Hongkong Land Holdings Limited

H78.SI

Real Estate - Development · Real Estate

Price

$7.77

+0.00 (+0.00%)

Market Cap

$16.58B

Exchange

Stock Exchange of Singapore

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−5.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.33B (2021) → 2.19B (2025)

Hongkong Land Holdings is a major property company that owns, develops, and manages real estate across Asia. Its core business is premium commercial office and retail space, primarily serving multinational corporations, luxury retailers, and financial firms. The company is best known for owning and operating one of the largest portfolios of prime commercial real estate in Hong Kong's Central business district, making it one of the most prominent landlords in one of the world's most expensive property markets.

The company earns money through rental income from its investment properties and profits from selling residential and mixed-use developments, mainly in mainland China and Southeast Asia. It is listed in Singapore and is part of the Jardine Matheson group, which gives it strong institutional backing and a long operating history in the region. The main risk the business faces is ongoing weakness in Hong Kong's office leasing market and a slow recovery in China's property sector, both of which directly pressure rental rates and development sales.

Winston Score History

Score breakdown

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Quality

Gross Margin

17.7%

Thin — 17.7% gross margin

Operating Margin

2.1%

Thin — 2.1% operating margin

ROCE

0.0%

Weak — 0.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-26.4%

Shrinking sales (-26.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

46%

Weak — only 46% of profit becomes cash

FCF Margin

28.5%

Converts sales into free cash efficiently (28.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.20

Conservative — low debt load (0.20)

Interest Cover

1.10x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

13.4x

Attractive valuation — P/E 13.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-15.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.22%

Moderate income — 3.22% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+9.1%

Dividend growing modestly (9.1% YoY)

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