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Hang Lung Properties

DB:AOP
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AOP
DB
HK$79B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Hang Lung Properties Limited, an investment holding company, engages in the property investment, development, and management activities in Hong Kong and Mainland China. The last earnings update was 61 days ago. More info.


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AOP Share Price and Events
7 Day Returns
3.9%
DB:AOP
0.1%
DE Real Estate
0.3%
DE Market
1 Year Returns
-3.9%
DB:AOP
12.5%
DE Real Estate
-11.6%
DE Market
AOP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hang Lung Properties (AOP) 3.9% -4.1% -5.3% -3.9% 24.3% -10.8%
DE Real Estate 0.1% 5.5% 4.1% 12.5% 48.1% 137.4%
DE Market 0.3% -3.8% 2.5% -11.6% 10.1% 7.9%
1 Year Return vs Industry and Market
  • AOP underperformed the Real Estate industry which returned 12.5% over the past year.
  • AOP outperformed the Market in Germany which returned -11.6% over the past year.
Price Volatility
AOP
Industry
5yr Volatility vs Market

Value

 Is Hang Lung Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Hang Lung Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Hang Lung Properties.

DB:AOP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AOP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.99
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.986 (1 + (1- 25%) (34.71%))
1.162
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.162 * 6.65%)
7.96%

Discounted Cash Flow Calculation for DB:AOP using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Hang Lung Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:AOP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 7.96%)
2019 -2,690.00 Analyst x1 -2,491.70
2020 2,315.00 Analyst x1 1,986.27
2021 450.00 Analyst x1 357.64
2022 328.25 Est @ -27.06% 241.64
2023 266.30 Est @ -18.87% 181.59
2024 231.31 Est @ -13.14% 146.10
2025 210.19 Est @ -9.13% 122.97
2026 196.90 Est @ -6.32% 106.71
2027 188.32 Est @ -4.36% 94.53
2028 182.70 Est @ -2.98% 84.95
Present value of next 10 years cash flows HK$830.70
DB:AOP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$182.70 × (1 + 0.23%) ÷ (7.96% – 0.23%)
HK$2,368.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$2,368.81 ÷ (1 + 7.96%)10
HK$1,101.46
DB:AOP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$830.70 + HK$1,101.46
HK$1,932.16
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$1,932.16 / 4,497.72
HK$0.43
DB:AOP Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AOP represents 0.11155x of SEHK:101
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11155x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 0.43 x 0.11155
€0.05
Value per share (EUR) From above. €0.05
Current discount Discount to share price of €1.97
= -1 x (€1.97 - €0.05) / €0.05
-4010.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Hang Lung Properties is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Hang Lung Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hang Lung Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AOP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$1.80
SEHK:101 Share Price ** SEHK (2019-05-21) in HKD HK$17.66
Germany Real Estate Industry PE Ratio Median Figure of 32 Publicly-Listed Real Estate Companies 16.09x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 20.29x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Hang Lung Properties.

DB:AOP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:101 Share Price ÷ EPS (both in HKD)

= 17.66 ÷ 1.80

9.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hang Lung Properties is good value based on earnings compared to the DE Real Estate industry average.
  • Hang Lung Properties is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Hang Lung Properties's expected growth come at a high price?
Raw Data
DB:AOP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
-15.1%per year
Germany Real Estate Industry PEG Ratio Median Figure of 19 Publicly-Listed Real Estate Companies 1.03x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

DB:AOP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.83x ÷ -15.1%

-0.65x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hang Lung Properties earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Hang Lung Properties's assets?
Raw Data
DB:AOP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$30.58
SEHK:101 Share Price * SEHK (2019-05-21) in HKD HK$17.66
Germany Real Estate Industry PB Ratio Median Figure of 42 Publicly-Listed Real Estate Companies 1.36x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.79x
DB:AOP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:101 Share Price ÷ Book Value per Share (both in HKD)

= 17.66 ÷ 30.58

0.58x

* Primary Listing of Hang Lung Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hang Lung Properties is good value based on assets compared to the DE Real Estate industry average.
X
Value checks
We assess Hang Lung Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Hang Lung Properties has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Hang Lung Properties expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-15.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hang Lung Properties expected to grow at an attractive rate?
  • Hang Lung Properties's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Hang Lung Properties's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Hang Lung Properties's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AOP Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AOP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts -15.1%
DB:AOP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 6.6%
Germany Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -4.9%
Germany Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:AOP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AOP Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 11,473 6,298 5,055 9
2020-12-31 10,962 5,882 4,813 14
2019-12-31 9,992 4,275 4,725 13
DB:AOP Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 9,505 5,738 8,078
2018-09-30 9,800 5,533 8,531
2018-06-30 10,095 5,328 8,983
2018-03-31 10,686 6,943 8,554
2017-12-31 11,277 8,557 8,124
2017-09-30 12,222 9,391 7,607
2017-06-30 13,166 10,225 7,090
2017-03-31 13,144 8,480 6,643
2016-12-31 13,121 6,735 6,195
2016-09-30 11,921 6,407 5,691
2016-06-30 10,720 6,078 5,186
2016-03-31 9,872 5,769 5,139

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hang Lung Properties's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Hang Lung Properties's revenue is expected to grow by 6.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:AOP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Hang Lung Properties Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AOP Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.12 1.29 1.02 9.00
2020-12-31 1.07 1.27 0.97 12.00
2019-12-31 1.04 1.41 0.93 12.00
DB:AOP Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 1.80
2018-09-30 1.90
2018-06-30 2.00
2018-03-31 1.90
2017-12-31 1.81
2017-09-30 1.69
2017-06-30 1.58
2017-03-31 1.48
2016-12-31 1.38
2016-09-30 1.27
2016-06-30 1.15
2016-03-31 1.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Hang Lung Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Hang Lung Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Hang Lung Properties has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Hang Lung Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Hang Lung Properties's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Hang Lung Properties's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Hang Lung Properties's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Hang Lung Properties's 1-year earnings growth is negative, it can't be compared to the DE Real Estate industry average.
Earnings and Revenue History
Hang Lung Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Hang Lung Properties Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AOP Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 9,505.00 8,078.00 637.00
2018-09-30 9,800.00 8,530.50 608.00
2018-06-30 10,095.00 8,983.00 579.00
2018-03-31 10,686.00 8,553.50 579.50
2017-12-31 11,277.00 8,124.00 580.00
2017-09-30 12,221.50 7,607.00 586.50
2017-06-30 13,166.00 7,090.00 593.00
2017-03-31 13,143.50 6,642.50 600.00
2016-12-31 13,121.00 6,195.00 607.00
2016-09-30 11,920.50 5,690.50 619.50
2016-06-30 10,720.00 5,186.00 632.00
2016-03-31 9,871.50 5,139.00 643.50
2015-12-31 9,023.00 5,092.00 655.00
2015-09-30 13,145.50 8,210.00 658.00
2015-06-30 17,268.00 11,328.00 661.00
2015-03-31 17,186.50 11,516.00 652.50
2014-12-31 17,105.00 11,704.00 644.00
2014-09-30 13,735.00 9,652.50 658.50
2014-06-30 10,365.00 7,601.00 673.00
2014-03-31 9,799.50 7,406.50 657.50
2013-12-31 9,234.00 7,212.00 642.00
2013-09-30 7,892.00 7,378.50 627.50
2013-06-30 6,550.00 7,545.00 613.00
2013-03-31 7,013.50 7,970.00 619.50
2012-12-31 7,477.00 8,395.00 626.00
2012-06-30 7,388.00 6,194.00 565.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Hang Lung Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hang Lung Properties used its assets less efficiently than the DE Real Estate industry average last year based on Return on Assets.
  • Hang Lung Properties has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Hang Lung Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Hang Lung Properties has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Hang Lung Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Hang Lung Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hang Lung Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hang Lung Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Hang Lung Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Hang Lung Properties Company Filings, last reported 4 months ago.

DB:AOP Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 143,594.00 27,573.00 6,703.00
2018-09-30 143,594.00 27,573.00 6,703.00
2018-06-30 143,531.00 25,870.00 9,955.00
2018-03-31 143,531.00 25,870.00 9,955.00
2017-12-31 142,245.00 25,158.00 6,668.00
2017-09-30 142,245.00 25,158.00 6,668.00
2017-06-30 135,730.00 23,799.00 14,862.00
2017-03-31 135,730.00 23,799.00 14,862.00
2016-12-31 132,145.00 27,082.00 23,379.00
2016-09-30 132,145.00 27,082.00 23,379.00
2016-06-30 133,677.00 31,567.00 27,960.00
2016-03-31 133,677.00 31,567.00 27,960.00
2015-12-31 134,892.00 32,771.00 26,870.00
2015-09-30 134,892.00 32,771.00 26,870.00
2015-06-30 138,975.00 35,134.00 27,389.00
2015-03-31 138,975.00 35,134.00 27,389.00
2014-12-31 139,003.00 35,098.00 39,887.00
2014-09-30 139,003.00 35,098.00 39,887.00
2014-06-30 130,905.00 38,042.00 35,806.00
2014-03-31 130,905.00 38,042.00 35,806.00
2013-12-31 131,167.00 34,979.00 33,761.00
2013-09-30 131,167.00 34,979.00 33,761.00
2013-06-30 126,028.00 33,886.00 22,839.00
2013-03-31 126,028.00 33,886.00 22,839.00
2012-12-31 123,978.00 29,736.00 27,989.00
2012-06-30 118,928.00 27,389.00 19,087.00
  • Hang Lung Properties's level of debt (19.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (26.7% vs 19.2% today).
  • Debt is well covered by operating cash flow (20.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.6x coverage).
X
Financial health checks
We assess Hang Lung Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Hang Lung Properties has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Hang Lung Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.25%
Current annual income from Hang Lung Properties dividends. Estimated to be 4.38% next year.
If you bought €2,000 of Hang Lung Properties shares you are expected to receive €85 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Hang Lung Properties's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Hang Lung Properties's dividend is above the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:AOP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
Germany Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 25 Stocks 2.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AOP Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.79 11.00
2020-12-31 0.78 15.00
2019-12-31 0.76 14.00
DB:AOP Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-03-21 0.750 4.060
2019-01-30 0.750 4.049
2018-09-13 0.750 4.950
2018-03-21 0.750 4.428
2017-04-27 0.750 3.922
2016-03-23 0.750 4.397
2016-01-28 0.750 5.320
2015-03-24 0.760 3.816
2015-01-26 0.760 3.444
2014-07-31 0.750 3.262
2014-03-21 0.750 3.201
2014-01-23 0.750 3.501
2013-04-18 0.740 2.843
2012-09-13 0.340 1.186
2012-07-31 0.340 1.255
2012-01-19 0.360 1.329
2011-09-15 1.420 5.804
2011-07-29 0.710 2.580
2011-01-26 0.710 2.197
2010-08-02 0.710 1.964
2009-09-17 0.660 2.234
2009-07-31 0.660 2.512

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Hang Lung Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Hang Lung Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Hang Lung Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hang Lung Properties has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Hang Lung Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Weber Lo
COMPENSATION HK$33,680,000
AGE 47
TENURE AS CEO 0.8 years
CEO Bio

Mr. Wai Pak Lo, also known as Weber, has been an Executive Director of Hang Lung Group Limited and Hang Lung Properties Limited since joining in May 16, 2018. He serves as Chief Executive Officer of Hang Lung Group Limited & Hang Lung Properties Limited since July 16, 2018. He served as Chairman of Citibank(hongkong) LTd until May 1, 2018. Mr. Lo served as Country Head and CEO of Citibank(hongkong) LTd. He holds Bachelor degree in Social Sciences from the University of Hong Kong. Mr. Lo once held senior positions in Coca-Cola China Ltd. and Procter & Gamble (HK) Ltd. He joined Citi in 2000 and held several senior positions including Head of CitiGold, Head of Bankcard Marketing, Country Marketing Director, Director of Retail Banking and Chief Operating Officer. From October 2007 to December 2012, Mr. Lo was Country Business Manager for Citibank Global Consumer Banking in Hong Kong and Macau. He was the recipient of the "Promising Young Banker of the Year" award for Hong Kong in the Asian Banker Achievement Awards 2008 and "CEO of the Year for Banking" in the BENCHMARK Wealth Management Awards 2013 in Hong Kong. Mr. Lo actively gives back to the community and the financial services industry by serving in various public service roles, including: Member of the Board of Inland Revenue, HKSAR Government; Member of the Industry Advisory Committee on Long Term Business to the Independent Insurance Authority; Member of Hong Kong Strategy for Financial Literacy Steering Committee of Investor Education Centre; Board of Director and Executive Committee Member of The Community Chest of Hong Kong; Member of The Vice-Chancellor's Circle of University of Oxford.

CEO Compensation
  • Insufficient data for Weber to compare compensation growth.
  • Weber's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Hang Lung Properties management team in years:

0.8
Average Tenure
54
Average Age
  • The average tenure for the Hang Lung Properties management team is less than 2 years, this suggests a new team.
Management Team

Ronnie Chan

TITLE
Chairman of the Board
COMPENSATION
HK$41M
AGE
68

Weber Lo

TITLE
CEO & Director
COMPENSATION
HK$34M
AGE
47
TENURE
0.8 yrs

Hau Cheong Ho

TITLE
CFO & Executive Director
COMPENSATION
HK$11M
AGE
58

Adriel Chan

TITLE
Executive Director
COMPENSATION
HK$11M
AGE
36

Chuk Kwan

TITLE
Director of Corporate Communications & Investor Relations
AGE
58

Margaret Yan

TITLE
General Counsel & Company Secretary
AGE
52

Janet Shun Poon

TITLE
Deputy Director of Human Resources
TENURE
0.1 yrs

Raymond Mak

TITLE
Group Financial Controller & Director
AGE
54
TENURE
7.8 yrs
Board of Directors Tenure

Average tenure and age of the Hang Lung Properties board of directors in years:

8.8
Average Tenure
67.5
Average Age
  • The tenure for the Hang Lung Properties board of directors is about average.
Board of Directors

Weber Lo

TITLE
CEO & Director
COMPENSATION
HK$34M
AGE
47
TENURE
1 yrs

Hau Cheong Ho

TITLE
CFO & Executive Director
COMPENSATION
HK$11M
AGE
58
TENURE
8.7 yrs

Adriel Chan

TITLE
Executive Director
COMPENSATION
HK$11M
AGE
36
TENURE
2.5 yrs

Ronald Joseph Arculli

TITLE
Independent Non-Executive Director
COMPENSATION
HK$900K
AGE
79
TENURE
39.3 yrs

Ronnie Chan

TITLE
Chairman of the Board
COMPENSATION
HK$41M
AGE
68
TENURE
28.3 yrs

Dominic Ho

TITLE
Independent Non-Executive Director
COMPENSATION
HK$1M
AGE
67
TENURE
11.1 yrs

Nelson Yuen

TITLE
Independent Non-Executive Director
COMPENSATION
HK$700K
AGE
68
TENURE
27.3 yrs

Philip Chen

TITLE
Non-Executive Director
COMPENSATION
HK$68M
AGE
62
TENURE
8.8 yrs

Andrew Chan

TITLE
Independent Non-Executive Director
COMPENSATION
HK$900K
AGE
69
TENURE
4.6 yrs

Hsin-Kang Chang

TITLE
Independent Non-Executive Director
COMPENSATION
HK$1,000K
AGE
78
TENURE
4.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
05. Feb 19 Sell First Eagle Investment Management, LLC Company 01. Feb 19 01. Feb 19 -36,681,000 €1.92 €-70,462,886
30. Oct 18 Buy Wai Leung Yuen Individual 25. Oct 18 25. Oct 18 450,000 €1.57 €707,278
06. Nov 18 Buy Wai Leung Yuen Individual 05. Nov 18 05. Nov 18 1,040,000 €1.64 €1,701,789
05. Nov 18 Buy Wai Leung Yuen Individual 31. Oct 18 31. Oct 18 381,000 €1.59 €605,905
05. Nov 18 Buy Hang Lung Group Limited Company 31. Oct 18 31. Oct 18 1,891,000 €1.59 €3,008,071
05. Nov 18 Buy Wai Leung Yuen Individual 01. Nov 18 01. Nov 18 460,000 €1.60 €737,482
31. Oct 18 Buy Hang Lung Group Limited Company 30. Oct 18 30. Oct 18 21,000 €1.58 €33,176
31. Oct 18 Buy Hang Lung Group Limited Company 29. Oct 18 29. Oct 18 70,000 €1.57 €109,763
31. Oct 18 Buy Wai Leung Yuen Individual 26. Oct 18 26. Oct 18 356,000 €1.57 €559,136
31. Oct 18 Buy Hang Lung Group Limited Company 26. Oct 18 26. Oct 18 1,690,000 €1.58 €2,666,239
30. Oct 18 Buy Wai Leung Yuen Individual 30. Oct 18 30. Oct 18 806,000 €1.59 €1,278,791
30. Oct 18 Buy Wai Leung Yuen Individual 29. Oct 18 29. Oct 18 357,000 €1.57 €560,588
26. Oct 18 Buy Hang Lung Group Limited Company 24. Oct 18 24. Oct 18 1,000,000 €1.60 €1,598,135
26. Oct 18 Buy Hang Lung Group Limited Company 23. Oct 18 23. Oct 18 1,000,000 €1.59 €1,594,304
24. Oct 18 Buy Wai Leung Yuen Individual 19. Oct 18 19. Oct 18 445,000 €1.59 €706,779
24. Oct 18 Buy Wai Leung Yuen Individual 24. Oct 18 24. Oct 18 1,300,000 €1.60 €2,082,057
24. Oct 18 Buy Wai Leung Yuen Individual 22. Oct 18 22. Oct 18 136,000 €1.61 €219,220
24. Oct 18 Buy Wai Leung Yuen Individual 23. Oct 18 23. Oct 18 1,394,000 €1.60 €2,227,756
17. Oct 18 Buy Hang Lung Group Limited Company 10. Oct 18 10. Oct 18 105,000 €1.64 €171,711
19. Oct 18 Buy Wai Leung Yuen Individual 16. Oct 18 16. Oct 18 300,000 €1.60 €479,763
19. Oct 18 Buy Hang Lung Group Limited Company 16. Oct 18 16. Oct 18 754,000 €1.59 €1,200,499
19. Oct 18 Buy Wai Leung Yuen Individual 15. Oct 18 15. Oct 18 25,000 €1.60 €40,077
19. Oct 18 Buy Hang Lung Group Limited Company 15. Oct 18 15. Oct 18 1,087,000 €1.61 €1,744,951
19. Oct 18 Buy Wai Leung Yuen Individual 18. Oct 18 18. Oct 18 550,000 €1.60 €882,622
13. Oct 18 Buy Hang Lung Group Limited Company 05. Oct 18 05. Oct 18 911,000 €1.65 €1,503,111
16. Oct 18 Buy Hang Lung Group Limited Company 11. Oct 18 12. Oct 18 2,476,000 €1.58 €3,908,477
05. Oct 18 Buy Hang Lung Group Limited Company 04. Oct 18 04. Oct 18 2,136,000 €1.66 €3,540,092
10. Oct 18 Buy Hang Lung Group Limited Company 09. Oct 18 09. Oct 18 612,000 €1.66 €1,015,622
10. Oct 18 Buy Hang Lung Group Limited Company 08. Oct 18 08. Oct 18 3,000,000 €1.65 €4,955,066
05. Oct 18 Buy Hang Lung Group Limited Company 02. Oct 18 02. Oct 18 2,000,000 €1.66 €3,328,908
18. Sep 18 Buy Hang Lung Group Limited Company 13. Sep 18 13. Sep 18 336,000 €1.63 €549,133
13. Sep 18 Buy Hang Lung Group Limited Company 11. Sep 18 11. Sep 18 522,000 €1.63 €851,505
13. Sep 18 Buy Hang Lung Group Limited Company 10. Sep 18 10. Sep 18 2,636,000 €1.62 €4,275,527
10. Sep 18 Buy Hang Lung Group Limited Company 06. Sep 18 06. Sep 18 990,000 €1.66 €1,639,275
11. Sep 18 Buy Hang Lung Group Limited Company 05. Sep 18 05. Sep 18 3,000,000 €1.68 €5,040,013
04. Sep 18 Buy Hang Lung Group Limited Company 30. Aug 18 30. Aug 18 3,000,000 €1.72 €5,150,799
04. Sep 18 Buy Hang Lung Group Limited Company 03. Sep 18 03. Sep 18 100,000 €1.71 €170,998
04. Sep 18 Buy Hang Lung Group Limited Company 31. Aug 18 31. Aug 18 361,000 €1.70 €614,165
06. Jun 18 Buy Hang Lung Group Limited Company 01. Jun 18 01. Jun 18 313,000 €1.95 €611,632
13. Jun 18 Buy Hang Lung Group Limited Company 12. Jun 18 12. Jun 18 2,000,000 €1.92 €3,848,686
30. Aug 18 Buy Hang Lung Group Limited Company 28. Aug 18 28. Aug 18 9,000 €1.70 €15,266
30. Aug 18 Buy Hang Lung Group Limited Company 27. Aug 18 27. Aug 18 4,000 €1.70 €6,811
27. Aug 18 Buy Hang Lung Group Limited Company 24. Aug 18 24. Aug 18 70,000 €1.70 €118,938
27. Aug 18 Buy Hang Lung Group Limited Company 23. Aug 18 23. Aug 18 509,000 €1.71 €871,717
28. Aug 18 Buy Hang Lung Group Limited Company 22. Aug 18 22. Aug 18 100,000 €1.71 €171,407
22. Aug 18 Buy Hang Lung Group Limited Company 17. Aug 18 17. Aug 18 320,000 €1.73 €552,843
22. Aug 18 Buy Hang Lung Group Limited Company 20. Aug 18 20. Aug 18 150,000 €1.73 €258,991
23. Aug 18 Sell First Eagle Investment Management, LLC Company 21. Aug 18 21. Aug 18 -511,000 €1.72 €-880,350
16. Aug 18 Buy Hang Lung Group Limited Company 15. Aug 18 15. Aug 18 1,486,000 €1.75 €2,603,447
16. Aug 18 Buy Hang Lung Group Limited Company 14. Aug 18 14. Aug 18 561,000 €1.74 €978,338
16. Aug 18 Buy Hang Lung Group Limited Company 13. Aug 18 13. Aug 18 350,000 €1.74 €608,330
09. Aug 18 Buy Hang Lung Group Limited Company 06. Aug 18 06. Aug 18 566,000 €1.76 €997,227
06. Aug 18 Buy Hang Lung Group Limited Company 01. Aug 18 01. Aug 18 1,000,000 €1.79 €1,786,042
06. Aug 18 Buy Hang Lung Group Limited Company 02. Aug 18 02. Aug 18 1,000,000 €1.78 €1,784,172
04. Jul 18 Buy Hang Lung Group Limited Company 29. Jun 18 29. Jun 18 282,000 €1.77 €497,801
04. Jul 18 Buy Hang Lung Group Limited Company 28. Jun 18 28. Jun 18 882,000 €1.78 €1,569,059
25. Jun 18 Buy Hang Lung Group Limited Company 20. Jun 18 20. Jun 18 2,094,000 €1.84 €3,857,258
20. Jun 18 Buy Hang Lung Group Limited Company 15. Jun 18 15. Jun 18 1,620,000 €1.88 €3,052,863
20. Jun 18 Buy Hang Lung Group Limited Company 14. Jun 18 14. Jun 18 1,600,000 €1.89 €3,026,266
13. Jun 18 Buy Hang Lung Group Limited Company 08. Jun 18 08. Jun 18 1,457,000 €1.95 €2,836,043
28. Jun 18 Buy Hang Lung Group Limited Company 25. Jun 18 25. Jun 18 163,000 €1.80 €293,035
28. Jun 18 Buy Hang Lung Group Limited Company 27. Jun 18 27. Jun 18 1,432,000 €1.79 €2,557,203
20. Jun 18 Buy Hang Lung Group Limited Company 19. Jun 18 19. Jun 18 2,000,000 €1.84 €3,684,684
25. Jun 18 Buy Hang Lung Group Limited Company 22. Jun 18 22. Jun 18 2,000,000 €1.82 €3,646,609
25. Jun 18 Buy Hang Lung Group Limited Company 21. Jun 18 21. Jun 18 3,000,000 €1.85 €5,535,654
14. Jun 18 Buy Hang Lung Group Limited Company 13. Jun 18 13. Jun 18 579,000 €1.90 €1,102,608
13. Jun 18 Buy Hang Lung Group Limited Company 11. Jun 18 11. Jun 18 2,273,000 €1.94 €4,406,087
01. Jun 18 Buy Wenbwo Chan Individual 29. May 18 29. May 18 2,031,000 €1.98 €4,023,410
01. Jun 18 Buy Wenbwo Chan Individual 31. May 18 31. May 18 1,015,000 €1.94 €1,970,862
01. Jun 18 Buy Wenbwo Chan Individual 30. May 18 30. May 18 407,000 €1.95 €793,499
25. May 18 Buy Wenbwo Chan Individual 24. May 18 24. May 18 25,000 €1.97 €49,341
X
Management checks
We assess Hang Lung Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Hang Lung Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Hang Lung Properties Limited, an investment holding company, engages in the property investment, development, and management activities in Hong Kong and Mainland China. The company operates through Property Leasing in Mainland China, Property Leasing in Hong Kong, and Property Sales in Hong Kong segments. The company is involved in the property leasing business; and development and sale of properties. Its investment properties portfolio includes retail, office, residential, serviced apartment, and car park properties. The company also engages in the apartment operating and management; car park and project management; and property agency activities. In addition, it provides management and financial services. The company was incorporated in 1949 and is headquartered in Central, Hong Kong. Hang Lung Properties Limited is a subsidiary of Hang Lung Group Limited.

Details
Name: Hang Lung Properties Limited
AOP
Exchange: DB
Founded: 1949
HK$9,063,462,895
4,497,718,670
Website: http://www.hanglung.com
Address: Hang Lung Properties Limited
Standard Chartered Bank Building,
28th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 101 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 02. Jan 1992
OTCPK HLPP.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB AOP Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
SHSC 101 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 02. Jan 1992
SZSC 101 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 02. Jan 1992
OTCPK HLPP.Y SPONSORED ADR Pink Sheets LLC US USD 25. Sep 1995
Number of employees
Current staff
Staff numbers
4,648
Hang Lung Properties employees.
Industry
Diversified Real Estate Activities
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 20:39
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/03/21
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.