could persist absent higher-margin project wins.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
Margins around 21%–25% across 2024–2025 indicate durable underlying profitability driven by property investment income and development margins. Sustained margins support cash generation and cover fixed costs, making earnings less sensitive to moderate revenue swings over the next 2–6 months.
Read all positive factors
Henderson Land Development Co (0012) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$147.18B
Dividend Yield6.2%
Average Volume (3M)5.14M
Price to Earnings (P/E)24.1
Beta (1Y)0.61
Revenue Growth2.00%
EPS Growth-10.22%
CountryHK
Employees9,970
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)0.57
Shares Outstanding4,841,387,000
10 Day Avg. Volume3,757,408
30 Day Avg. Volume5,137,023
Financial Highlights & Ratios
PEG Ratio-2.41
Price to Book (P/B)0.42
Price to Sales (P/S)5.18
P/FCF Ratio11.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$34.59Price Target Upside14.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.56
Revenue Forecast (FY)HK$28.04B
Henderson Land Development Co Business Overview & Revenue Model
Company Description
Henderson Land Development Company Limited, an investment holding company, engages in the property development and investment activities in Hong Kong and Mainland China. The company operates through Property Development, Property Leasing, Departme...
How the Company Makes Money
Henderson Land Development generally makes money through (1) property development profits and (2) recurring rental and property-related income from investment properties.
1) Property development (lumpy, project-based revenue): The company develo...
Henderson Land Development Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
61
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.31B | 25.26B | 27.57B | 25.44B | 23.89B |
| Gross Profit | 8.32B | 8.90B | 9.80B | 10.26B | 12.44B |
| EBITDA | 9.38B | 8.73B | 12.83B | 7.11B | 9.80B |
| Net Income | 5.65B | 6.30B | 9.26B | 9.24B | 13.20B |
Balance Sheet | |||||
| Total Assets | 539.38B | 531.24B | 542.55B | 529.79B | 550.30B |
| Cash, Cash Equivalents and Short-Term Investments | 23.12B | 18.77B | 22.11B | 11.74B | 11.34B |
| Total Debt | 163.91B | 154.22B | 161.69B | 150.09B | 159.48B |
| Total Liabilities | 198.50B | 190.66B | 198.45B | 184.64B | 198.13B |
| Stockholders Equity | 322.46B | 322.15B | 326.54B | 327.95B | 335.02B |
Cash Flow | |||||
| Free Cash Flow | 12.32B | 15.30B | 14.46B | 7.95B | -54.16B |
| Operating Cash Flow | 12.32B | 15.30B | 14.46B | 11.13B | 685.00M |
| Investing Cash Flow | -8.38B | -1.87B | 16.00M | 12.15B | -50.04B |
| Financing Cash Flow | -4.75B | -21.20B | -5.42B | -21.30B | 52.05B |
Henderson Land Development Co Technical Analysis
Negative
30.08
Price Trends
31.85
Negative
30.79
Negative
29.10
Positive
Market Momentum
-0.41
Negative
44.56
Neutral
71.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0012, the sentiment is Negative. The current price of 30.08 is below the 20-day moving average (MA) of 30.31, below the 50-day MA of 31.85, and above the 200-day MA of 29.10, indicating a neutral trend. The MACD of -0.41 indicates Negative momentum. The RSI at 44.56 is Neutral, neither overbought nor oversold. The STOCH value of 71.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0012.
Henderson Land Development Co Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | HK$147.18B | 24.10 | 1.76% | 6.20% | 2.00% | -10.22% | |
62 Neutral | HK$22.45B | 7.71 | 1.39% | 5.62% | -11.43% | -15.07% | |
61 Neutral | HK$5.26B | 6.75 | 6.10% | 5.22% | 477.74% | 332.86% | |
59 Neutral | HK$13.35B | -6.82 | -3.14% | 5.93% | 80.71% | 4.60% | |
45 Neutral | HK$1.69B | -0.83 | -3.56% | ― | 72.75% | 25.44% | |
40 Underperform | HK$21.06B | -1.70 | -9.54% | ― | -68.23% | 29.26% |
* Real Estate Sector Average
HK:0012
Henderson Land Development Co
30.36
10.28
51.20%
HK:0041
Great Eagle Holdings
17.83
5.75
47.65%
HK:0010
Hang Lung Group
16.28
6.13
60.35%
HK:0017
New World Development
8.32
3.66
78.54%
HK:0480
HKR International Limited
1.17
0.32
37.65%
HK:0258
Tomson Group Limited
2.36
-0.29
-10.94%
Henderson Land Development Co Corporate Events
Henderson Land Sets 2026 AGM to Approve Dividend and Capital Mandates
Apr 24, 2026
Henderson Land Development has called its annual general meeting for 2 June 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and vote on the declaration of a final dividend with...
Henderson Land Profit Falls on Fewer One-Off Gains as Sales and Pipeline Surge
Mar 23, 2026
Henderson Land Development reported underlying profit attributable to shareholders of HK$6,063 million for 2025, down 38% year on year, largely because last year’s results were boosted by substantial gains from government land resumptions an...
Henderson Land Declares HK$0.76 Final Dividend for 2025
Mar 23, 2026
Henderson Land Development Company Limited has declared a final ordinary dividend of HKD 0.76 per share for the financial year ended 31 December 2025. The dividend, subject to shareholder approval on 2 June 2026, will be paid on 23 June 2026 to sh...
Henderson Land Cuts Convertible Bond Price After Proposed Final Dividend
Mar 23, 2026
Henderson Land Development Company Limited has announced an adjustment to the conversion price of its HK$8 billion 0.5% guaranteed convertible bonds due 2030, linked to a proposed final cash dividend of HK$0.76 per share for the year ended 31 Dece...
Henderson Land Updates Corporate Logo Without Affecting Shareholders
Mar 15, 2026
Henderson Land Development Company Limited has announced the adoption of a new corporate logo, effective 14 March 2026, as part of an update to its visual identity. The board, including co-chairmen and managing directors Lee Ka Kit and Lee Ka Shin...
Henderson Land Sets March Board Meeting to Approve 2025 Final Results and Dividend
Mar 9, 2026
Henderson Land Development Company Limited has scheduled a board meeting for 23 March 2026 to review and approve the group’s audited final results for the financial year ended 31 December 2025. The board will also consider the declaration of...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.