UBS: Henderson Land (00012) core profit and dividend payment in line with expectations, target price of 30.5 Hong Kong dollars.
The company reduced the final dividend to HKD 0.76 per share, along with an interim dividend of HKD 0.5 per share, making a total annual dividend of HKD 1.26 per share, a 30% decrease compared to the previous year, which roughly meets market expectations.
UBS released a research report stating that HENDERSON LAND (00012) had a core profit of 6.1 billion yuan last year, a 38% year-on-year decrease, in line with the bank's expectations. The company reduced its final dividend to HK$0.76 per share, along with an interim dividend of HK$0.5 per share, with a total annual dividend of HK$1.26 per share, a 30% reduction compared to the previous year, roughly in line with market expectations. The target price for Henderson Land is HK$30.5, with a "neutral" rating. In addition, the report cited Henderson Land management as saying that with the expected recognition of revenue from the "Tianyu" project in West Mid-Levels, the gross profit margin of property development in Hong Kong will rebound to 17% to 19% in the 2026 fiscal year.
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