Investment Rating - The report maintains a "Buy" rating for Sino Land Company Limited (00083) [1] Core Insights - Sino Land's performance for the first half of the 2026 fiscal year met expectations, with core profit remaining stable at HKD 2.2 billion, primarily impacted by foreign exchange losses on US dollar deposits [1] - After accounting for contributions from associates and joint ventures, the group's profit before tax increased by 17% year-on-year to HKD 2.4 billion, driven by higher revenue from property development [1] - The target price has been raised from HKD 14.6 to HKD 15.2, reflecting an upward revision of earnings per share forecasts for the fiscal years 2026 to 2028 by 8%, 1%, and 1% respectively [1] Financial Performance - The profit margin for property development remained low at 7.2%, indicating high land acquisition costs from previous years [1] - The management's outlook on the market is increasingly positive, citing improved sentiment in the Hong Kong property market since the end of 2025, which supports gradual price increases for new projects [1] - The group recorded contract sales of HKD 6.4 billion in the first half of the fiscal year, with an additional HKD 1.5 billion recorded since then, leaving HKD 6.1 billion yet to be recognized [1] Future Expectations - Sino Land is expected to see an improvement in property development profit margins from 10% in fiscal year 2026 to 21% by fiscal year 2028 [1] - There is an anticipated recovery in retail tenant sales, while negative rental growth for office renewals may persist; however, opportunities are seen in shared workspaces and demand from small and medium enterprises [1]

Investment Rating - The report assigns a "Market Perform" rating to the company with a target price of HKD 10.6 [1] Core Insights - The company's performance for the first half of the fiscal year 2026 met expectations, with a basic profit of approximately HKD 2.22 billion, while basic earnings per share decreased by 6.3% year-on-year to HKD 0.24 due to an expanded share base [1] - The interim dividend remains unchanged at HKD 0.15, and the report anticipates that the option for scrip dividends may cease in the short term, with potential announcements for share buybacks and increased dividends during the final earnings report [1] - As of the end of last year, the company's net cash increased by HKD 1.9 billion to HKD 51.4 billion, primarily due to increased property sales receipts [1] - Interest income declined by 14% year-on-year, influenced by a drop in Hong Kong interbank offered rates [1] - The report highlights a strong momentum in the physical market with recorded sales of HKD 6.4 billion for the first half of fiscal year 2026 and HKD 1.5 billion in contract sales year-to-date [1] - It is expected that the profit margin for residential property development may have bottomed out, with unrecognized sales amounting to HKD 4.6 billion and anticipated higher profit margins from land acquired post-2023, estimated to reach high single digits [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 信和置業有限公司 | | | 呈交日期: | 2026年3月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00083 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 9,484,494,433 0 9,484,494,433 增加 / 減少 (-) 0 0 本月底結存 9,484,494,433 0 9,484,494,433 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1 ...

Core Viewpoint - Sino Land Company Limited announced an interim dividend of HKD 0.15 per share for the six months ending December 31, 2025, with options for shareholders to receive the dividend in cash or new shares [1] Dividend Announcement Details - The key dates for the dividend distribution have been established, with the ex-dividend date set for March 12, 2026 [1] - The deadline for submitting transfer documents is March 13, 2026, at 16:30 [1] - The suspension of the transfer registration period will occur from March 16 to March 18, 2026, with the record date on March 18, 2026 [1] - The dividend payment and share dispatch date is scheduled for April 23, 2026 [1]

Core Viewpoint - Sino Land Company Limited (00083.HK) reported a revenue of HKD 5.185 billion for the six months ending December 31, 2025, representing a year-on-year increase of 34.5% [1] Financial Performance - The gross profit for the same period was HKD 2.257 billion, reflecting a year-on-year increase of 36.5% [1] - The profit attributable to shareholders was HKD 1.533 billion, which is a year-on-year decrease of 15.8% [1] - Basic earnings per share stood at HKD 0.17, with an interim dividend of HKD 0.15 per share [1]

Core Viewpoint - The company reported a revenue of HKD 5.185 billion for the six months ending December 31, 2025, representing a year-on-year increase of 34.54%. However, the profit attributable to shareholders decreased by 15.77% to HKD 1.533 billion, with basic earnings per share at HKD 0.17. A mid-term dividend of HKD 0.15 per share is proposed [1]. Revenue Summary - The revenue growth is primarily driven by property sales from projects expected to be completed in the fiscal year 2024/2025, including Kai Bo Fung I, II, and III in Tseung Kwan O, and Pak Lung I and II in Yuen Long [1]. Profit Summary - The profit attributable to shareholders saw a decline of 15.77%, amounting to HKD 1.533 billion, indicating potential challenges in maintaining profitability despite revenue growth [1]. Dividend Summary - The company plans to distribute a mid-term dividend of HKD 0.15 per share, reflecting its commitment to returning value to shareholders [1].

Group 1 - The company, Sun Hung Kai Properties (00083), announced a mid-term dividend of HKD 0.15 per share to be distributed on April 23, 2026 [1]

| 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | 股票發行人現金股息（可選擇以股份代替）公告 | | 發行人名稱 | 信和置業有限公司 | | 股份代號 | 00083 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止六個月的中期股息 | | 公告日期 | 2026年2月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2026年6月30日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.15 HKD | | 股東批准日期 | 不適用 | | 預設選項 | 現金 | | 代息股份信息 | | | 現金股息轉換為代息股份的價格 | 有待公佈 | | 寄發股票日期 | 202 ...

Financial Performance - The group's unaudited profit attributable to shareholders for the interim period was HKD 22.22 billion, compared to HKD 22.41 billion in the previous year, with basic earnings per share of HKD 0.24, down from HKD 0.26 [4]. - The net profit attributable to shareholders, after accounting for a revaluation loss of investment properties, was HKD 15.33 billion, compared to HKD 18.20 billion in the previous year, with earnings per share of HKD 0.17, down from HKD 0.21 [4]. - Total property sales revenue for the interim period was HKD 69.12 billion, significantly up from HKD 24.48 billion in the previous year [7]. - The total rental income for the interim period was HKD 1.708 billion, a decrease of 2.3% from HKD 1.748 billion in the previous year [13]. - The net rental income was HKD 1.356 billion, down 1.5% from HKD 1.377 billion in the previous year [13]. - Revenue for the six months ended December 31, 2025, was HKD 5,185 million, an increase of 34.5% compared to HKD 3,854 million for the same period in 2024 [42]. - Gross profit for the same period was HKD 2,257 million, up 36.5% from HKD 1,653 million in 2024 [42]. - Net profit for the period was HKD 1,527 million, a decrease of 16.0% from HKD 1,817 million in 2024 [43]. - Basic earnings per share for the period was HKD 0.17, down from HKD 0.21 in 2024 [42]. - Total comprehensive income for the period was HKD 1,763 million, compared to HKD 1,656 million in 2024, reflecting an increase of 6.5% [43]. Property Sales and Development - The group sold 98.8% of units in the projects located in Tseung Kwan O and 84.6% in St. George's Mansions, indicating strong sales performance [7]. - The group plans to launch new projects, including the development in Tseung Kwan O, pending the issuance of pre-sale consent [8]. - The group's property sales revenue amounted to HKD 6.5 billion, driven by successful launches in Tseung Kwan O, Yuen Long, and Yau Tong [36]. - The group acquired two government land parcels, enhancing its land reserves with high development potential [36]. - The group has land reserves of approximately 18.8 million square feet, with a balanced property type distribution: 49.6% commercial, 25.8% residential, 10% industrial, 8.3% parking, and 6.3% hotel [9][10]. Rental and Leasing Performance - The overall occupancy rate of the investment property portfolio remained stable at 89.5%, with residential properties showing the largest increase in occupancy rate to 92% [13]. - During the interim period, the group's hotel revenue reached HKD 822 million, up from HKD 794 million in the same period last year, with an operating profit of HKD 289 million, compared to HKD 261 million in 2024 [17]. - The residential leasing market showed a strong performance, with the ONE CENTRAL PLACE project achieving a rental rate of 75% since its launch in July 2025, driven by robust demand from professionals and overseas students [16]. - The company’s revenue from property leasing for the six months ending December 31, 2025, was HKD 1,337 million, slightly down from HKD 1,378 million in the same period of 2024, a decrease of 3% [49]. Financial Position and Management - As of December 31, 2025, the group had cash and bank deposits of HKD 53.21 billion, with net cash of HKD 51.4 billion after deducting total borrowings of HKD 1.79 billion [21]. - The group’s total asset value and total equity amounted to HKD 186.56 billion and HKD 170.49 billion, respectively, with a book net asset value per share of HKD 17.98 [21]. - The company maintains a prudent financial management policy, with foreign exchange risks kept at a low level [23]. - The group plans to maintain a cautious approach to financial management while seeking investment opportunities aligned with its long-term strategy [38]. Corporate Governance and Sustainability - The group emphasizes corporate governance and maintains high transparency through various channels, including press releases and investor seminars [24]. - The company achieved a significant recognition in sustainability, being included in the CDP's highest climate change A-list for the second consecutive year and rated as a global industry leader in residential real estate by GRESB [27]. - The company improved its MSCI ESG rating from "AA" to the highest "AAA" level, and also received the highest "AAA" rating in the Hang Seng Sustainable Development Index series [27]. - The company’s "珍『識』水口" initiative won the United Nations Sustainable Development Goals Hong Kong Achievement Award 2025, highlighting its commitment to environmental and social governance [28]. - The company is actively collaborating with stakeholders to assess key environmental, social, and governance issues that impact long-term value [29]. - The group received an "AAA" rating in the latest MSCI ESG assessment, ranking among the top 5% in the global real estate development sector [38]. - The company is committed to sustainable development through green building practices and carbon reduction measures [38]. Community Engagement and Events - The company organized over 30 sports-themed events to support local athletes during the 15th National Games, fostering community engagement [32]. - The company’s community support included a donation of HKD 20 million for disaster relief and over HKD 8.65 million in living supplies for affected residents [32]. - The company hosted the "One North AI Summer Camp," attracting over 40,000 participants and showcasing over ten new technology projects developed by students and innovators [31]. - The company continues to promote ecological conservation through its initiatives, engaging nearly 550 visitors and students in various educational activities [30]. Market Overview - The Hong Kong property market saw a year-on-year increase of 21.5% in transactions, with over 20,000 deals recorded [34]. - The retail market showed improvement with a year-on-year growth of 1% for the full year, following continuous growth since May 2025 [37]. - The office leasing market showed signs of recovery, with a significant increase in large-scale office leasing transactions during the interim period, supported by government measures and a positive market atmosphere [15]. - The Hang Seng Index experienced a strong annual increase of over 28%, with an average daily trading volume of HKD 249.8 billion, nearly doubling from the previous year [35]. - The total number of new IPOs in Hong Kong reached 119, raising over HKD 285.8 billion, a significant year-on-year increase of 225% [35]. Audit and Reporting - The interim results have been reviewed by the audit committee and KPMG, ensuring compliance with financial reporting standards [68]. - The mid-term report for 2025/2026 will be published on the Hong Kong Stock Exchange and the company's website, with printed copies sent to shareholders around March 18, 2026 [69]. - The report complies with the requirements set forth in the Listing Rules, detailing all necessary information [69]. - The announcement date is February 27, 2026, indicating the company's commitment to timely communication with stakeholders [69]. - The company aims to enhance transparency and shareholder engagement through the publication of detailed financial reports [69]. - The mid-term report will include performance summaries, user data, and future outlooks [69]. - The company is focused on maintaining strong governance with a diverse board composition [69].

FY 2025/26 INTERIM RESULTS Analysts' Briefing 27 February 2026 Disclaimer This document and the information contained therein are intended to be distributed only to named or designated recipients, and it is not or should not be regarded as any advertisement or propaganda materials aimed to the non-specific public. It should not be reproduced quoted or transmitted in any form or manner or by any means, electronic or otherwise, in whole or in part, by the recipient or any other person, nor should it be redist ...