Stock 101 HANG LUNG PROPERTIES LIMITED
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Financials Hang Lung Properties Limited

Equities

101

HK0101000591

Real Estate Development & Operations

Delayed Hong Kong S.E.
Other stock markets
 02:09:29 2024-06-07 am EDT 		5-day change 1st Jan Change
7.45 HKD -0.53% Intraday chart for Hang Lung Properties Limited +4.49% -31.53%
May. 23 Jefferies Adjusts Hung Lung Properties' Price Target to HK$8 From HK$9, Keeps at Hold MT
May. 17 Hang Lung Properties Limited Announces Final Dividend for the Year Ended 31 December 2023, Payable on 14 June 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 76,911 91,980 72,168 68,659 48,952 33,699 - -
Enterprise Value (EV) 1 103,278 123,578 109,684 108,954 94,304 79,239 77,889 74,081
P/E ratio 12.5 x -35.9 x 18.7 x 18 x 12.4 x 7.72 x 7.16 x 6.73 x
Yield 4.44% 3.72% 4.86% 5.11% 7.17% 10.4% 10.4% 10.4%
Capitalization / Revenue 8.69 x 10.3 x 6.99 x 6.64 x 4.75 x 2.76 x 2.6 x 2.43 x
EV / Revenue 11.7 x 13.8 x 10.6 x 10.5 x 9.14 x 6.49 x 6.02 x 5.34 x
EV / EBITDA 17.3 x 20.6 x 15.9 x 16.3 x 13.8 x 10.8 x 9.9 x 8.91 x
EV / FCF -14.9 x 404 x -892 x 75.7 x - -145 x -683 x -
FCF Yield -6.72% 0.25% -0.11% 1.32% - -0.69% -0.15% -
Price to Book 0.56 x 0.67 x 0.51 x 0.52 x 0.37 x 0.25 x 0.25 x 0.25 x
Nbr of stocks (in thousands) 4,497,719 4,497,800 4,499,261 4,499,261 4,499,261 4,499,261 - -
Reference price 2 17.10 20.45 16.04 15.26 10.88 7.490 7.490 7.490
Announcement Date 1/21/20 1/28/21 1/27/22 1/31/23 1/30/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,852 8,973 10,321 10,347 10,316 12,203 12,946 13,875
EBITDA 1 5,953 5,998 6,895 6,698 6,850 7,353 7,868 8,317
EBIT 1 5,903 6,000 6,834 6,620 6,762 7,295 7,931 8,400
Operating Margin 66.69% 66.87% 66.21% 63.98% 65.55% 59.78% 61.27% 60.54%
Earnings before Tax (EBT) 1 14,809 -863 6,888 5,850 6,168 6,559 7,030 7,417
Net income 1 6,172 -2,571 3,868 3,836 3,970 4,353 4,755 5,095
Net margin 69.72% -28.65% 37.48% 37.07% 38.48% 35.67% 36.73% 36.72%
EPS 2 1.370 -0.5700 0.8600 0.8500 0.8800 0.9706 1.046 1.113
Free Cash Flow 1 -6,943 306 -123 1,440 - -548 -114 -
FCF margin -78.43% 3.41% -1.19% 13.92% - -4.49% -0.88% -
FCF Conversion (EBITDA) - 5.1% - 21.5% - - - -
FCF Conversion (Net income) - - - 37.54% - - - -
Dividend per Share 2 0.7600 0.7600 0.7800 0.7800 0.7800 0.7800 0.7800 0.7822
Announcement Date 1/21/20 1/28/21 1/27/22 1/31/23 1/30/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 4,648 4,184 4,789 4,975 5,346 - 5,045 5,237 5,079 0.189 12,193
EBITDA - - - - - - - - - - -
EBIT 1 - 3,045 - 3,652 3,182 - 3,206 3,519 3,243 0.164 7,693
Operating Margin - 72.78% - 73.41% 59.52% - 63.55% 67.19% 63.85% 86.77% 63.1%
Earnings before Tax (EBT) - - - - - - - - - - -
Net income - - - - - 1,948 - - - - -
Net margin - - - - - - - - - - -
EPS 2 0.5900 -0.5600 1.130 0.5000 0.3600 0.4300 0.4200 0.5300 0.3500 0.5100 0.5100
Dividend per Share - 0.1700 0.5900 - - - - - 0.6000 - -
Announcement Date 1/21/20 7/30/20 1/28/21 7/29/21 1/27/22 7/28/22 1/31/23 7/31/23 1/30/24 - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 26,367 31,598 37,516 40,295 45,352 45,540 44,190 40,382
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.429 x 5.268 x 5.441 x 6.016 x 6.621 x 6.194 x 5.616 x 4.855 x
Free Cash Flow 1 -6,943 306 -123 1,440 - -548 -114 -
ROE (net income / shareholders' equity) 3.24% 3.03% 3.12% 3.05% 3.11% 3.23% 3.5% 3.65%
ROA (Net income/ Total Assets) 2.32% 2.04% 2% 1.92% 1.92% 2.08% 2.13% 2.22%
Assets 1 266,494 -125,844 193,400 199,792 206,320 208,849 223,334 229,971
Book Value Per Share 2 30.80 30.70 31.50 29.60 29.40 29.50 29.80 30.00
Cash Flow per Share 2 1.180 0.7600 0.6100 0.9200 - 2.530 1.530 1.760
Capex 1 12,262 3,107 2,855 2,699 - 4,229 3,547 2,717
Capex / Sales 138.52% 34.63% 27.66% 26.08% - 34.65% 27.4% 19.59%
Announcement Date 1/21/20 1/28/21 1/27/22 1/31/23 1/30/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hang Lung Properties Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
7.49 HKD
Average target price
11.57 HKD
Spread / Average Target
+54.46%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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1st Jan change Capi.
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