Morningstar

Morningstar, Inc.

Equity Bottom-Up

Sino Land is primarily a Hong Kong-focused property developer. Relative to other Hong Kong real estate companies, the key earnings driver for Sino Land is development properties. As a residential developer, the company is smaller than major players such as CK Asset, SHKP, HLD, and New World. In 2017, the company sold HKD 8 billion of residential properties, while CK Asset and SHKP each sold more than HKD 50 billion. While contract sales vary greatly year to year depending on the project…

Sino Land launched its Grand Central project in early December. The units were priced at 15% lower compared with new projects in the nearby Kai Tak district. The discount strategy was well received by the market. The company unloaded 65% of the project before year-end and will continue to launch the remaining units in 2019. We believe the company’s pricing strategy is astute given the current market condition. The successful launch has moderated the company’s exposure to the Hong Kong…

Sino Land’s full-year result for fiscal 2018 came in slightly below our estimates. Excluding the gain on disposal and revaluation gains, underlying attributable profit was HKD 5.4 billion, down 2% year on year. This is slightly below our projection of HKD 5.7 billion. Underlying EPS including the disposal gain was HKD 1.72 per share, about double the amount seen a year ago. The company declared a final dividend of HKD 0.40 per share, bringing full-year dividend to HKD 0.53 per share, unchanged…

We initiate coverage of Sino Land with no-moat and stable moat trend ratings, along with a fair value estimate of HKD 13 per share. Sino Land is a property developer in Hong Kong. The city’s property market is highly concentrated in the hands of several large developers with competitive advantage in land sourcing, and a large balance sheet to fund construction. Sino Land is regarded as a large player in the city’s residential market. It typically comes in third or fourth in the annual sales…

Hong Kong

Sino Land Company Limited, through its subsidiaries, develops and invests in properties, trades and invests in securities, and provides financing services. The Company also operates hotels and provides building management services.

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