First Read: Hongkong Land "1H26 earnings preview: improving Central office..."

研报英文原文证据摘录

First Read: Hongkong Land "1H26 earnings preview: improving Central office..."

Global Research

14 July 2026ab

First Read

EquitiesHongkong Land

1H26 earnings preview: improving Central office Hong Kong

sentiment Real Estate

12-month rating Buy

12m price target US$10.90

Underlying earnings expected to rise 7-10% in 1H26

Prior : US$10.60

Hongkong Land (HKL) hosted a pre-blackout call on 26 June 2026. During the call, HKL

guided for 1H26 underlying earnings growth of around 7-10% YoY, mainly driven by Price (13 Jul 2026) US$7.25

lower finance charges. By segment, HK Central's rental portfolio should remain broadly RIC: HKLD.SI BBG: HKL SP

stable, as the strong performance of Landmark retail is expected to offset weaker office

Trading data and key metrics

rental contributions resulting from ongoing negative rental reversions. Meanwhile,

earnings from its Singapore portfolio are expected to remain broadly flat. In contrast, 52-wk range US$8.82-5.93

HKL expects positive earnings growth from its mainland China investment property Market cap. US$16.0b

portfolio, supported by new mall completions and ramp-ups in Nanjing, Chongqing and Shares o/s 2,207m (ORD)

Shanghai. Management also indicated that the interim dividend will be rebalanced to Free float 50%

account for approximately one-third of the full-year dividend, compared with roughly Avg. daily volume ('000) 2,781

one-quarter in 2025. However, management emphasized that its dividend policy Avg. daily value (m) US$21.4

remains unchanged and continues to target mid-single-digit YoY DPS growth. Common s/h equity (12/26E) US$30.5b

P/BV (12/26E) 0.6x

Central office market fundamentals continue to improve

EPS (UBS, diluted) (US$)

During the call, management highlighted the improving momentum in the Central

From To % ch Cons.