Hongkong Land Holdings Ltd
H78: XSES (SGP)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$4.29 | Gxkpzq | Sbnzwqnq |
Hongkong Land Earnings: In-Line Results; Retail Recovery Offset by Weak Office Rental
Underlying trends within narrow-moat Hongkong Land's 2023 earnings are in line with our expectations. Revenue declined 18% year on year, mainly due to lower project completions for development properties during the year. For the recurrent investment portfolio business, revenue only grew by 2% year on year as the growth in the Singapore office market and a strong recovery in the company's retail portfolio was offset by weakness in the Hong Kong office portfolio.