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Ho Bee Land down 6.4%, hits one-month low on lower H2 profit
Shares of the property group fall to S$2.34 as at market open
[SINGAPORE] Shares of Ho Bee Land : H13 -4% hit a one-month low on Wednesday (Feb 25) after the real estate developer posted a decline in earnings for its second half ended Dec 31.
The stock fell as much as 6.4 per cent or S$0.16 to S$2.34 as at market open at 9.01 am, with some 53,800 shares changing hands. This marked its lowest price in over a month as it las ttraded lower on Jan 23.
By 10.01 am, the counter recovered slightly to S$2.36 but was still down by 5.6 per cent or S$0.14, with 432,200 shares transacted.
Ho Bee Land on Tuesday posted a 50 per cent fall in net profit for its second half, to S$50.4 million from S$100.7 million in the year-ago period. Its revenue decreased 12 per cent to S$262.3 million from S$298 million previously.
For financial year 2025, the group&rsquo s earnings declined 9 per cent on the year to S$100.2 million from S$109.6 million. Its revenue fell 17 per cent to S$440.1 million from S$528 million previously.
Its board proposed a first and final dividend of S$0.05 per ordinary share for FY2025, an increase from S$0.04 in FY2024. This will be paid on May 22, after the May 13 record date.
The declines in earnings followed the deconsolidation of biomedical and life sciences hub Elementum, alongside lower contributions from rental income and settlements of the group&rsquo s development properties.
FY2025 rental income from the property portfolio in Singapore and London shrank by 10 per cent to S$239.9 million from S$265.7 million in the previous financial year.
This was due to Elementum&rsquo s reclassification as a joint-controlled asset, following the sale of a 49 per cent stake in the project in August 2024, alongside decreased contributions from the group&rsquo s office properties in London &ndash the two-building freehold asset, Apollo House and Lunar House, and 1 St Martin&rsquo s Le Grand.
Ho Bee Land posts 50% fall in H2 net profit to S$50.4 million
The decline follows the deconsolidation of Elementum, decreased rental income and lower settlements of development properties
[SINGAPORE] Real estate developer Ho Bee Land : H13 +0.81% on Tuesday (Feb 24) reported a 50 per cent decline in its net profit for the second half of its financial year ended Dec 31, 2025, to S$50.4 million, from S$100.7 million the year before.
Revenue stood at S$262.3 million for H2, down 12 per cent from S$298 million in the year-ago period.
The decline came from the deconsolidation of biomedical and life sciences hub Elementum, decreased rental income, and lower settlements of the group&rsquo s development properties.
The board recommended a first and final dividend of S$0.05 per ordinary share for FY2025, an increase from S$0.04 in the previous fiscal year.
Earnings per share stood at S$0.0759 for H2, down from S$0.1517 in the year before.
Cash and cash equivalents stood at S$228.7 million, up from S$183.1 million in H2 FY2024.
Ho Bee Land intends to grow &ldquo a strong development pipeline of well-located master-planned communities&rdquo in its key markets across Australia, among other initiatives.
It also has major enhancement works slated for 1 St Martin&rsquo s Le Grand, an office building in London, for which planning permission was secured in mid-2025.
Nicholas Chua, chief executive officer of Ho Bee Land, added: &ldquo We are also embarking on asset-enhancement works at 67 Lombard Street (in London) to strengthen its positioning as a Grade A best-in-class office.&rdquo
Shares of Ho Bee Land ended Tuesday 0.8 per cent or S$0.02 higher at S$2.50.
HO BEE LAND FY2025 FULL-YEAR RESULTS ANNOUNCEMENT
Net profit of S$102.4 million (FY2024: S$109.7 million).
Underlying net profit rose by 37% excluding the partial stake sale of Elementum in 2024
Net gearing improved to 0.61x (FY2024: 0.66x)
Final dividend proposed at 5 cents per ordinary share
Details below:
https://links.sgx.com/1.0.0/corporate-announcements/4FON7PLKJR6Q1BOW/875824_HBL-FY2025-Press%20Release.pdf
Net profit of S$102.4 million (FY2024: S$109.7 million).
Underlying net profit rose by 37% excluding the partial stake sale of Elementum in 2024
Net gearing improved to 0.61x (FY2024: 0.66x)
Final dividend proposed at 5 cents per ordinary share
Details below:
https://links.sgx.com/1.0.0/corporate-announcements/4FON7PLKJR6Q1BOW/875824_HBL-FY2025-Press%20Release.pdf
Thanks a lot for the excellent info. I am vested and hope this stock can fly!
k2kingkong ( Date: 11-Feb-2026 01:45) Posted:
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Executive Summary
Ho Bee Land has continued its strong momentum into 2026, with the share price reaching S$2.46 (as of February 10, 2026), representing a 35.16% increase in market cap over the past year to S$1.63 billion. The company is scheduled to release its FY2025 full-year unaudited results on February 24, 2026.
Recent 2026 Developments
1. Major Australian Expansion (January 2026)
The most significant recent catalyst is the A$318.5 million (S$279.8 million) acquisition of a 181.36-hectare development site in Elimbah, Queensland, Australia:
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Strategic Location: Direct access to Bruce Highway, proximity to established employment and logistics precincts
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Development Potential: ~1,400 residential lots + 64 mixed business/industrial lots
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Payment Structure: A$10 million deposit paid, remaining balance in stages based on settlement milestones
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Funding: Internal funds and bank borrowings
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Impact: Stock hit 52-week high of S$2.39 on announcement day (January 26, 2026)
This follows five Australian property acquisitions in November 2025 totaling A$96.6 million (three in Queensland, two in Victoria), demonstrating aggressive expansion in the Australian market where national median home prices reached a record A$1.3 million in 2025.
2. Strong H1 FY2025 Performance (August 2025)
The company reported exceptional first-half FY2025 results (six months ended June 30, 2025):
| Metric | H1 FY2025 | H1 FY2024 | Change |
|---|---|---|---|
| Net Profit | S$49.8m | S$8.8m | +466%
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| EPS | S$0.075 | S$0.0133 | +464%
|
| Revenue | S$177.7m | S$230.0m | -23%
|
Key Drivers:
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Strong recurring rental income (portfolio occupancy > 95% in Singapore and London)
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Higher share of profits from joint ventures
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Lower interest expense
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Note: Revenue decline due to reduced Australian development sales and Elementum reclassification as joint venture asset
3. Management Changes (January 2026)
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Appointment of Li Xiangrun as Chief Financial Officer (promoted from Head of Finance), effective January 28, 2026
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Submitted FY2025 results release notification as new CFO
Updated Share Price Performance (2026)
| Metric | Current Data |
|---|---|
| Share Price | S$2.46 (Feb 10, 2026)
|
| 52-Week Range | S$1.64 &ndash S$2.50
|
| Market Cap | S$1.63 billion
|
| 1-Year Market Cap Growth | +35.16%
|
| P/E Ratio (TTM) | 9.35x &ndash 10.85x
|
| Price-to-Book | 0.39x &ndash 0.44x
|
| Dividend Yield | 1.63% &ndash 2.25%
|
| Analyst Price Target | S$2.82 (+17.5% upside)
|
Technical Indicators:
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Golden Star Signal triggered June 5, 2025 (rare bullish indicator)
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Stock broke horizontal trend upward in January 2026
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RSI at 76 (overbought territory but supported by strong momentum)
Why the Share Price Continues to Rise (2026 Update)
1. Sustained Profitability Momentum
Following the FY2024 turnaround (S$109.6m net profit vs. S$259.8m loss in FY2023), H1 FY2025 demonstrated that the recovery is sustainable and accelerating with 466% profit growth.
2. Aggressive but Strategic Australian Expansion
The A$415+ million invested in Australian land acquisitions since November 2025 signals:
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Confidence in Australian property market resilience
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Long-term land banking strategy in high-growth corridors
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Geographic diversification reducing reliance on Singapore/London markets
3. Anticipation of Strong FY2025 Full-Year Results
With the results announcement scheduled for February 24, 2026, the market is pricing in continued strong performance. The company has guided that the Queensland acquisition will not materially impact FY2026 earnings, suggesting existing operations are driving value.
4. Improved Balance Sheet Position
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Net gearing reduced to 0.66x (from 0.80x in FY2023)
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Successful S$160 million green bond issuance in 2024
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Strong cash position (S$144.9m as of recent reports)
5. Deep Value Play
Trading at 0.39x&ndash 0.44x book value with a P/E below 11x, Ho Bee Land remains attractively valued compared to regional peers, especially given its prime London and Singapore commercial assets.
Key Upcoming Catalysts
| Date | Event |
|---|---|
| February 24, 2026 | FY2025 Full-Year Results Release (after market close)
|
| February 26, 2026 | Annual General Meeting (projected)
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| August 2026 | H1 FY2026 Results (projected)
|
Investment Risks to Monitor
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London Commercial Real Estate Exposure: £ 1.7 billion portfolio valuation sensitive to UK economic conditions
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Australian Market Concentration Risk: Recent aggressive expansion increases exposure to Australian property cycle
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Interest Rate Sensitivity: Despite lower gearing, rising rates could impact property valuations
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Execution Risk: Large-scale Queensland development requires successful execution over multi-year period
Conclusion
Ho Bee Land' s share price appreciation in 2026 reflects a combination of operational execution, strategic expansion, and valuation re-rating. The company has transformed from a distressed asset play to a growth story, with the Australian acquisitions providing a visible pipeline of future earnings. With FY2025 full-year results due on February 24, 2026, investors should watch for confirmation of continued profitability and guidance on development timelines for the expanded Australian land bank.
The stock remains attractively valued at < 0.5x book value with a single-digit P/E, offering potential upside to the analyst target of S$2.82 (+17.5%), though near-term technical indicators suggest the stock may be due for consolidation after its recent rally.
I think the latest investment into this A$318 million plot in Queensland is going to be very profitable. Watching closely its future development. Would it be like another Sentosa Cove, but is now the Queensland Infinity Planet? Can the son outdo his father?
iamsimone ( Date: 09-Feb-2026 15:40) Posted:
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Nearby .. same town huge development of infinity planet.
https://www.outdoordesign.com.au/news-info/plans-filed-for-australias-first-entertainment-city/10993.htm#:~:text=%E2%80%9CInfinity%20Planet%20will%20be%20so,precinct%2C%20and%20supporting%20residential%20accommodation.
https://www.sunshinecoastnews.com.au/2026/02/02/land-beside-highway-sells-for-318-million/
Not vested, just updating the folks here on the results anniuncement date.
lifeisgood ( Date: 04-Feb-2026 08:57) Posted:
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Any earnings preview, heads-up?
JurongW ( Date: 04-Feb-2026 02:12) Posted:
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HBL will release its full year results on 24 Feb after trading hours.
I would think between $3.25-$3.40 if this trend continues. DYOD
lifeisgood ( Date: 27-Jan-2026 15:21) Posted:
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How high can it go?
This stock on an upward momentum. Since touching 2.14, have been up more than 10%. Should be going up again.
Ho Bee Land acquires Queensland development site for A$318.5 million
The 181.36-hectare site is located in Elimbah, within the City of Moreton Bay
[SINGAPORE] Ho Bee Land : H13 +2.17% acquired a development site in Queensland, Australia for A$318.5 million as the group moved to expand its long-term land bank in the country, it announced on Monday (Jan 26).
The acquisition was made through its wholly owned subsidiary, Elimbah Land, which entered into a contract of sale for the 181.36-hectare site located in Elimbah, within the City of Moreton Bay.
The release did not specify the seller involved in the transaction.
Upon completion, the site is expected to accommodate approximately 1,400 residential lots and approximately 64 mixed business and industrial lots.
Ho Bee Land highlighted the site&rsquo s strategic location, noting its direct access to the Bruce Highway and its proximity to established employment, residential, and logistics precincts.
The developer described the move as being in the ordinary course of business, aligning with its strategic objective to secure large-scale, long-term land banks in key Australian markets.
The total purchase consideration of A$318.5 million was arrived at on a willing-buyer, willing-seller basis, factoring in the site&rsquo s location and development potential, Ho Bee Land said.
A deposit of A$10 million has been paid upon the execution of the contract. The remaining balance will be payable in stages, contingent on agreed settlement milestones.
The group stated that the acquisition will be funded through a combination of internal funds and bank borrowings.
Ho Bee Land does not expect the transaction to have a material impact on its consolidated earnings and net tangible assets per share for the financial year ending December 31, 2026.
Good news: Ho Bee bought more land for development to beef up its landbank in Australia
So now Ho Bee has a sizeable landbank, plus its portfolio of mature commercial properties in Singapore and UK.
It therefore has paved its way for a Reit listing of its commercial properties, and will not be accused by SGX for " Chain Listing"
It is ready now. Hold on tight to your Ho Bee shares!
So now Ho Bee has a sizeable landbank, plus its portfolio of mature commercial properties in Singapore and UK.
It therefore has paved its way for a Reit listing of its commercial properties, and will not be accused by SGX for " Chain Listing"
It is ready now. Hold on tight to your Ho Bee shares!
Accumulate. Sure winner.
Keep buying this stock.
Ho Bee Land acquires five Australian residential sites for A$96.6 million
The developments will be financed by the company&rsquo s internal funds and bank borrowings.
[SINGAPORE] Ho Bee Land : H13 0% has acquired five residential development sites in Australia for A$96.6 million (S$82.3 million), in line with its aim to develop master-planned communities in Queensland and Victoria.
The sites are expected to yield around 1,079 residential lots, the mainboard-listed property player said in a bourse filing on Wednesday (Nov 12).
Three of the sites are in Queensland. One of them is a 7.69-hectare (ha) site in Ripley, between the economic hubs of Springfield and Ipswich.
&ldquo Ripley Valley is one of Australia&rsquo s largest priority development areas, with the evolving satellite city offering a mix of residential, retail, business, and recreational spaces,&rdquo Ho Bee said in its filing.
The others are a 21.99-ha site at South Ripley, earmarked for infrastructure enhancements, and a 5.56-ha site at Park Ridge, less than 40 km from Brisbane&rsquo s central business district.
The Victoria sites are a 15.75-ha one in Donnybrook, and a 23.59-ha one in Batesford. The latter will yield 374 residential lots, together with a primary school, community facilities and park land.
The developments will be financed by Ho Bee&rsquo s internal funds and bank borrowings. They are not expected to have any material impact on earnings for the financial year ending Dec 31.
The Ho Bee Chua family is continuing to up their stake. Signs are out there, they see it as undervalued likely.