Sun Hung Kai Properties Limited

0016.HK

Real Estate - Development · Real Estate

Exchange

Hong Kong Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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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

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

Insider Activity

53.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

HK$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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.4%

Modest — 30.4% gross margin

Profit after running costs

Operating Margin

25.4%

Excellent — 25.4% operating margin

Return on the money invested

ROCE

3.8%

Weak — 3.8% 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 growth

Sales YoY

+8.5%

Steady sales growth (+8.5% YoY)

Profit growth

EPS YoY

+26.2%

Earnings growing fast (+26.2% YoY)

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

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

207%

Turns 207% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

28.20x

Comfortably covers interest (28.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

13.5x

no trend

Attractive valuation — P/E 13.5

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

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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