Stock 16 SUN HUNG KAI PROPERTIES LIMITED
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Financials Sun Hung Kai Properties Limited

Equities

16

HK0016000132

Real Estate Development & Operations

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
72.85 HKD +1.18% Intraday chart for Sun Hung Kai Properties Limited +4.07% -13.74%
Mar. 27 UBS Group to Lease 14-story Office Building in Hong Kong MT
Mar. 22 Sun Hung Kai's Attributable Loss Narrows as Fair Value, Exchange Losses Decline MT

Valuation

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 383,934 286,735 335,273 268,624 286,011 211,103 - -
Enterprise Value (EV) 1 456,902 367,636 430,315 373,232 395,784 329,067 326,513 328,640
P/E ratio 8.55 x 12.2 x 12.6 x 10.5 x 12 x 8.96 x 8.32 x 7.44 x
Yield 3.74% 5% 4.28% 5.34% 5.02% 5.47% 5.65% 6.23%
Capitalization / Revenue 4.5 x 3.47 x 3.93 x 3.46 x 4.02 x 2.74 x 2.49 x 2.36 x
EV / Revenue 5.36 x 4.45 x 5.05 x 4.8 x 5.56 x 4.26 x 3.86 x 3.67 x
EV / EBITDA 11.4 x 9.47 x 10.6 x 10.1 x 12.7 x 10.1 x 9.39 x 8.87 x
EV / FCF 63.5 x -263 x 79.2 x 135 x 37.5 x 15.3 x 14.3 x 13.6 x
FCF Yield 1.57% -0.38% 1.26% 0.74% 2.66% 6.52% 7.01% 7.34%
Price to Book 0.68 x 0.5 x 0.56 x 0.45 x 0.47 x 0.34 x 0.34 x 0.33 x
Nbr of stocks (in thousands) 2,897,616 2,897,780 2,897,780 2,897,780 2,897,780 2,897,780 - -
Reference price 2 132.5 98.95 115.7 92.70 98.70 72.85 72.85 72.85
Announcement Date 9/12/19 9/10/20 9/9/21 9/8/22 9/7/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 85,302 82,653 85,262 77,747 71,195 77,162 84,613 89,604
EBITDA 1 40,019 38,836 40,726 36,981 31,169 32,493 34,776 37,047
EBIT 1 37,858 35,455 37,245 33,362 27,545 28,482 30,672 33,013
Operating Margin 44.38% 42.9% 43.68% 42.91% 38.69% 36.91% 36.25% 36.84%
Earnings before Tax (EBT) 1 54,483 30,511 36,676 31,786 28,522 29,540 31,611 35,595
Net income 1 44,912 23,521 26,686 25,560 23,907 23,420 25,290 28,531
Net margin 52.65% 28.46% 31.3% 32.88% 33.58% 30.35% 29.89% 31.84%
EPS 2 15.50 8.120 9.210 8.820 8.250 8.127 8.753 9.788
Free Cash Flow 1 7,195 -1,396 5,433 2,773 10,543 21,465 22,904 24,112
FCF margin 8.43% -1.69% 6.37% 3.57% 14.81% 27.82% 27.07% 26.91%
FCF Conversion (EBITDA) 17.98% - 13.34% 7.5% 33.83% 66.06% 65.86% 65.08%
FCF Conversion (Net income) 16.02% - 20.36% 10.85% 44.1% 91.65% 90.56% 84.51%
Dividend per Share 2 4.950 4.950 4.950 4.950 4.950 3.987 4.119 4.542
Announcement Date 9/12/19 9/10/20 9/9/21 9/8/22 9/7/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 38,711 43,942 46,070 39,192 40,153 37,594 27,428 43,767 27,542 50,408
EBITDA - - - - - - - - - -
EBIT 1 - - - 16,222 16,907 16,455 10,859 16,686 10,953 16,602
Operating Margin - - - 41.39% 42.11% 43.77% 39.59% 38.12% 39.77% 32.93%
Earnings before Tax (EBT) - - - - - - - - 10,958 -
Net income - - - - - - - - 9,145 -
Net margin - - - - - - - - 33.2% -
EPS 2 4.630 3.490 4.690 4.520 5.240 3.580 2.900 8.350 3.160 4.730
Dividend per Share 2 - - - - - - 1.250 - - 2.850
Announcement Date 2/27/20 9/10/20 2/25/21 9/9/21 2/24/22 9/8/22 2/23/23 9/7/23 2/28/24 -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 72,968 80,901 95,042 104,608 109,773 117,964 115,410 117,537
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.823 x 2.083 x 2.334 x 2.829 x 3.522 x 3.63 x 3.319 x 3.173 x
Free Cash Flow 1 7,195 -1,396 5,433 2,773 10,543 21,465 22,904 24,112
ROE (net income / shareholders' equity) 5.86% 5.16% 5.13% 4.81% 3.97% 3.86% 4.06% 4.34%
ROA (Net income/ Total Assets) 4.42% 3.79% 3.75% 3.58% 2.96% 2.91% 3% 3.25%
Assets 1 1,016,569 620,296 712,082 713,528 806,851 804,984 842,771 877,373
Book Value Per Share 2 195.0 197.0 205.0 208.0 208.0 212.0 217.0 222.0
Cash Flow per Share 2 6.820 16.50 5.400 5.310 9.030 8.590 11.90 11.20
Capex 1 12,560 49,264 10,223 12,619 15,634 15,535 15,046 15,084
Capex / Sales 14.72% 59.6% 11.99% 16.23% 21.96% 20.13% 17.78% 16.83%
Announcement Date 9/12/19 9/10/20 9/9/21 9/8/22 9/7/23 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sun Hung Kai Properties Limited

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
72.85 HKD
Average target price
91.28 HKD
Spread / Average Target
+25.30%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
SUN HUNG KAI PROPERTIES LIMITED Stock Sun Hung Kai Properties Limited
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