- Hongkong Land (SGX:H78) slid into the red in 1H24 with underlying loss of US$7m, due to impairment provisions of US$295m for certain China development projects in Wuhan, Nanjing and Chongqing. The results did not come as a surprise as the management had signalled property provisions in its interim management statement in May-24.
- - Read this at SGinvestors.io -
- Despite the underlying loss, Hongkong Land's interim dividend remained flat at US$0.06.
Office income from Central portfolio under pressure.
- Gross rental receipts were 3% lower driven by reduced office income from its Central portfolio. Vacancy of the Central office portfolio improved marginally by 0.1ppts h/h to 7.3% in Jun-24, comparing favourably with the overall office vacancy of 12.1% in Central. Committed vacancy stood at 6.8% in Jun-24 (Dec-23: 6.8%).
- - Read this at SGinvestors.io -
Stable contributions from luxury retail and Singapore office segments.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jeff YAU CFA DBS Group Research | Percy Leung DBS Research | Cherie Wong DBS Research | https://www.dbs.com/insightsdirect/ 2024-08-02
Previous report by DBS:
2024-05-24 Hongkong Land - Every Cloud Has A Silver Lining..
Price targets by other brokers at Hongkong Land Target Prices.
Listing of research reports at Hongkong Land Analyst Reports.
Relevant links:
Hongkong Land Share Price History,
Hongkong Land Announcements,
Hongkong Land Dividends & Corporate Actions,
Hongkong Land News Articles
