Hongkong Land Holdings Limited

HKLD.L

Real Estate - Development · Real Estate

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

Hongkong Land Holdings is a large real estate company that owns, develops, and manages premium office buildings and luxury shopping malls. Its main properties are in Hong Kong's Central business district, one of the most prestigious commercial addresses in Asia, along with a growing portfolio of residential and commercial developments across mainland China and Southeast Asia. The company is one of the largest owners of prime office space in Hong Kong.

Hongkong Land makes money by collecting rent from tenants in its office and retail properties, and by selling residential units in its development projects. It operates primarily across Asia, with Hong Kong remaining its core market, and is part of the Jardine Matheson group of companies. The company's long-held prime Hong Kong properties give it a durable competitive position, but its low return on invested capital and heavy exposure to a sluggish Hong Kong office market and a slow Chinese property sector represent meaningful risks to future earnings growth.

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

-33.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+292.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

54.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£35.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Hongkong Land Holdings 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.7%

Thin — 17.7% gross margin

Profit after running costs

Operating Margin

2.1%

Thin — 2.1% operating margin

Return on the money invested

ROCE

0.6%

Weak — 0.6% 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 growth

Sales YoY

-28.1%

Shrinking sales (-28.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

46%

Weak — only 46% of profit becomes cash

Spare cash per sale

FCF Margin

28.5%

Converts sales into free cash efficiently (28.5%)

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

What it owes vs what it owns

Debt / Equity

0.20

Conservative — low debt load (0.20)

Covers its interest

Interest Cover

2.23x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.8x

no trend

Attractive valuation — P/E 7.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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