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<Research>G Sachs Rates HENDERSON LAND at Buy w/ TP HKD38; Decline in 2025 Underlying Earnings in Line
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According to Goldman Sachs' research report, the 2025 underlying earnings of HENDERSON LAND (00012.HK) declined by 38% YoY to HKD6.1 billion due to the absence of significant one-time gains like the 2024 government acquisition of New Territories farmland, in line with the broker's and the market's expectations. Goldman Sachs still regards HENDERSON LAND as one of the stocks that will benefit more from the upcycle in the Hong Kong residential market and expects a strong earnings recovery in the future. In addition, the company's leasing property exposure in the Central core area will gradually increase, as the Central waterfront project is completed in phases from 2026 to 2032 as planned. The broker has given HENDERSON LAND a target price of HKD38 and a Buy rating. AAStocks Financial News |
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