Hang Lung Properties (SEHK:101) Margin Slippage Reinforces Skeptical Narratives On Rich 26.4x P/E

Simply Wall St.02-01

AdvertisementHang Lung Properties FY 2025 Earnings Snapshot Hang Lung Properties (SEHK:101) has reported its FY 2025 first half results with revenue of HK$4.97b and basic EPS of HK$0.19, setting the ...

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The company has seen revenue move from HK$6.13b in the first half of FY 2024 to HK$5.14b in the second half of FY 2024 and HK$4.97b in the latest half. EPS shifted from HK$0.23 to HK$0.23 and then to HK$0.19 over the same periods. This provides a clear view of...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0231459107.USD":"abrdn SICAV I - ASIAN SMALLER COMPANIES \"A\" (USD) ACC","BK1258":"房地产运营公司","BK1229":"房地产经营公司","BK1555":"内房股","BK1601":"香港本地股","00101":"恒隆地产"},"translate_title":"恒隆地产(SEHK：101)利润率下滑加剧了人们对Rich 26.4倍市盈率的怀疑","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00101":0.9},"content_text":"AdvertisementHang Lung Properties FY 2025 Earnings Snapshot Hang Lung Properties (SEHK:101) has reported its FY 2025 first half results with revenue of HK$4.97b and basic EPS of HK$0.19, setting the tone for how the rest of the year could unfold. The company has seen revenue move from HK$6.13b in the first half of FY 2024 to HK$5.14b in the second half of FY 2024 and HK$4.97b in the latest half. EPS shifted from HK$0.23 to HK$0.23 and then to HK$0.19 over the same periods. This provides a clear view of how the top line and per share earnings have tracked across the last three halves. With net profit margins recently easing from 19.1% to 18.2% over the last year, the focus now is on how sustainably the business can convert revenue into profit in the periods ahead. See our full analysis for Hang Lung Properties. With the headline numbers on the table, the next step is to set these results against the widely held narratives around Hang Lung Properties and see which views are backed up by the data and which ones look less convincing. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:101 Revenue & Expenses Breakdown as at Jan 2026 Margins Hold Around 18% On Lower Revenue  Over the last 12 months, Hang Lung Properties generated about HK$10.0b in revenue with net income of HK$1.8b, which is consistent with a trailing net profit margin of 18.2% compared with 19.1% the year before. Bears highlight the 18.2% margin and the step down from the earlier 19.1%, yet:\n     Net income over the latest three reported halves moved from HK$1,061m to HK$1,092m and then HK$912m, so profitability has stayed in the hundreds of millions even as revenue eased. The margin level in the mid to high teens shows the core business still turns a meaningful share of revenue into profit, which partly challenges a bearish argument that profitability is severely impaired.    Trailing P/E Of 26.4x Versus Peers At ~15x  The shares trade on a trailing P/E of 26.4x, compared with peer and industry averages of about 14.7x and 14.4x, while the current share price of HK$9.44 also sits well above the DCF fair value estimate of HK$2.11. Critics point to this valuation gap as a key bearish flag, and the data backs that up in a few ways:\n     The P/E is close to double the peer and industry levels, so investors are paying a much higher price for each HK$ of trailing earnings than for comparable property names. The DCF fair value of HK$2.11 is far below the HK$9.44 share price, which supports the view that expectations baked into the stock are demanding relative to cash flow based estimates.    Stay on top of how market skeptics weigh this rich 26.4x P/E against cash flow estimates after a choppy year of profits. 🐻 Hang Lung Properties Bear Case One Off HK$1.1b Loss Masks Forecast Earnings Growth  A one off loss of HK$1.1b weighed on the last 12 months. Earnings are forecast to grow about 18.8% per year, while revenue growth is forecast at 6.7% per year. Bulls argue that the forecast earnings growth relative to revenue supports a stronger medium term story, and the figures give that view some backing but with clear caveats:\n     The gap between expected 18.8% earnings growth and 6.7% revenue growth suggests analysts see more efficient profit generation from each HK$ of sales than in the recent past. At the same time, the HK$1.1b one off loss in the last year is a reminder that reported earnings can be hit by non recurring items, which bullish investors need to factor in when relying on those growth forecasts.    If you want to see how this HK$1.1b one off and the 18.8% earnings growth forecast fit into the bigger picture, 📊 Read the full Hang Lung Properties Consensus Narrative.  Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Hang Lung Properties's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. See What Else Is Out There Hang Lung Properties is working with easing margins, a rich 26.4x P/E, and a share price well above a DCF fair value estimate of HK$2.11. If that kind of valuation premium makes you uneasy, shift your focus to these 870 undervalued stocks based on cash flows and quickly hone in on ideas priced more modestly against their cash flows.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Hang Lung Properties might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. 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