香港置地 (HKLD.SI)：1H26业绩超预期 - 上调FY26盈利指引。资产负债表改善后准备部署资本以促进增长

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Equity Research

29 July 2026 | 8:26PM HKT

Hongkong Land (HKLD.SI)

1H26 results above - Raise FY26 earnings guidance. Prepared to deploy capital for

growth after improved balance sheet

HKLD.SI

12m Price Target: $11.30

Price: $8.29

Upside: 36.3%

HKLand’s 1H26 results came in above market but inline with our

expectations. Excluding HK$0.9bn revaluation gain mostly from

its HK retail/office portfolio and US$11mn development

property (DP) profit which was already reclassified as

non-trading items last year, group net profit grew +11% yoy to

US$259mn helped by lower financing charges (US$55mn vs.

US$81mn in 1H25) amid -33% yoy net debt reduction reflecting

its ongoing capital recycling initiatives. Gross rental revenue grew

+3% yoy (vs. +2.3% yoy in 2H25) driven by increased contribution

from its China integrated properties (CIP) portfolio +27% yoy on

new openings in Chongqing, Nanjing and Shanghai, making up for

the shortfall in Singapore -9% yoy due to its disposal of MBFC Tower

3 before the formation of SCPREF. In Hong Kong, rental revenue

decline further narrowed from -9%/-3% yoy in 1H/2H25 to -1% yoy

in 1H26 supported by higher retail rents at Landmark on the back of

healthy tenant sales performance +11% yoy tracking inline with

broader HK retail market despite disruption from ongoing

renovation works. HK office rental dropped -9% yoy as reversion

was still mildly negative, lagging the sharp +11% yoy spot rental

recovery in core Central. HKLand usually start their lease

negotiation much earlier by 6-9 months - the market sentiment was

much weaker back then.

Taking into account ~3% less share count yoy after it spent another

~US$210mn to repurchase 1.3% o/s shares ytd, its underlying EPS

grew +14% yoy to 12.1 US cents outpacing +11% underlying

earnings growth. Out of its US$650mn share buyback program,

US$492mn has been utilized up until July 24th, leaving US$158mn

available till mid-FY27. The group declared 8 US cents interim DPS

(vs. 6 US cents in 1H25) - management explains the step-up is

meant to rebalance interim vs. final DPS distribution with a

target to pay out 30-40% of its total DPS at the interim going

forward.…