Hongkong Land Holdings Ltd

H78: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7.28	Gndfkz	Bvdrhgp

Hongkong Land Earnings: In-Line Results; Retail Recovery Offset by Weak Office Rental

Xinfu Lee , Kathy Chan

Mar 8, 2024

Underlying trends within narrow-moat Hongkong Land's 2023 earnings are in line with our expectations. Revenue declined 18% year on year, mainly due to lower project completions for development properties during the year. For the recurrent investment portfolio business, revenue only grew by 2% year on year as the growth in the Singapore office market and a strong recovery in the company's retail portfolio was offset by weakness in the Hong Kong office portfolio.

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