First Read Hongkong Land Underlying earnings guidance revised to 11% growth in FY26

研报英文原文证据摘录

First Read Hongkong Land Underlying earnings guidance revised to 11% growth in FY26

Global Research

28 July 2026ab

First Read

EquitiesHongkong Land

Underlying earnings guidance revised to 11% Hong Kong

growth in FY26 Real Estate

12-month rating Buy

12m price target US$10.90

1H26 results largely in-line

HKL announced its 1H26 results today, reporting underlying earnings of US$259mn, up

11% YoY and in line with our estimate. Interim DPS reached US$0.08 (+33% YoY), Price (28 Jul 2026) US$7.89

implying a payout ratio of 66% (vs. 57% in 1H25). During the previous blackout call, RIC: HKLD.SI BBG: HKL SP

management indicated that the increase in the interim dividend was primarily intended

Trading data and key metrics

to achieve a more balanced distribution of annual dividends throughout the year. That

said, HKL continues to target a mid-single-digit annual increase in DPS. Meanwhile, net 52-wk range US$8.82-5.93

debt declined a further 5% HoH to US$3.4bn, while net gearing stood at 11%, down Market cap. US$17.4b

1ppt HoH. The company remains committed to delivering at least US$25mn of Shares o/s 2,207m (ORD)

annualised cost savings from 2027 onwards through its transition to a portfolio-led Free float 50%

operating model. Management also raised its FY26 earnings guidance to broadly align Avg. daily volume ('000) 2,635

with the 1H26 growth rate (+11%), supported by steady rental growth in Hong Kong Avg. daily value (m) US$20.1

offices, continued positive rental reversions in Hong Kong retail and Singapore office Common s/h equity (12/26E) US$30.5b

portfolios, as well as higher rental contributions from China, driven by the stabilisation P/BV (12/26E) 0.6x

of recently opened malls and ongoing asset optimisation initiatives.

EPS (UBS, diluted) (US$)