HYSNF - Hysan Development: More Resilient Against Retail Woes Than Perceived
Elevator Pitch
Hong Kong-listed property company Hysan Development Company Limited (HYSNF) (HYSNY) [14:HK] is currently trading at 0.48 times P/B, representing a 15% discount to its historical five-year average P/B of 0.57 times, and close to its all-time historical low P/B of 0.45 times. Hysan Development also trades at a trailing 4.2% dividend yield.
While Hysan's valuations are undemanding, retail sales at Causeway Bay-focused retail assets should continue to be adversely affected by ongoing anti-extradition bill protests. I prefer more clarity on the Hong Kong retail market conditions before considering