HENDERSON Land Development is a holding company with operations in property development, investment and project management. It also participates in property development joint ventures in China.
Following the recent release of solid final results the stock has been rated a buy by brokerage Crosby Securities.
Crosby bases its appraisal on the fact Henderson Land's low-cost land bank in Tsuen Kwan O will ensure its long-term earnings growth.
Henderson Land's total development land bank in the territory is 16.3 million square feet, about 6.76 million of which are in Tsuen Kwan O.
Four development projects connected with the new MTR station at Tsuen Kwan O will boost earnings from 1997 onwards, Crosby argues.
The abundant supply of land has caused some investors concern but Crosby says there is little risk of losses in any of these developments.