Hysan Development: More Resilient Against Retail Woes Than Perceived [Seeking Alpha]
HYSAN DEV CO LTD S/ADR (HYSNY)
NASDAQ:AMEX Investor Relations:
hysan.com.hk/investors
Company Research
Source: Seeking Alpha
Hysan Development: More Resilient Against Retail Woes Than Perceived Summary Limited lease expiry risk, low turnover rent, and less reliance on tourists should partly mitigate the adverse impact on ongoing protests on its retail portfolio. Hysan's office portfolio is a beneficiary of decentralization and co-working trends, and it accounts for close to half of the company's operating profit which mitigates any negative impact from retail. The company's strong balance sheet provides upside optionality in terms of acquisitions, and it is willing to consider new investment opportunities in Causeway Bay. Hysan Development repurchased its own shares for the first time since 2016, and there are indicators suggesting it could possibly buy back more shares if its share price remains depressed. Hysan Development trades at 0.48 times P/B close to its all-time historical low P/B of 0.45 times and at a 15% discount to its five-year average P/B of 0.57 times. Elevator Pitch Hong Kong-listed propert
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