Morningstar

Hang Lung Properties Ltd 00101

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Stock XHKG Rating as of
HK$8.62 +1.03 (13.57%)
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As of Delayed Price Closed

Company Report

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Hang Lung Properties Is a Good Proxy for China's Luxury Market

Xinfu Lee, Kathy Chan

Hang Lung Properties, or HLP, is a property developer that develops and holds a portfolio of investment properties for rental income in Mainland China and Hong Kong. Beginning in the late 1990s, the company pursued a strategy of pivoting from Hong Kong residential development to Chinese commercial properties. So thorough was the pivot that the company has not made any land acquisitions in Hong Kong for nearly 20 years, until late 2020.

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Price vs Fair Value

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00101 is trading at a 570% premium.
Price
HK$8.62
Fair Value
HK$22.00
Uncertainty
Medium
1-Star Price
HK$94.60
5-Star Price
HK$6.00
Economic Moat
Fnmxq
Capital Allocation
Rqyrcmvb

Bulls Say, Bears Say

Bulls

The company’s luxury retail malls expose it to the luxury goods sector that is more resilient through economic cycles and benefits from China’s rising middle to high income population.

Bears

China’s retail space is highly competitive with newer and younger malls entering to compete against HLP’s existing malls.

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Trading Information

Previous Close Price
HK$7.59
Day Range
HK$7.69–8.62
52-Week Range
HK$5.28–11.68
Bid/Ask
HK$8.60 / HK$8.62
Market Cap
HK$41.24 Bil
Volume/Avg
72.7 Mil / 16.2 Mil

Key Statistics

Price/Earnings (Normalized)
10.52
Price/Sales
3.47
Dividend Yield (Trailing)
8.35%
Dividend Yield (Forward)
8.35%
Total Yield
8.35%

Company Profile

Hung Lung Properties primarily operates in Mainland China and Hong Kong where it develops and invests in a portfolio of commercial properties for rental income, as well as develop residential properties for sale. Most of its revenue is generated in China where it focuses on retail malls in Tier 1 and 2 cities such as Shanghai, Wuxi, Hangzhou, Wuhan, Kunming, Jinan, Dalian, Shenyang, and Tianjin. As such, investors view the company as a proxy for China’s overall retail growth. The company is 63% owned by Hang Lung Group.
Sector
Real Estate
Industry
Real Estate Services
Stock Style Box
Large Value
Total Number of Employees
4,059
Website
https://www.hanglung.com

Competitors

Valuation

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Metric
00101
01972
01997
Price/Earnings (Normalized)
 10.5213.6913.45
Price/Book Value
 0.310.360.47
Price/Sales
 3.476.906.58
Price/Cash Flow
 26.7122.3813.07
Price/Earnings
00101
01972
01997

Financial Strength

Metric
00101
01972
01997
Quick Ratio
 0.650.450.11
Current Ratio
 1.520.940.17
Interest Coverage
 7.125.652.27
Quick Ratio
00101
01972
01997

Profitability

Metric
00101
01972
01997
Return on Assets (Normalized)
 1.69%1.98%2.49%
Return on Equity (Normalized)
 2.78%2.45%3.20%
Return on Invested Capital (Normalized)
 2.15%2.29%3.21%
Return on Assets
00101
01972
01997

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