Prime Land Plot Acquisition on the Expensive Side, Despite a Strong Hong Kong Office Market

Land Acquisitions From HNA Unusual for Henderson Land Development

Leading Independent Investment Research, Morningstar, Inc.

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Event-Driven

Henderson Land Development / Event-Driven

<ul><li class="p1">For full-year 2015, Henderson Land Development reported an underlying profit of HKD 11 billion, up 12% year on year, but 4% below our estimate of HKD 11.5 billion.</li><li class="p1">Underlying EPS was HKD 3.33, up 11% year on year.</li><li class="p1">Overall the results are slightly below our expectations.</li></ul><p class="p1"><em>Analysts: Philip Zhong</em></p>

For full-year 2015, Henderson Land Development reported an underlying profit of HKD 11 billion, up 12% year on year, but 4% below our estimate of HKD 11.5 billion.Underlying EPS was HKD 3.33, up 11% year on year.Overall the results are slightly below our expectations.Analysts: Philip Zhong

Results Reasonable, but Property Sales May Slow in 2016