Goldman Sachs: Henderson Land's FY Profit Decline in Line with Forecasts, Maintains HK$38 Target and Buy Rating

Stock News03-24

A report from Goldman Sachs indicated that HENDERSON LAND's (00012) core profit for 2025 fell 38% year-on-year to HK$6.1 billion, meeting the expectations of the firm and the market. This decline was attributed to the absence of a significant one-time gain, such as the government's acquisition of agricultural land in the New Territories recorded in 2024. Goldman Sachs maintains a HK$38 target price and a "Buy" rating on the stock.

The firm continues to view Henderson Land as one of the stocks poised to benefit more from the upward cycle in Hong Kong's residential market. It anticipates a strong profit recovery, with an expected compound annual growth rate of over 20% from 2026 to 2028. This outlook is primarily supported by the company's substantial salable resources, including 40.5 million square feet of agricultural land that can be monetized or exchanged and consolidated with adjacent plots for future development.

Furthermore, as the Central Waterfront project is scheduled for phased completion between 2026 and 2032, the company's exposure to rental properties in the core Central district is expected to increase gradually.

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