TWA #29/2026: 2Q26 Preview for Sands/Oberoi/HLP/HKL Preview

研报英文原文证据摘录

TWA #29/2026: 2Q26 Preview for Sands/Oberoi/HLP/HKL Preview

IdeaM

Investment Summary and Stock Ideas

ITEM DETAILS

Stock ideas (+) Henderson Land (OW): Henderson (OW) will release 1H26 results in late August, and we expect: (a) underlying profit to increase

27% YoY supported by booking of high-margin projects like The Legacy and additional rental contribution from 'The Henderson'; (b)

interim DPS to remain flat at HK$0.50, and FY26 DPS to be HK$1.30 (implied yield of 4.8%); and (c) possible farmland resumption

progress, which could crystallize in 2H26, resulting in significant growth in FY26 EPS growth.

(+) Wynn Macau (OW): 2Q market share gain and 8% sustainable dividend yield should help the stock outperform on a relative basis

vs. peers, while Macau 2Q GGR/EBITDA could disappoint.

Investor Gaming: Will we see GGR rebound in August? When will cheap valuations help the industry outperform?

queries

Hong Kong Property: Why did we downgrade CKA, CKH and SHKP despite identifiable catalysts? What trends are expected for

home prices in 2H26?

China Hotels: Do we see any upside/downside surprises for the upcoming 2Q26 results for hotels in August?

India Property: Could India developers outperform as the macroenvironment improves? What metrics should be considered when

comparing these names?

Stock moves Industry (WoW): Hang Seng Index was +2%, and India's Sensex was +1%. Macau Gaming was flat; HK Property was +4%. China

last week hotels was +3%. India Property was -2%.

Big movers (WoW): Bloomberry (+18%), Wharf REIC (+9%), Henderson (+7%) and HLP Prop (+7%).

Exhibit 1: Market cap movement YTD %, by group

YTD Market Cap By Sectors - Jul 17 (2026) vs. Dec 31 (2025)

HK Conglomerates 22%

HK Developers 12%

HK REITs 7%

HK Landlords 3%

India Property (1%)

Hang Seng Index (4%)