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Sun Hung Kai Properties Ltd 00016

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Stock XHKG Rating as of
HK$86.95 +0.40 (0.46%)
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As of Delayed Price Open

Company Report

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Sun Hung Kai Properties Earnings: Weak Property Sales Hit Results; Near-Term Margin Pressure Remains

Xinfu Lee

Sun Hung Kai Properties', or SHKP's, fiscal 2024 (ending June) performances were below our expectations as net profit fell 9% year on year to HKD 19.0 billion. This was driven by a 30.5% year-on-year decline in earnings from its property sales in Hong Kong and mainland China, and fair value losses on its investment properties under development and held by its joint ventures and associates. These were slightly offset by better performances in its property rental segment, hotel operations, and other businesses. The group declared a final dividend of HKD 2.80 per share, leading to a full-year dividend of HKD 3.75, 24.2% lower than last fiscal year.

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Price vs Fair Value

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00016 is trading at a 322% premium.
Price
HK$86.55
Fair Value
HK$574.00
Uncertainty
Medium
1-Star Price
HK$619.14
5-Star Price
HK$13.40
Economic Moat
Snqzt
Capital Allocation
Dhxxvjcb

Bulls Say, Bears Say

Bulls

The company’s well-located office and retail portfolios in Hong Kong are expected to continue to perform well in years to come, underpinned by steady growth in tenant demand and ongoing supply side constraints.

Bears

Hong Kong residential property prices have softened due to the elevated interest-rate environment. If interest rates stay higher for longer, the company’s development profits will be compressed.

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News

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Trading Information

Previous Close Price
HK$86.55
Day Range
HK$86.35–87.90
52-Week Range
HK$65.30–88.00
Bid/Ask
HK$86.90 / HK$87.00
Market Cap
HK$251.98 Bil
Volume/Avg
1.0 Mil / 4.5 Mil

Key Statistics

Price/Earnings (Normalized)
10.60
Price/Sales
3.51
Dividend Yield (Trailing)
5.37%
Dividend Yield (Forward)
5.37%
Total Yield
5.38%

Company Profile

Sun Hung Kai Properties is a diversified real estate developer in Hong Kong with a core focus on the residential, retail and office real estate segment. Most of its business is based in Hong Kong where it is a leading private housing developer and holds a portfolio of high-quality retail and office assets for rental income. The company also invests in other listed entities, including telecommunication company, SmarTone and data center provider, SUNeVision. The Kwok family is the controlling shareholder, with a stake of more than 40%.
Sector
Real Estate
Industry
Real Estate - Development
Stock Style Box
Large Value
Total Number of Employees
40,000
Website
https://www.shkp.com

Competitors

Valuation

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Metric
00016
00017
00012
Price/Earnings (Normalized)
 10.6070.9813.70
Price/Book Value
 0.410.140.39
Price/Sales
 3.510.704.28
Price/Cash Flow
 10.0750.5022.14
Price/Earnings
00016
00017
00012

Financial Strength

Metric
00016
00017
00012
Quick Ratio
 0.370.450.43
Current Ratio
 3.761.122.15
Interest Coverage
 9.072.125.46
Quick Ratio
00016
00017
00012

Profitability

Metric
00016
00017
00012
Return on Assets (Normalized)
 2.89%2.03%1.69%
Return on Equity (Normalized)
 3.89%5.86%2.80%
Return on Invested Capital (Normalized)
 3.52%2.97%2.34%
Return on Assets
00016
00017
00012

Real Estate - Development Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Sun Hung Kai Properties Ltd
SUHJF
—Cwxxd$32.2 Bil
 Sun Hung Kai Properties Ltd ADR
SUHJY
—Vsz$32.2 Bil
 China Resources Land Ltd
CRBJF
—Lsdk$25.6 Bil
 China Resources Land Ltd ADR
CRBJY
—Tdms$25.6 Bil
 China Overseas Land & Investment Ltd ADR
CAOVY
—Sbhn$21.7 Bil
 China Overseas Land & Investment Ltd
CAOVF
—Fss$21.7 Bil
 Daiwa House Industry Co Ltd
DWAHF
—Btvs$20.5 Bil
 Daiwa House Industry Co Ltd ADR
DWAHY
—Hrv$20.5 Bil
 CK Asset Holdings Ltd ADR
CNGKY
—Rhqpcd$15.4 Bil
 CK Asset Holdings Ltd
CHKGF
—Nycfcv$15.4 Bil

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