Sun Hung Kai Properties Limited

SUHJF

Real Estate - Development · Real Estate

Price

$14.95

+0.00 (+0.00%)

Market Cap

$43.32B

Exchange

Other OTC

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

Dividends

Mixed

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Winston Score History

The full picture

Sun Hung Kai Properties is one of the largest real estate developers in Hong Kong. The company builds and sells residential apartments, office towers, shopping malls, and hotels. Its customers are homebuyers, businesses looking for office space, and retailers seeking mall locations across Hong Kong and mainland China.

The company makes money two ways: selling newly built properties and collecting rent from the buildings it keeps and leases out. The rental portfolio — which includes major shopping malls and premium office towers — provides steady income that helps offset the ups-and-downs of property sales. Sun Hung Kai operates mainly in Hong Kong, with a growing but smaller presence in cities like Shanghai and Beijing, and its massive land bank built over decades gives it a durable competitive advantage. The key risk the business faces is Hong Kong's prolonged property market downturn, driven by high interest rates, population outflows, and weaker demand, which has pressured both home prices and transaction volumes in recent years.

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

-9.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+18.7% YoY

YoY Growth Rate

Steady EPS growth

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$125.8B 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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

27.1%

Modest — 27.1% gross margin

Profit after running costs

Operating Margin

25.0%

Excellent — 25.0% 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

+11.1%

Steady sales growth (+11.1% YoY)

Profit growth

EPS YoY

+25.6%

Earnings growing fast (+25.6% 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

113%

Turns 113% of profit into real cash

Spare cash per sale

FCF Margin

26.6%

Converts sales into free cash efficiently (26.6%)

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

14.32x

Comfortably covers interest (14.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.9x

Fair value — P/E 16.9

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

+2.0

GROWING

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

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Dividends

Dividend

Dividend Yield

3.35%

Moderate income — 3.35% yield

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

Dividend record

Dividend Growth

-21.1%

Dividend cut (-21.1% YoY) — warning sign

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