Henderson Land: Rental Income Growth And Farmland Monetization Are Catalysts [Seeking Alpha]
HENDERSON LD DEV S/ADR (HLDCY)
NASDAQ:AMEX Investor Relations:
hld.com/en/investor/presentations.shtml
Company Research
Source: Seeking Alpha
SummaryHenderson Land has a robust pipeline of new investment properties in Hong Kong and China that are expected to be completed and contribute rental income in the next 1-3 years.Henderson Land has 44.9 million sq ft of agricultural land reserves in the New Territories as end-2019, and the faster-than-expected monetization of these farmland assets will be a re-rating catalyst.Henderson Land trades at 0.49 times P/B and offers a consensus forward next twelve months' dividend yield of 5.6%.Elevator PitchI assign a "Bullish" rating to Hong Kong-listed property company Henderson Land Development Company Limited (OTCPK:HLDCYOTCPK:HLDVFHenderson Land trades at 0.49 times P/B, which represents a discount to its historical 10-year mean P/B multiple of 0.65 times. The stock is also valued by the market at 10.0 times consensus forward next twelve months' P/E, versus the stock's historical five-year and 10-year consensus forward next twelve months' P/E multiples of 13.6 times and 15.2 times re
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