Sun Hung Kai Properties Limited

0016.HK

Real Estate - Development · Real Estate

Price

HK$120.70

-2.30 (-1.87%)

Market Cap

HK$349.76B

Exchange

Hong Kong Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Sun Hung Kai Properties (SHKP) is one of Hong Kong's largest real estate developers. The company builds and sells residential apartments, office towers, shopping malls, and hotels, primarily in Hong Kong and mainland China. It is consistently ranked among the biggest property developers in Hong Kong by market value and land bank size.

SHKP makes money two ways: selling newly built homes and commercial units, and collecting rent from its large portfolio of investment properties like malls and offices. Most of its business is in Hong Kong, with a growing presence in major Chinese cities like Shanghai and Beijing. Its moat comes from a massive land bank, strong brand recognition, and decades of relationships with buyers and tenants. The biggest risk the company faces is Hong Kong's property market, which has been under pressure from high interest rates, weaker demand, and an uncertain economic outlook in the region.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-12.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+18.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

53.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$140.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Sun Hung Kai Properties Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 2.90B (2021) → 2.90B (2025)

Score breakdown

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Quality

Gross Margin

30.4%

Modest — 30.4% gross margin

Operating Margin

25.4%

Excellent — 25.4% operating margin

ROCE

1.8%

Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+8.5%

Steady sales growth (8.5% YoY)

EPS YoY

+26.2%

Earnings growing fast (26.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

207%

Turns 207% of profit into real cash

FCF Margin

49.3%

Converts sales into free cash efficiently (49.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.17

Conservative — low debt load (0.17)

Interest Cover

28.20x

Comfortably covers interest (28.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

15.9x

Fair value — P/E 15.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

3.13%

Moderate income — 3.13% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-21.6%

Dividend cut (-21.6% YoY) — warning sign

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