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CLSA Raises HENDERSON LAND's TP to HKD30.6; DPS Reduction Eyed as One-off Event
2026-03-24 10:48:34
Due to a lack of significant asset sale gains and a cautious stance by management towards the macro environment, HENDERSON LAND (00012.HK)'s underlying earnings and DPS distribution last year were 21% and 26% lower than market consensus, CLSA said in its report.

With the rebound in Hong Kong property prices, stabilization of rental rates in Chinese property portfolios, and a low base of asset sales, however, this unexpected decline likely marked the bottoming out of earnings. CLSA eyed the dividend reduction as a one-off event.

Given improved market sentiment, CLSA has elevated its target price for HENDERSON LAND from HKD23.1 to HKD30.6. It has also kept the Hold rating unchanged.
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