Hong Kong Real Estate Comps

(as of 18/10/19)
Ticker Company Share price (local) Market cap (US$MM) Firm value (US$MM) 2019E FV/EBITDA 2020E FV/EBITDA 2019E P/E 2020E P/E 2019E P/B 2020E P/B 2018 Div Yield
Hong Kong Real Estate
0016.HK Sun Hung Kai Properties 新鸿基地产发展 115.30 42,835MM 53,256MM 9.9x 9.6x 9.5x 9.0x 0.6x 0.5x 4.3%
0001.HK CK Hutchison Holdings 长江和记实业 72.90 36,041MM 93,584MM 10.5x 8.5x 7.1x 6.6x 0.6x 0.6x 4.3%
1113.HK CK Asset Holdings 长江实业集团 53.55 25,357MM 27,939MM 5.6x 6.2x 6.8x 7.9x 0.6x 0.5x 3.5%
0012.HK Henderson Land Development 恒基兆业地产 37.90 23,524MM 33,806MM 22.8x 20.2x 11.5x 11.0x 0.6x 0.6x 4.3%
0823.HK Link REIT 83.50 22,446MM 25,281MM 24.8x 23.1x 28.7x 26.5x 0.9x 0.9x 3.2%
1972.HK Swire Properties 太古地产 23.70 17,775MM 20,045MM 12.6x 15.5x 16.7x 16.2x 0.5x 0.5x 3.5%
1997.HK Wharf Real Estate Investment 九龙仓置业地产投资 44.65 17,380MM 22,769MM 13.2x 12.8x 13.3x 12.9x 0.6x 0.6x 7.1%
0017.HK New World Development 新世界发展 10.94 14,344MM 32,715MM 16.7x 14.7x 12.9x 11.8x 0.5x 0.5x 4.7%
0083.HK Sino Land 信和置业 12.14 10,610MM 6,404MM 11.6x 4.6x 16.2x 8.1x 0.5x 0.5x 4.5%
0101.HK Hang Lung Properties 恒隆地产 17.26 9,953MM 14,265MM 17.3x 15.6x 16.3x 15.6x 0.6x 0.5x 4.3%
0004.HK The Wharf (Holdings) 九龙仓集团 17.86 6,980MM 10,594MM 9.4x 8.1x 8.2x 7.7x 0.4x 0.4x 3.6%
0683.HK Kerry Properties 嘉里建设 24.40 4,556MM 9,517MM 9.1x 8.8x 6.3x 6.2x 0.3x 0.3x 5.5%
0014.HK Hysan Development 希慎兴业 30.05 4,032MM 4,939MM 11.6x 11.3x 11.8x 11.4x 0.4x 0.4x 4.8%
2778.HK Champion REIT 5.04 3,795MM 5,507MM 19.5x 19.1x 17.7x 16.9x 0.4x 0.4x 5.2%
0778.HK Fortune REIT 9.12 2,265MM 3,331MM 18.7x 17.7x 18.0x 17.8x 0.5x 0.5x 5.6%
Mean 14.2x 13.1x 13.4x 12.4x 0.5x 0.5x 4.6%
Median 12.6x 12.8x 12.9x 11.4x 0.5x 0.5x 4.3%