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KGI: Hongkong Land Holdings Limited (HKL SP) – Hong Kong’s reopening on track

Posted on June 8, 2022 By alanyeo No Comments on KGI: Hongkong Land Holdings Limited (HKL SP) – Hong Kong’s reopening on track
  • RE-ITERATE BUY Entry – 5.1 Target – 5.7 Stop Loss – 4.8
  • Hongkong Land Holdings Limited operates as a property investment, development, and management company. The Company owns and manages prime offices and luxury retail properties in Asian gateway cities, principally in Hong Kong and Singapore. Hongkong Land serves customers in Asia.
  • Surge in arrivals to Hong Kong. Almost 9,000 mainland Chinese entered the city by plane last month, compared with just over 6,000 from March 2020 through April this year, according to the latest official immigration data. Hong Kong has lifted flight bans for quite a number of countries, reduced quarantine days requirement for vaccinated residents, and increased the supply of quarantine hotels in April and May. Last Wednesday, the city further loosened measures around Covid-19 testing in a bid to boost visitors.
  • Retail sales unexpectedly rebound. According to the Census and Statistics Department, Sales value rose 11.7% YoY in April, compared to a 13.8% plunge YoY in March. In April, sales volume increased 8.1% YoY, beating the 10.8% decline YoY forecast by economists.
  • Positive consensus estimates. Hongkong Land currently has a positive consensus estimate of 7 BUYS, 4 HOLDS and 2 SELLS, with a 12M TP of US$6.00. The updated market consensus of the EPS growth in FY22/23 is 1.2%/5.8% YoY, respectively, translating to 12.3×/11.6x forward PE. FY22F/23F dividend yield is 4.3%/4.3% respectively.

Hong Kong Passenger Traffic: China Mainland Visitors

(Source: Bloomberg)

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Research - Equities Tags:Hongkong Land Holdings Ltd

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