Henderson Land Development is a leading property developer in Hong Kong with a focus on urban redevelopment and farmland conversion. The company was founded in 1976, listed in 1981. Founder Lee Shau Kee is the controlling shareholder, and a series of disposals in December 2017 reduced his stake to below 72.8%. The share disposals were the first since 1993, lessening the possibility of a privatization. Lee stepped down in May 2019, succeeded by his two sons as joint chairmen and managing directors. Henderson Land also controls four listed entities directly, including a 69% stake in Henderson Investment, a 41.5% stake in Hong Kong and China Gas, a 33.4% stake in Hong Kong Ferry, and a 50.1% stake in Miramar Hotel & Investment.

Financial Strength

5/10

Name	Current	Vs Industry
Cash-To-Debt	0.24
Equity-to-Asset	0.6
Debt-to-Equity	0.29
Debt-to-EBITDA	7.58
Interest Coverage	3.36
Piotroski F-Score	5/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	0.62	Distress Grey Safe
Beneish M-Score	-2.52	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

8/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	1.8
	3-Year EBITDA Growth Rate	-14.6
	3-Year EPS without NRI Growth Rate	-13
	3-Year FCF Growth Rate	18.2
	3-Year Book Growth Rate	0.7
	Future 3-5Y EPS without NRI Growth Rate	18.6
	Future 3-5Y Total Revenue Growth Rate	5.06

Momentum Rank

10/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	57.77
	9-Day RSI	53
	14-Day RSI	52.59
	6-1 Month Momentum %	14.6
	12-1 Month Momentum %	-10.29

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	2.23
	Quick Ratio	0.66
	Cash Ratio	0.37
	Days Inventory	2028.93
	Days Sales Outstanding	75.59
	Days Payable	185.02

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	7.83
	Dividend Payout Ratio	0.94
	3-Year Dividend Growth Rate	2.3
	Forward Dividend Yield %	7.83
	5-Year Yield-on-Cost %	11.25
	Shareholder Yield %	16.82

Profitability Rank

7/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	36.38
	Operating Margin %	22.51
	Net Margin %	33.59
	FCF Margin %	49.85
	ROE %	2.84
	ROA %	1.73
	ROIC %	1.17
	ROC (Joel Greenblatt) %	14.31
	ROCE %	2.58
	Years of Profitability over Past 10-Year	10

GF Value Rank

7/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	12.15
	Forward PE Ratio	11.06
	PE Ratio without NRI	12.08
	Shiller PE Ratio	5.47
	PS Ratio	4.14
	PB Ratio	0.34
	Price-to-Tangible-Book	0.34
	Price-to-Free-Cash-Flow	8.33
	Price-to-Operating-Cash-Flow	8.33
	EV-to-EBIT	14.84
	EV-to-Forward-EBIT	14.14
	EV-to-EBITDA	14.84
	EV-to-Forward-EBITDA	13.57
	EV-to-Revenue	6.61
	EV-to-Forward-Revenue	6.66
	EV-to-FCF	12.97
	Price-to-Projected-FCF	0.36
	Price-to-Median-PS-Value	0.65
	Price-to-Graham-Number	0.43
	Earnings Yield (Greenblatt) %	6.74
	FCF Yield %	12.24
	Forward Rate of Return (Yacktman) %	-15.18

GF Value: HK$36.64

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