智通财经APP获悉，星展发布研报称，由于缺乏大额资产处置收益，恒基地产(00012)中期基础盈利下跌 44%，符合预期，每股中期股息派0.5港元，保持稳定。该行指，集团拥有多种释放北方都会农地储备 价值可行的方案，这将会是关键关注点。该行指，有关北方都会开发项目的新闻将决定股价，目标价由 28.75港元上调至30.35港元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Neutral" rating for the company with a target price raised to HKD 25.90, indicating a potential downside of 5.3% from the current price of HKD 27.34 [1][7][10]. Core Insights - The company's performance in the first half of 2025 met expectations, with a revenue decline of 18.8% year-on-year to HKD 9.55 billion, primarily due to a drop in property sales and other income [7][8]. - Core net profit decreased by 44.4% year-on-year to HKD 3.05 billion, attributed to a decline in gross margin and a one-time compensation from the government in the previous year [7][8]. - The company has a backlog of unsold properties worth HKD 12.7 billion, with approximately 66% expected to be recognized in the second half of the year, maintaining a gross margin of 15-20% [7][8]. - Rental income slightly decreased by 2.8% year-on-year to HKD 3.36 billion, with a stable occupancy rate of 93% [7][8]. Financial Overview - Revenue projections for the upcoming years are as follows: HKD 27.57 billion in 2023, HKD 25.26 billion in 2024, HKD 29.02 billion in 2025, HKD 30.50 billion in 2026, and HKD 32.41 billion in 2027, with a projected growth of 14.9% in 2025 [6][12]. - Core earnings per share are expected to be HKD 2.00 in 2023, HKD 2.02 in 2024, HKD 1.90 in 2025, HKD 2.05 in 2026, and HKD 2.29 in 2027 [6][12]. - The company maintains a dividend yield of 6.6% across the forecast period [6][12]. Market Position - The company is positioned within the Hong Kong real estate sector, facing challenges such as price uncertainty in property development and long recovery periods for investment properties [7][10]. - The report highlights that the rental growth potential is primarily driven by the leasing of The Henderson and the upcoming large-scale waterfront projects in Central, expected to be completed between 2026 and 2032 [7][10].

恒基地产上半年每股盈利0.6港元，同比跌8%，较去年下半年跌11%。期内来自土地收回的税前收益2.4 亿港元，相比去年同期的土地收回及投资物业处置收益为25亿港元。剔除一次性收益及IP重估影响，经 常性基本每股盈利0.58港元，同比跌4%，较该行预期低11%，主要因物业发展(DP)利润率低于预期。中 期股息维持每股0.5港元，符合该行预期。截至2025年6月底，负债比率约21%，与去年末持平，若计入 母公司贷款则负债比率约43%，较去年下半年升2个百分点。 高盛发布研报称，将恒基地产(00012)2025至27财年基本每股盈利预测分别上调5%、下调1%及下调 2%，至1.58港元、1.8港元及1.8港元，股息预测维持1.8港元不变。预期未来三年平均派息比率约 105%，对比过去五年平均约78%。目标价微降1.5%至19.3港元，维持"沽售"评级。 ...

高盛发布研报称，将恒基地产(00012)2025至27财年基本每股盈利预测分别上调5%、下调1%及下调 2%，至1.58港元、1.8港元及1.8港元，股息预测维持1.8港元不变。预期未来三年平均派息比率约 105%，对比过去五年平均约78%。目标价微降1.5%至19.3港元，维持"沽售"评级。 恒基地产上半年每股盈利0.6港元，同比跌8%，较去年下半年跌11%。期内来自土地收回的税前收益2.4 亿港元，相比去年同期的土地收回及投资物业处置收益为25亿港元。剔除一次性收益及IP重估影响，经 常性基本每股盈利0.58港元，同比跌4%，较该行预期低11%，主要因物业发展(DP)利润率低于预期。中 期股息维持每股0.5港元，符合该行预期。截至2025年6月底，负债比率约21%，与去年末持平，若计入 母公司贷款则负债比率约43%，较去年下半年升2个百分点。 ...

高盛发表研报指，恒基地产上半年每股盈利0.6港元，按年跌8%，较去年下半年跌11%。期内来自土地 收回的税前收益2.4亿港元，相比去年同期的土地收回及投资物业处置收益为25亿港元。剔除一次性收 益及IP重估影响，经常性基本每股盈利0.58港元，按年跌4%，较该行预期低11%，主要因物业发展(DP) 利润率低于预期。中期股息维持每股0.5港元，符合该行预期。截至2025年6月底，负债比率约21%，与 去年末持平，若计入母公司贷款则负债比率约43%，较去年下半年升2个百分点。 该行将2025至27财年基本每股盈利预测分别上调5%、下调1%及下调2%，至1.58港元、1.8港元及1.8港 元，预期未来三年平均派息比率约105%，对比过去五年平均约78%。该行对其目标价微降1.5%至19.3港 元，维持"沽售"评级。 ...

Group 1: Stock Performance and Market Background - The stock price of Henderson Land Development (00012.HK) closed at HKD 25.91 on August 11, 2025, reflecting a 1.5% increase from the previous trading day, with a trading volume of 74,500 lots and a total market capitalization of HKD 125.424 billion [4] - The company's 2024 financial report indicated a revenue of HKD 23.388 billion and a net profit of HKD 6.744 billion, with earnings per share at HKD 1.3 and a price-to-earnings ratio of 21.9 times [4] - The "withdrawal of cooling measures" policy implemented in February 2024 significantly reduced home buying costs, stimulating market demand [4] Group 2: Industry Sales Data and Growth Drivers - In July 2025, the number of residential property sale agreements in Hong Kong reached 5,766, marking a year-on-year increase of 54.8%, with the primary market seeing over 1,000 transactions for six consecutive months [6] - The private residential price index rose for three consecutive months, with a year-to-date decline of only 0.86%, while the rental index increased by 1.61% over the same period [6] - The introduction of the talent import scheme is expected to attract over 75,000 high-end talents and their families to Hong Kong, boosting rental and purchasing demand [6] Group 3: Future Outlook and Investment Strategy - The property sales of Henderson Land Development are likely to exceed expectations due to the overall market recovery and favorable policies, particularly in high-end residential and core area projects [5] - The company is expected to benefit from the ongoing recovery in the Hong Kong property market, driven by lower interest rates and improved market confidence [5] - The long-term demand is supported by the Northern Metropolis planning, which includes 176,000 residential units, and the talent scheme [6]

集团于截至2025年6月30日止六个月，在本港的应占租金总收入(包括应占旗下附属公司、联营公司及合 营企业贡献)较去年同期轻微上升至港币34.11亿元，而相关的应占税前租金净收入则较去年同期减少1% 至港币24.83亿元。集团持有40.77%应占权益的国际金融中心项目，于期内所贡献的自占租金总收入较 去年同期下跌2%至港币8.03亿元。 恒基地产(00012)发布2025年中期业绩，收入95.52亿港元，同比下降18.8%;股东应占溢利29.08亿港元， 同比下降8.4%;每股基本盈利0.60港元，拟派中期股息每股0.5港元。 集团期内本港物业发展的应占营业额约为港币38.12亿元，较去年同期减少22%。至于本港物业发展的 应占税前盈利约为港币3.1亿元(2024年:港币14.99亿元)。盈利减少主要由于去年同期因政府收回新发展 区若干土地而带来约港币10.55亿元应占税前收益所致。 ...

Core Viewpoint - 恒基地产 reported a decline in revenue and profit for the first half of 2025, indicating challenges in the property development sector and rental income generation [1] Financial Performance - Revenue for the first half of 2025 was HKD 95.52 billion, a decrease of 18.8% year-on-year [1] - Shareholder profit was HKD 29.08 billion, down 8.4% compared to the previous year [1] - Basic earnings per share were HKD 0.60, with an interim dividend proposed at HKD 0.5 per share [1] Property Development - The attributable revenue from local property development was approximately HKD 38.12 billion, a reduction of 22% year-on-year [1] - The attributable pre-tax profit from local property development was about HKD 3.1 billion, significantly lower than HKD 14.99 billion in 2024 [1] - The decline in profit was primarily due to a one-time gain of approximately HKD 10.55 billion from land recovery by the government in the previous year [1] Rental Income - Total attributable rental income from local operations slightly increased to HKD 34.11 billion, compared to the same period last year [1] - Attributable pre-tax rental net income decreased by 1% to HKD 24.83 billion year-on-year [1] - The contribution from the International Financial Centre project, in which the company holds a 40.77% stake, saw a 2% decline in rental income to HKD 8.03 billion [1]

期内，集团建成投资物业及发展中投资物业经重估后录得公允价值亏损港币1.4亿元(2024年:港币22.67 亿元)，当中包括已出售投资物业累计公允价值变动的调整。在计及相关公允价值亏损后，集团截至 2025年6月30日止六个月内的股东应占公布盈利为港币29.08亿元，较去年同期减少8%。每股公布盈利 为港币0.60元(2024年：港币0.66元)。董事局宣布派发中期股息每股港币五角(2024年：每股港币五角)。 格隆汇8月20日丨恒基地产(00012.HK)发布公告，集团截至2025年6月30日止六个月内，股东应占(未经 审核)基础盈利为港币30.48亿元，较去年同期减少44%。每股基础盈利为港币0.63元(2024年：港币1.12 元)。期内基础盈利减少主要由于去年同期因政府收回新发展区若干土地，以及出让北角一项投资物业 (即"港汇东")的控股公司权益而带来应占收益合共约港币25.03亿元所致。 ...

Group 1 - The company, Henderson Land Development (00012), announced a mid-term dividend of HKD 0.5 per share to be distributed on September 17, 2025 [1]