Shenwan Hongyuan Securities·2026-03-14 08:30Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][17] Core Insights - The report highlights that the company's property development profits are supporting its performance, while recurring business is awaiting recovery [2][7] - The company achieved total revenue of HKD 55.465 billion in 2025, a decrease of 7.6% year-on-year, with a net profit attributable to shareholders of HKD 14.677 billion, down 6.9% year-on-year [7][8] - The property development profit for 2025 was HKD 110.84 billion, an increase of 8.0% year-on-year, driven by several key projects [7][8] - The company is expected to have a concentrated period of property development profits in 2025 and 2026, with additional projects planned for 2026 [7][8] - The report anticipates a more stable operating environment due to improvements in the macroeconomic conditions in Hong Kong and a recovery in the real estate market [7] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2024: HKD 60.011 billion - 2025: HKD 55.465 billion - 2026E: HKD 53.708 billion - 2027E: HKD 55.928 billion - 2028E: HKD 58.166 billion [3][8] - Net profit attributable to shareholders is forecasted as: - 2024: HKD 15.772 billion - 2025: HKD 14.677 billion - 2026E: HKD 19.532 billion - 2027E: HKD 11.326 billion - 2028E: HKD 11.148 billion [3][8] - The report indicates a gradual dividend policy, with a total dividend per share of HKD 1.31 for 2025, unchanged from 2024 [7]