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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Hysan Development Company Limited    14   HK0014000126

HYSAN DEVELOPMENT COMPANY LIMITED

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New World Development sees stable Hong Kong home price amid epidemic

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02/28/2020 | 08:47am EDT
A representative from a developer poses in front of a backdrop during a promotional event in Hong Kong

Property developer New World Development expects house prices in Hong Kong, among the most expensive in the world, will be stable despite the epidemic outbreak, given the strong demand.

The company's executive vice-chairman Adrian Cheng told an earnings conference that the financial city's economy is being hit harder by the coronavirus than SARS, but he added that he is confident the market will recover just as it did in 2003.

Cheng's comment echoed those of commercial property developer Hysan Development last week, which said it is "facing one the biggest crisis periods in recent history" in terms of the impact on its business.

"I'm cautiously optimistic. Even during the epidemic, there's sill a very strong demand, looking for a time and opportunity to go into the market," New World's Cheng said.

Hong Kong private home prices in January were 4.7% lower than the peak in May 2019, as the emergence of the coronavirus further clouded a property market already hit hard by anti-government protests last year.

Apart from home sales, developers' rental income from retail, hotels and offices have also been pressured by U.S.-China trade tensions.

Now, retailers are launching themselves into a rare battle with developers for deeper and longer-term rental cuts.

In the first half ended in December, New World Development recorded a 27% drop in underlying profit to HK$3.9 billion ($500.53 million), mainly due to a lack of new property development project completions in Hong Kong.

Its department stores and hotel businesses fell due to the protests' impact on tourism. Cheng expected the company's hotel occupancy rate to decline further this year.

Including the investment properties' fair value impact, overall group net profit plunged 90% during the period, as valuers were concerned over the rental outlook in the city.

On Thursday, bigger rival Sun Hung Kai Properties said it expected revenue from its retail and hotel portfolios will see further reductions in the short term.

"Should the latest epidemic linger for a longer while, its adverse impact on the group?s property sales and earnings will be felt in the next two years," the developer said in an earnings statement.

Its first-half underlying profit ended in December was down 2.3% to HK$13,422 million.

($1 = 7.7917 Hong Kong dollars)

(Reporting by Clare Jim; Editing by Louise Heavens)


Stocks mentioned in the article
ChangeLast1st jan.
HYSAN DEVELOPMENT COMPANY LIMITED 0.00% 25 End-of-day quote.-18.17%
NEW WORLD DEVELOPMENT COMPANY LIMITED 0.53% 38.2 End-of-day quote.-10.58%
SUN HUNG KAI PROPERTIES LIMITED 0.26% 98 End-of-day quote.-17.85%
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Financials
Sales 2020 3 680 M 475 M 475 M
Net income 2020 2 345 M 303 M 303 M
Net Debt 2020 2 942 M 380 M 380 M
P/E ratio 2020 11,2x
Yield 2020 5,73%
Capitalization 26 013 M 3 356 M 3 356 M
EV / Sales 2020 7,87x
EV / Sales 2021 7,84x
Nbr of Employees 506
Free-Float 58,2%
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 28,54 HKD
Last Close Price 25,00 HKD
Spread / Highest target 94,4%
Spread / Average Target 14,2%
Spread / Lowest Target -4,00%
EPS Revisions
Managers
NameTitle
Yun-Lien Lee Executive Chairman
Kon Wai Lui Chief Operating Officer
Shu Yan Hao Chief Financial Officer
Hans Michael Jebsen Non-Executive Director
Hsien Pin Lee Non-Executive Director
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