Hang Lung Properties Limited

DB:AOP Stock Report

Market Cap: €3.7b

Hang Lung Properties Valuation

Is AOP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AOP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AOP (€0.75) is trading above our estimate of fair value (€0.02)

Significantly Below Fair Value: AOP is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AOP?

Key metric: As AOP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AOP. This is calculated by dividing AOP's market cap by their current earnings.
What is AOP's PE Ratio?
PE Ratio11.4x
EarningsHK$2.64b
Market CapHK$30.14b

Price to Earnings Ratio vs Peers

How does AOP's PE Ratio compare to its peers?

The above table shows the PE ratio for AOP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average29.6x
SPB Sedlmayr Grund und Immobilien
60.3xn/a€829.8m
GWK3 GAG Immobilien
24.4xn/a€816.4m
VIH1 VIB Vermögen
3.7x-19.3%€324.6m
DWB Dinkelacker
29.9xn/a€305.7m
AOP Hang Lung Properties
11.4x13.2%€30.1b

Price-To-Earnings vs Peers: AOP is good value based on its Price-To-Earnings Ratio (11.4x) compared to the peer average (29.6x).

Price to Earnings Ratio vs Industry

How does AOP's PE Ratio compare vs other companies in the DE Real Estate Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GTY Gateway Real Estate
0.4xn/aUS$83.59m
ADJ Adler Group
0.05xn/aUS$49.02m
AAA A.A.A. Allgemeine Anlageverwaltung
2.6xn/aUS$47.44m
N9H Global Connectivity
0.1xn/aUS$1.70m
No more companies available in this PE range
AOP 11.4xIndustry Avg. 18.1xNo. of Companies4PE01224364860+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AOP is good value based on its Price-To-Earnings Ratio (11.4x) compared to the European Real Estate industry average (18.1x).

Price to Earnings Ratio vs Fair Ratio

What is AOP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AOP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.4x
Fair PE Ratio17.1x

Price-To-Earnings vs Fair Ratio: AOP is good value based on its Price-To-Earnings Ratio (11.4x) compared to the estimated Fair Price-To-Earnings Ratio (17.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AOP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.74
€0.93
+24.4%
21.4%€1.29€0.65n/a14
Dec ’25€0.73
€0.92
+25.8%
21.4%€1.28€0.64n/a14
Nov ’25€0.75
€0.91
+21.0%
21.0%€1.24€0.62n/a14
Oct ’25€0.84
€0.83
-1.3%
20.0%€1.18€0.61n/a14
Sep ’25€0.67
€0.86
+29.0%
24.2%€1.35€0.62n/a15
Aug ’25€0.63
€0.87
+39.8%
24.2%€1.38€0.63n/a15
Jul ’25€0.76
€1.36
+80.6%
16.1%€1.65€0.94n/a15
Jun ’25€0.83
€1.36
+63.3%
16.1%€1.65€0.94n/a15
May ’25€1.01
€1.41
+39.5%
17.0%€1.98€0.94n/a15
Apr ’25€0.92
€1.43
+55.1%
15.4%€1.99€1.06n/a15
Mar ’25€0.98
€1.43
+44.9%
15.4%€1.99€1.06n/a15
Feb ’25€1.05
€1.48
+41.2%
15.4%€1.99€1.07n/a15
Jan ’25€1.21
€1.82
+50.5%
17.2%€2.32€1.19n/a15
Dec ’24€1.20
€1.86
+55.1%
16.8%€2.37€1.21€0.7315
Nov ’24€1.23
€1.86
+51.3%
16.8%€2.37€1.21€0.7515
Oct ’24€1.26
€1.93
+53.1%
13.2%€2.35€1.38€0.8414
Sep ’24€1.20
€1.91
+59.1%
10.4%€2.28€1.63€0.6714
Aug ’24€1.29
€1.93
+49.3%
9.8%€2.29€1.67€0.6314
Jul ’24€1.38
€2.10
+52.0%
10.9%€2.58€1.76€0.7614
Jun ’24€1.45
€2.17
+49.4%
10.4%€2.62€1.79€0.8314
May ’24€1.62
€2.15
+33.0%
9.7%€2.54€1.84€1.0113
Apr ’24€1.66
€2.26
+36.2%
9.7%€2.66€1.93€0.9213
Mar ’24€1.81
€2.26
+24.7%
9.4%€2.64€1.92€0.9814
Feb ’24€1.72
€2.23
+29.9%
14.1%€3.10€1.74€1.0515
Jan ’24€1.80
€2.21
+22.9%
19.8%€3.19€1.60€1.2115
Dec ’23€1.73
€2.31
+33.6%
19.6%€3.31€1.66€1.2015

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/26 19:48
End of Day Share Price 2024/12/23 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Hang Lung Properties Limited is covered by 43 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andrew LawrenceBarclays
Kwok Yi LouieBarclays
C WongBNP Paribas Securities (Asia)