Sino Land | F2026 Preview: Defensive Play Amid Higher Rate

研报英文原文证据摘录

Sino Land | F2026 Preview: Defensive Play Amid Higher Rate

Update

July 24, 2026 04:08 PM GMT

Morgan Stanley Asia Limited+MSino Land | Asia Pacific Praveen K Choudhary

Equity Analyst

F2026 Preview: Defensive Play Praveen.Choudhary@morganstanley.comAnson Lee, CFA +852 2848-5068

Research Associate

Anson.Lee@morganstanley.com +852 2239-7435

Amid Higher Rate

Key Takeaways

(-) We expect F2026 earnings to drop by 8% to HK$4.7bn due to booking of

product mix and lower interest income. Scrip dividend could also be halted. Sino Land (0083.HK, 83 HK)

(+) Despite 100%+ payout (MSe), full-year DPS should be unchanged at HK Hong Kong Property | Hong Kong

Stock Rating Equal-weight

$0.58, implying attractive yield at 5.4% (second-highest among developers).

Industry View Attractive

Price target HK$12.00

(+) DP margin should have bottomed in F2026 at mid-to-high single digits (F1H26

Up/downside to price target (%) 12

7.2%), but recovery could be seen in F2027 with rising ASP and lower land cost. Shr price, close (Jul 24, 2026) HK$10.68

52-Week Range HK$13.30-8.86

(+/-) HK retail could see better tenant sales with narrowing negative reversion Sh out, dil, curr (mn) 9,150

Mkt cap, curr (mn) HK$97,723

(low/mid-single digits), while office could still lag its Grade-B portfolio. EV, curr (mn) HK$6,104

Avg daily trading value (mn) HK$87

(+) Interest income could decline HoH in F2H26 with lower blended yield (F1H26

Fiscal Year Ending 06/25 06/26e 06/27e 06/28e

3.5%), but it could grow mildly HoH in F1H27 due to higher rate expectation.

EPS (HK$)** 0.57 0.52 0.53 0.54

Prior EPS (HK$)** - - - -

(+/-) HK hotel could improve in F2H26 supported by growing visitation (+13% YoY in EPS (HK$)§ 0.58 0.51 0.51 0.55

Revenue, net (HK$ mn) 8,183 10,474 10,584 11,639

C1H26) and mega events, in our view.