Sun Hung Kai Properties 0016

[winston]

not vested

Broker│Opinion

Goldman Sachs│Dividend payout ratio reached the highest level in the guidance range, debt ratio fell, and business operation is expected to further improve in 2025

Jefferies│2Q underlying profit and full year dividend in line

Citi│Stick to prudent financial discipline, focus on asset turnover

JPMorgan│Dividend payout ratio not attractive compared to peers


Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

SHKP's underlying net rises 17pc to $10.5b

by Aiden He

Profit go up by 17.5 percent to HK$10.5 billion in the second half of 2024 and declared an interim dividend of 95 HK cents, same as that from 12 months ago.

This increase was primarily driven by higher recognized profits from property development, lower finance costs and gains from the disposal of investment properties and land resumption, which was partly offset by a slight decline in property rental income and impairment provision for development properties.

The developer incurred a fair value loss of HK$2.04 billion for its investment properties, in stark contrast to a gain of HK$432 million for the same period last year.

Net profit, which included the revaluation changes, fell by 17.7 percent year-on-year to HK$7.5 billion.

Total revenue of SHKP for the six-month period jumped by 45 percent to HK$39.9 billion.

The developer earned HK$2.5 billion from property sales, representing an increase of 22.8 percent from a year earlier.

Gross rental income decreased by 1 percent to HK$12.3 billion while net rental income fell by 3 percent to HK$9 billion.

It had a land bank of 56.9 million square feet as of the end of December. Of these, about 37.6 million sq ft were diversified completed properties, an overwhelming majority of which were for rental and long-term investment purposes.

Some 12.9 million square feet of the remainder were residential properties under development for sale.

SHKP held land reserves of 66.4 million sq ft in the mainland, including most of the 21.2 million sq ft completed properties for rental and long-term investment purposes.

Source: The Standard

https://www.thestandard.com.hk/section- ... -to-$10.5b

[winston]

not vested

1HFY25: Solid Results With Unchanged DPS; Stronger-than-market Property Sales
Further Lowers Net Gearing Ratio

SHKP’s underlying net profit increased by 17.5% yoy to HK$10,463m, driven by faster recognition of Hong Kong property sales despite lower development margin.

Interim DPS was HK$0.95/share, flat yoy.

Rental profit decreased 3.5% yoy to HK$9,004m, with operational improvement of malls in 4Q24.

Net gearing further dropped to 17.8%.

Maintain earnings forecast and BUY with an unchanged target price of HK$103.00.

SHKP remains our top pick for the Hong Kong property sector.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

Sun Hung Kai Properties (16 HK)

FY25: Earnings Stabilise; Mixed Segment Performances;

New IPs To Drive Growth from FY26

SHKP reported a 0.5% increase in FY25 underlying net profit, driven by strong China DP margin and lower finance costs, despite weaker Hong Kong DP margins.

Investment properties (IP) showed mixed results, with Hong Kong offices outperforming the market.

The IGC in Hong Kong and ITC in Shanghai will complete and open in FY26, supporting recurring income growth.

Management is committed to a 50% payout ratio.

Maintain BUY. Target price of HK$103.00 implies a 4.0% FY26 yield.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email