SINGAPORE (Oct 7): Property group Hongkong Land has climbed into KGI Securities' high dividend watchlist after a recent sell-off, as the research house made "key changes" to its watchlist.
“[Hongkong Land’s] current price is too cheap to ignore,” says analyst Joel Ng in a report on Monday. “HKL offers a 4.1% forward dividend yield and trades at a massive 66% discount to its book value, the cheapest valuation it has traded at in more than 10 years.”
A member of the Jardine group, Hongkong Land’s latest 1H19 earnings came in 63% lower at US$411 million ($568 million) from US$1.1 billion in 1H18, while revenue fell 46% y-o-y to US$803.9 million. An interim dividend of 6 US cents was declared.
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