# Henderson Land (0012.HK)

Canonical: https://gigainvestors.com/s/0012.HK

Analysis as of: 2026-10-16T07:34:59.748Z. Financial observations: FY1999–FY2025.

Listing currency: HKD. Reporting currency: HKD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 26.74 per share; close as of 2026-10-15.

Estimated value: low HKD 12.53 per share, central HKD 13.63 per share, high HKD 15.10 per share. Buy at or below the central value HKD 13.63 per share. Valuation as of 2026-10-16T07:34:59.748Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.33×

- FY2018: 0.44×

- FY2019: 0.40×

- FY2020: 0.51×

- FY2021: 0.50×

- FY2022: 0.26×

- FY2023: 0.23×

- FY2024: 0.20×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 11.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.2%

- ROIC, second-lowest year: 1.0%

- Typical minus recent gross margin: 11.7 pp

- Typical gross margin (annual median): 43.2%

- Recent gross margin (lower of latest and 3-year median): 31.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.9%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.5%

- FY2017: 2.7%

- FY2018: 2.6%

- FY2019: 2.2%

- FY2020: 2.5%

- FY2021: 2.2%

- FY2022: 1.2%

- FY2023: 1.2%

- FY2024: 1.0%

- FY2025: 0.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.47×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: HKD -20B

- Net income, five-year total: HKD 44B

- Return on incremental invested capital: -2.6%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -2.5 pp

- Working capital / revenue, final three-year average: 310.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -3.13×

- FY2022: 0.98×

- FY2023: 0.57×

- FY2024: 0.55×

- FY2025: 0.55×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.6% vs 1.0%

- Per-share earnings: 4.53 to 1.30 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: HKD -63B

- Cumulative retained earnings: HKD 60B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -14.4%

- Per-share value change: HKD -3.23

- Per-share value, starting three-year median: HKD 4.53

- Per-share value, ending three-year median: HKD 1.30

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: HKD 205M

- Cumulative net income, 10 years: HKD 154B

- ROIC, first three-year median: 2.6%

- ROIC, last three-year median: 1.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: HKD 4.53

- FY2017: HKD 6.29

- FY2018: HKD 6.44

- FY2019: HKD 3.51

- FY2020: HKD 2.11

- FY2021: HKD 2.73

- FY2022: HKD 1.91

- FY2023: HKD 1.91

- FY2024: HKD 1.30

- FY2025: HKD 1.17

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 10.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.18×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.4%

- FY2017: 7.6%

- FY2018: 6.2%

- FY2019: 2.3%

- FY2020: 0.7%

- FY2021: 2.3%

- FY2022: -0.4%

- FY2023: -1.0%

- FY2024: -1.7%

- FY2025: -1.2%

## Holders

## Price story

Down 25% since Feb 2026 · sales +1.9%

Story as of 2026-10-16T10:00:03.290Z; price observation 2026-10-15.

Price needs cash profits to grow 12.1% a year for ten years

### Sales · FY2024–2025

sales +1.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: HKD 26B 

- FY2017: HKD 28B 

- FY2018: HKD 22B 

- FY2019: HKD 24B 

- FY2020: HKD 25B 

- FY2021: HKD 24B 

- FY2022: HKD 25B 

- FY2023: HKD 28B 

- FY2024: HKD 25B 

- FY2025: HKD 26B 

### Gross margin · FY2025

gross margin 31.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 41.2% 

- FY2017: 45.2% 

- FY2018: 54.2% 

- FY2019: 53.3% 

- FY2020: 62.8% 

- FY2021: 52.1% 

- FY2022: 40.3% 

- FY2023: 35.5% 

- FY2024: 35.2% 

- FY2025: 31.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate diversified; annual sales are HKD 25.7 billion.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2025-12-31 (filed 2026-10-16T07:34:59.748Z); FY2025: revenue 25741000000; grossProfit 8120000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0012.HK: Henderson Land Development Company Limited, an investment holding company, engages in the property development and investment activities in Hong Kong and Mainland China. The company operates through Property Development, Property Leasing, Department Stores and Supermarket-Cum-Stores Operations, Hotel Room Operation, Other Businesses, and Utility and Energy segments. The Property Development segment develops and sells real estate properties. Its property portfolio primarily includes offices, shopping arcades, and shopping malls. The Property Leasing segment leases properties. The Department Stores and Supermarket-Cum-Stores Operations segment operates and manages department stores and supermarket-cum-stores. The Hotel Room Operation segment operates hotel properties. The Other Businesses segment manages hotels; provides construction, finance, project management, property management, agency, and cleaning and security guard services, as well as the trading of building materials. It engages in food and beverage, and travel operations. The Utility and Energy segment is involved in production, distribution, and marketing gas; and water supply and renewable energy businesses. Henderson Land Development Company Limited was founded in 1976 and is based in Central, Hong Kong. Henderson Land Development Company Limited is a subsidiary of Henderson Development Limited.

### Why customers stay

Margins ranged from 31.5% to 35.5% during 2023–25; it earns 2.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2023-12-31 (filed 2026-10-16T07:34:59.748Z); FY2023: grossProfit / revenue = 35.5%.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2024-12-31 (filed 2026-10-16T07:34:59.748Z); FY2024: grossProfit / revenue = 35.2%.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2025-12-31 (filed 2026-10-16T07:34:59.748Z); FY2025: grossProfit / revenue = 31.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:59.748Z); 10-year return on capital observations [[2016,0.024830156344767915],[2017,0.027018127329419418],[2018,0.02603470538626121],[2019,0.021696922217860126],[2020,0.02509352293931381],[2021,0.02157073690818142],[2022,0.012425832407982621],[2023,0.012473840039190831],[2024,0.009953439392772276],[2025,0.009319376638737715]]; median 0.021633829563020773. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 37.3% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2016-12-31 (filed 2026-10-16T07:34:59.748Z); FY2016: growth capex 3308000000; upkeep 106000000; owner earnings 21916000000. Growth capex / owner earnings = 0.15093995254608505.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2017-12-31 (filed 2026-10-16T07:34:59.748Z); FY2017: growth capex 12791387064.669909; upkeep 15208612935.330091; owner earnings 15318387064.669909. Growth capex / owner earnings = 0.8350348512978737.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2018-12-31 (filed 2026-10-16T07:34:59.748Z); FY2018: growth capex 0; upkeep 2134000000; owner earnings 29091000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2019-12-31 (filed 2026-10-16T07:34:59.748Z); FY2019: growth capex 3192000000; upkeep 377000000; owner earnings 16899200000. Growth capex / owner earnings = 0.18888468093164174.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2020-12-31 (filed 2026-10-16T07:34:59.748Z); FY2020: growth capex 2134000000; upkeep 428000000; owner earnings 10037400000. Growth capex / owner earnings = 0.2126048578317094.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2022-12-31 (filed 2026-10-16T07:34:59.748Z); FY2022: growth capex 2646000000; upkeep 540000000; cash acquisitions 0; owner earnings 9077200000. Growth capex plus acquisitions / owner earnings = 0.291499581368704.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2023-12-31 (filed 2026-10-16T07:34:59.748Z); FY2023: growth capex 303806456.9068742; upkeep 4264193543.093126; cash acquisitions 57000000; owner earnings 5285406456.906874. Growth capex plus acquisitions / owner earnings = 0.06826465662548598.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2024-12-31 (filed 2026-10-16T07:34:59.748Z); FY2024: growth capex 0; upkeep 2815000000; cash acquisitions 0; owner earnings 3480200000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0012.HK.json#2025-12-31 (filed 2026-10-16T07:34:59.748Z); FY2025: growth capex 1152553311.2014556; upkeep 2569446688.7985444; cash acquisitions 0; owner earnings 3089553311.2014556. Growth capex plus acquisitions / owner earnings = 0.3730485267960158.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:59.748Z); Dividend observations: [[2016,5066000000],[2017,6031000000],[2018,7122000000],[2019,8143000000],[2020,8715000000],[2021,8715000000],[2022,8715000000],[2023,8715000000],[2024,8715000000],[2025,8715000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 72.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0012.HK SharesStats.PercentInsiders = 72.548 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.1% yearly over ten years; actual decline was 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:59.748Z); Ten-year compound average after fade. Initial solved rate 0.16200439299227043. Price 26.74; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.410277854122501 → FY2025 0.6382056003308109. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 45.95 per share

- 2016-11: HKD 42.85 per share

- 2016-12: HKD 41.25 per share

- 2017-01: HKD 43.05 per share

- 2017-02: HKD 45.10 per share

- 2017-03: HKD 48.15 per share

- 2017-04: HKD 49.30 per share

- 2017-05: HKD 50.35 per share

- 2017-06: HKD 43.55 per share

- 2017-07: HKD 45.20 per share

- 2017-08: HKD 48.50 per share

- 2017-09: HKD 51.75 per share

- 2017-10: HKD 50.85 per share

- 2017-11: HKD 51.00 per share

- 2017-12: HKD 51.50 per share

- 2018-01: HKD 54.70 per share

- 2018-02: HKD 51.00 per share

- 2018-03: HKD 51.10 per share

- 2018-04: HKD 50.05 per share

- 2018-05: HKD 51.60 per share

- 2018-06: HKD 41.50 per share

- 2018-07: HKD 43.75 per share

- 2018-08: HKD 41.50 per share

- 2018-09: HKD 39.35 per share

- 2018-10: HKD 36.50 per share

- 2018-11: HKD 40.20 per share

- 2018-12: HKD 39.00 per share

- 2019-01: HKD 44.45 per share

- 2019-02: HKD 44.40 per share

- 2019-03: HKD 49.90 per share

- 2019-04: HKD 48.30 per share

- 2019-05: HKD 40.50 per share

- 2019-06: HKD 43.05 per share

- 2019-07: HKD 40.75 per share

- 2019-08: HKD 36.50 per share

- 2019-09: HKD 36.50 per share

- 2019-10: HKD 39.25 per share

- 2019-11: HKD 37.65 per share

- 2019-12: HKD 38.25 per share

- 2020-01: HKD 35.20 per share

- 2020-02: HKD 35.75 per share

- 2020-03: HKD 29.55 per share

- 2020-04: HKD 31.70 per share

- 2020-05: HKD 27.65 per share

- 2020-06: HKD 29.40 per share

- 2020-07: HKD 29.05 per share

- 2020-08: HKD 30.55 per share

- 2020-09: HKD 28.55 per share

- 2020-10: HKD 27.45 per share

- 2020-11: HKD 32.50 per share

- 2020-12: HKD 30.25 per share

- 2021-01: HKD 31.70 per share

- 2021-02: HKD 33.70 per share

- 2021-03: HKD 34.90 per share

- 2021-04: HKD 34.55 per share

- 2021-05: HKD 37.10 per share

- 2021-06: HKD 36.80 per share

- 2021-07: HKD 34.75 per share

- 2021-08: HKD 35.20 per share

- 2021-09: HKD 29.85 per share

- 2021-10: HKD 32.60 per share

- 2021-11: HKD 31.90 per share

- 2021-12: HKD 33.20 per share

- 2022-01: HKD 34.05 per share

- 2022-02: HKD 32.50 per share

- 2022-03: HKD 32.60 per share

- 2022-04: HKD 31.85 per share

- 2022-05: HKD 33.30 per share

- 2022-06: HKD 29.40 per share

- 2022-07: HKD 27.30 per share

- 2022-08: HKD 26.30 per share

- 2022-09: HKD 22.00 per share

- 2022-10: HKD 19.22 per share

- 2022-11: HKD 25.70 per share

- 2022-12: HKD 27.25 per share

- 2023-01: HKD 28.95 per share

- 2023-02: HKD 27.55 per share

- 2023-03: HKD 27.15 per share

- 2023-04: HKD 27.90 per share

- 2023-05: HKD 24.85 per share

- 2023-06: HKD 23.30 per share

- 2023-07: HKD 24.00 per share

- 2023-08: HKD 21.55 per share

- 2023-09: HKD 20.65 per share

- 2023-10: HKD 20.40 per share

- 2023-11: HKD 21.25 per share

- 2023-12: HKD 24.05 per share

- 2024-01: HKD 20.35 per share

- 2024-02: HKD 22.60 per share

- 2024-03: HKD 22.30 per share

- 2024-04: HKD 23.80 per share

- 2024-05: HKD 24.30 per share

- 2024-06: HKD 20.95 per share

- 2024-07: HKD 21.95 per share

- 2024-08: HKD 24.30 per share

- 2024-09: HKD 24.80 per share

- 2024-10: HKD 25.05 per share

- 2024-11: HKD 24.40 per share

- 2024-12: HKD 23.60 per share

- 2025-01: HKD 21.60 per share

- 2025-02: HKD 21.25 per share

- 2025-03: HKD 22.35 per share

- 2025-04: HKD 22.00 per share

- 2025-05: HKD 24.55 per share

- 2025-06: HKD 27.45 per share

- 2025-07: HKD 27.50 per share

- 2025-08: HKD 26.90 per share

- 2025-09: HKD 27.44 per share

- 2025-10: HKD 27.28 per share

- 2025-11: HKD 29.34 per share

- 2025-12: HKD 28.14 per share

- 2026-01: HKD 31.12 per share

- 2026-02: HKD 35.44 per share

- 2026-03: HKD 28.92 per share

- 2026-04: HKD 30.78 per share

- 2026-05: HKD 30.96 per share

- 2026-06: HKD 24.80 per share

- 2026-07: HKD 28.40 per share

- 2026-08: HKD 26.86 per share

- 2026-09: HKD 26.74 per share

- 2026-10: HKD 26.74 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 62.06 per share, central HKD 80.99 per share, high HKD 94.03 per share

- FY2017: low HKD 48.21 per share, central HKD 54.17 per share, high HKD 62.11 per share

- FY2018: low HKD 45.91 per share, central HKD 51.78 per share, high HKD 59.59 per share

- FY2019: low HKD 49.61 per share, central HKD 56.12 per share, high HKD 64.77 per share

- FY2020: low HKD 40.53 per share, central HKD 45.93 per share, high HKD 53.12 per share

- FY2021: low HKD 31.79 per share, central HKD 35.86 per share, high HKD 41.29 per share

- FY2022: low HKD 25.36 per share, central HKD 28.54 per share, high HKD 32.77 per share

- FY2023: low HKD 26.67 per share, central HKD 29.73 per share, high HKD 33.81 per share

- FY2024: low HKD 14.70 per share, central HKD 16.21 per share, high HKD 18.22 per share

- FY2025: low HKD 12.68 per share, central HKD 13.78 per share, high HKD 15.25 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.