Sino Land FY26 Earnings Preview; Higher Rates to Support FY27E Interest Income

研报英文原文证据摘录

Sino Land FY26 Earnings Preview; Higher Rates to Support FY27E Interest Income

Global Research

13 July 2026ab

First Read

EquitiesSino Land

FY26 Earnings Preview; Higher Rates to Support Hong Kong

FY27E Interest Income Real Estate

12-month rating Buy

12m price target HK$13.40

Slight increase in rental income in 2HFY26

Prior : HK$14.30

We forecast Sino's FY26 earnings to reach HK$4.6bn, representing a 10% YoY decline.

The decrease is mainly attributable to lower interest income and reduced development Price (10 Jul 2026) HK$10.31

profit recognition, owing to a lower product mix from St. George's Mansions booking. RIC: 0083.HK BBG: 83 HK

Meanwhile, overall development margins should remain broadly stable at approximately

Trading data and key metrics

7%, compared with 7.2% in 1HFY26. We also forecast a slight increase in rental income

in 2HFY26, driven by higher office occupancy despite ongoing high-single-digit negative 52-wk range HK$13.26-8.67

rental reversions. On the retail side, Hong Kong retail rental reversions have remained in Market cap. HK$92.9b/US$11.9b

the low- to mid-single-digit negative range year-to-date. We expect rental reversions to Shares o/s 9,015m (ORD)

continue improving and potentially return to positive territory in 2027. In addition, the Free float 44%

hotel segment should continue to improve in 2HFY26, supported by margin expansion Avg. daily volume ('000) 9,130

driven by higher room rates in HK (+11% YoY in 5M26) and better occupancy. Notably, Avg. daily value (m) HK$105.8

The Fullerton Ocean Park Hotel Hong Kong has already achieved occupancy of over Common s/h equity (06/26E) HK$169b

80%. We forecast Sino to maintain an unchanged final DPS of HK$0.43, bringing full- P/BV (06/26E) 0.6x

year DPS to HK$0.58 and implying a dividend yield of 5.7%.