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Sun Hung Kai Properties Limited

0016.HK
62
Real Estate - Development · Real Estate
Price
HK$105.00
-1.00 (-0.94%)
Market Cap
HK$304.27B
Exchange
Hong Kong Stock Exchange
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Good
10/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
9/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Good
3/5

62 of 100 counted points = Winston Score 62.

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§Winston Score History

The full picture

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.

Growth Profile

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

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-4.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

HK$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

HK$568.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Sun Hung Kai Properties Limited is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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 (2022) → 2.90B (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
32.4%
Modest — 32.4% gross margin
Profit after running costs
Operating Margin
28.7%
Excellent — 28.7% operating margin
Return on the money invested
ROCE
3.5%
Weak — 3.5% 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
+18.6%
Fast-growing sales (+18.6% YoY)
Profit growth
EPS YoY
+11.1%
Earnings growing (+11.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

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
213%
Turns 213% of profit into real cash
Spare cash per sale
FCF Margin
48.2%
Converts sales into free cash efficiently (48.2%)

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
0.15
Conservative — low debt load (0.15)
Covers its interest
Interest Cover
11.07x
Comfortably covers interest (11.1x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
14.2x
Attractive valuation — P/E 14.2

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

Cheaper or dearer next year
P/E vs Forward
+1.3
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
5.47%
Healthy income — 5.47% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-1.3%
Dividend cut (-1.3% YoY) — warning sign

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