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Henderson Land Development Co
(0012)
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Rating:70Outperform
Price Target:
HK$29.00
â–²(7.97% Upside)
Action:Upgraded
Date:08/22/26
The score is driven primarily by solid but weakening fundamentals: strong recent cash flow and still-healthy margins are tempered by a multi-year step-down in earnings and low, declining ROE. Technically, the stock shows a positive trend with supportive (not overextended) momentum. Valuation is mixed, with a mid-to-higher P/E partly offset by an attractive dividend yield.
Positive Factors
Healthy Profit Margins
Sustained net margins in the low-to-mid twenties indicate that Henderson Land continues to retain meaningful profit from its property activities. This provides internal funding capacity and a cushion against moderate cost or operating pressure over the next several quarters.
Negative Factors
Weakening Earnings Power
The multi-year reduction in net income indicates that recent profitability has not translated into stronger underlying earnings power. This can constrain retained capital, reduce flexibility for new projects, and make future results more dependent on execution and property-cycle conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthy Profit Margins
Sustained net margins in the low-to-mid twenties indicate that Henderson Land continues to retain meaningful profit from its property activities. This provides internal funding capacity and a cushion against moderate cost or operating pressure over the next several quarters.
Read all positive factors
Henderson Land Development Co (0012) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$129.56B
Dividend Yield4.83%
Average Volume (3M)9.32M
Price to Earnings (P/E)18.9
Beta (1Y)0.62
Revenue Growth45.52%
EPS Growth13.35%
CountryHK
Employees10,078
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)1.38
Shares Outstanding4,841,387,000
10 Day Avg. Volume9,838,199
30 Day Avg. Volume9,318,832
Financial Highlights & Ratios
PEG Ratio-2.01
Price to Book (P/B)0.43
Price to Sales (P/S)5.41
P/FCF Ratio11.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$33.17Price Target Upside23.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.71
Revenue Forecast (FY)HK$29.21B
Henderson Land Development Co Business Overview & Revenue Model
Company Description
Henderson Land Development Company Limited, established in 1976 and based in Central, Hong Kong, operates as an investment holding company with a primary focus on real estate development and investment ventures across both Hong Kong and mainland C...
How the Company Makes Money
Henderson Land typically earns revenue from a mix of development profits and recurring income. (1) Property development and sales: The company develops residential and commercial projects and recognizes revenue when properties are sold and relevan...
Henderson Land Development Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 33.38B | 25.74B | 25.26B | 27.57B | 25.44B | 23.89B |
| Gross Profit | 10.64B | 8.12B | 8.90B | 9.80B | 10.26B | 12.44B |
| EBITDA | 9.10B | 4.53B | 8.73B | 12.83B | 7.11B | 9.80B |
| Net Income | 6.83B | 5.65B | 6.30B | 9.26B | 9.24B | 13.20B |
Balance Sheet | ||||||
| Total Assets | 537.38B | 539.38B | 531.24B | 542.55B | 529.79B | 550.30B |
| Cash, Cash Equivalents and Short-Term Investments | 22.38B | 23.12B | 18.77B | 22.11B | 11.74B | 11.34B |
| Total Debt | 157.63B | 163.91B | 154.22B | 161.69B | 150.09B | 159.48B |
| Total Liabilities | 194.03B | 198.50B | 190.66B | 198.45B | 184.64B | 198.13B |
| Stockholders Equity | 325.56B | 322.46B | 322.15B | 326.54B | 327.95B | 335.02B |
Cash Flow | ||||||
| Free Cash Flow | 3.25B | 12.32B | 15.30B | 14.46B | 7.95B | -54.16B |
| Operating Cash Flow | 4.98B | 12.32B | 15.30B | 14.46B | 11.13B | 685.00M |
| Investing Cash Flow | -7.06B | -8.38B | -1.87B | 16.00M | 12.15B | -50.04B |
| Financing Cash Flow | 5.55B | -4.75B | -21.20B | -5.42B | -21.30B | 52.05B |
Henderson Land Development Co Technical Analysis
Negative
26.86
Price Trends
26.91
Negative
27.79
Negative
28.61
Negative
Market Momentum
-0.24
Positive
41.55
Neutral
18.93
Positive
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 26.86 is below the 20-day moving average (MA) of 27.30, below the 50-day MA of 26.91, and below the 200-day MA of 28.61, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 41.55 is Neutral, neither overbought nor oversold. The STOCH value of 18.93 is Positive, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$129.56B | 18.90 | 2.11% | 4.83% | 45.52% | 13.35% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | HK$16.80B | 11.71 | 1.41% | 7.06% | 9.19% | -0.21% | |
58 Neutral | HK$11.30B | -41.22 | -0.52% | 7.48% | 74.94% | 84.97% | |
54 Neutral | HK$4.89B | 52.63 | 0.72% | 6.14% | -72.09% | -89.37% | |
54 Neutral | HK$1.46B | -5.94 | -1.17% | 0.63% | 68.10% | 66.63% | |
40 Underperform | HK$15.60B | -1.11 | -6.66% | 23.72% | -68.23% | 29.26% |
* Real Estate Sector Average
HK:0012
Henderson Land Development Co
26.08
-0.73
-2.72%
HK:0041
Great Eagle Holdings
14.84
1.02
7.35%
HK:0010
Hang Lung Group
12.18
-1.90
-13.47%
HK:0017
New World Development
5.89
-2.34
-28.43%
HK:0480
HKR International Limited
1.00
0.00
0.00%
HK:0258
Tomson Group Limited
2.20
-0.58
-20.75%
Henderson Land Development Co Corporate Events
Henderson Land Cuts Bond Conversion Price After Interim Dividend
Aug 20, 2026
Henderson Land Development has announced an adjustment to the conversion price of its HK$8 billion 0.5% guaranteed convertible bonds due 2030, following the declaration of an interim cash dividend for the six months ended 30 June 2026. The convers...
Henderson Land profit surges on property sales and land resumption, dividend held
Aug 20, 2026
Henderson Land Development reported unaudited underlying profit attributable to equity shareholders of HK$5,071 million for the six months ended 30 June 2026, a 66% increase from a year earlier, driven mainly by stronger local property sales and g...
Henderson Land Declares Interim HKD 0.5 Dividend for First Half of 2026
Aug 20, 2026
Henderson Land Development Company Limited is a major Hong Kong-based property developer and investment holding company, with core operations focused on real estate development, property investment, and related businesses in the territory. Its sha...
Henderson Land Sets August Board Meeting to Approve Interim Results and Dividend
Aug 6, 2026
Henderson Land Development has scheduled a board meeting for 20 August 2026 to approve the publication of its interim results for the six months ended 30 June 2026. The board will also consider the declaration of an interim dividend, a decision th...
Henderson Land Reshapes Board Committees After Death of Veteran Director
Jul 7, 2026
Henderson Land Development has announced the passing of independent non-executive director Mr Kwong Che Keung, Gordon, who served on the board since 2004 and held key roles as chairman of the Audit and Corporate Governance Committees, as well as m...
Henderson Land Sets Out Full Board and Committee Line-Up
Jul 7, 2026
Henderson Land Development Company Limited has detailed the composition of its 15-member board, led jointly by Chairmen and Managing Directors Dr. Lee Ka Kit and Dr. Lee Ka Shing, alongside a mix of executive, non-executive and independent non-exe...
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.