For FY2019 ended December, Hongkong Land reported earnings of US$198.0 million ($274 million), down from earnings of US$2.48 billion a year ago. This was due to the group booking losses of some US$878.4 million from lower valuations of the group’s investment properties, compared to net gains from revaluations amounting to US$1.42 billion in FY2018.
SINGAPORE (Mar 6): Year-to-date, property developer Hongkong Land has seen its share price fall some 12% amid growing global economic uncertainty led by the coronavirus outbreak.
However, as stocks around the world brace themselves for a battering in terms of earnings and share price figures, DBS Group Research remains optimistic about Hongkong Land and chooses to believe that a large majority of negatives have already been priced in for the stock, which will in turn cushion further downside risk against its share price.
