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Sun Hung Kai Properties Limited (0016) Fair Value & Analysis

Real Estate · HK · Market cap HK$325B

SH Sun Hung Kai Properties Limited 0016 · HK
PriceHK$116.50
Fair ValueHK$113.09
Upside-2.9%
Quality69/100
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Weak Growth
Highly profitable · 23.8% net margin
Low debt · generates free cash flow
3.32% dividend yield
Mixed vs. peers (8/15)
Moderate moat 51/100
Evidence: High Range HK$84.82 – HK$141.36 Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated today

Share price −4.7% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

HK$146.20 HK$60.48 Fair Value HK$113.09 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$60.48 – HK$146.20 · fair‑value band HK$84.82 – HK$141.36 · the HK$116.50 price screens above the HK$113.09 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Sun Hung Kai Properties Limited (0016) currently trades at HK$116.50, while our model-based Fair Value estimate is HK$113.09, implying the stock looks roughly 2.9% fairly valued today. The Quality Score stands at 69/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Sun Hung Kai Properties Limited generated revenue of HK$92.5B at a net margin of 23.8%. Revenue grew 32.0% year over year. It earns a return on equity of 3.7%. Net debt stands at HK$110B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$84.82 (bear case) to HK$141.36 (bull case); at HK$116.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 21% below its 52-week high and 37% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at -3%, 0016 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$116.09 HK$177.16 HK$264.66 80
Residual Income HK$158.17 HK$155.93 HK$136.65 76
Rev-Margin DCF HK$71.16 HK$115.68 HK$163.63 74
All 16 models by family
DCF Models
FCF DCF HK$111.31 HK$176.15 HK$272.91 38
5Y Revenue Exit HK$71.16 HK$113.73 HK$165.24 39
5Y EBITDA Exit HK$99.31 HK$163.61 HK$234.78 41
10Y Revenue Exit HK$81.99 HK$123.22 HK$172.67 36
10Y EBITDA Exit HK$102.41 HK$157.65 HK$224.33 37
Dividend Discount
Gordon GGM HK$36.07 HK$61.62 HK$93.50 70
DDM Multi-Stage HK$36.07 HK$53.90 HK$74.66 61
Multiples
P/S Multiple HK$84.82 HK$113.09 HK$141.36 58
P/B Multiple HK$84.82 HK$113.09 HK$141.36 55
EV/EBIT HK$121.26 HK$170.75 HK$220.25 53
EV/EBITDA HK$110.03 HK$155.79 HK$201.54 54
EV/Revenue HK$54.66 HK$89.76 HK$124.86 43
Asset-Based
NCAV (Graham) HK$106.61 HK$142.85 HK$213.22 50
Growth DCF
Growth DCF HK$116.09 HK$177.16 HK$264.66 80
Rev-Margin DCF HK$71.16 HK$115.68 HK$163.63 74
Economic Profit
Residual Income HK$158.17 HK$155.93 HK$136.65 76

Widest divergence: DCF Models (HK$157.65) versus Dividend Discount (HK$53.90). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$92.5B
Revenue growth (YoY) +32.0%
Net margin 23.8%
Return on equity 3.7%
Free cash flow HK$35.9B FY2025
P/E ratio 14.8 as of Jul 1, 2026
More key figures
Operating margin 24.3%
EPS (TTM) HK$8.12
Dividend yield 3.3%
EPS growth (YoY) +36.2%
Net debt HK$110B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 67 · Market factors (momentum, volatility) 55

Profitability 32
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 99
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Sun Hung Kai Properties Limited, an investment holding company, develops and invests in properties for sale and rent in Hong Kong, Mainland China, and internationally. It develops, sells, and leases properties, including residential estates, offices, shopping malls, and hotels and serviced suites.

Full company description

Sun Hung Kai Properties Limited, an investment holding company, develops and invests in properties for sale and rent in Hong Kong, Mainland China, and internationally. It develops, sells, and leases properties, including residential estates, offices, shopping malls, and hotels and serviced suites. The company also provides property management services; construction-related services, including landscaping, electrical and mechanical installation, production and installation of wooden doors, and construction plant and machinery leasing; and insurance products to individuals and businesses comprising householder's comprehensive, fire, employees' compensation, travel, personal accident, motor vehicles, contractors' all risks, third party liability, and property all risks. In addition, it offers public bus, car parks, toll roads, and retail department stores services; data centre, facilities management, and value-added services; general insurance; and airport freight forwarding services. Further, the company provides insurance and mortgage services; mobile telephone, data centres, and IT infrastructure services; and transport infrastructure operation and management, port, and air transport and logistic services, as well as Internet of Things (IoT) solutions. Additionally, it offers mobile telephone system operation services; asset and project management services; loan financing; fire prevention and mechanical engineering services; architectural and engineering services; property and facility management services; business aviation centre services; real estate and general agency services; and secretarial services, as well as manufactures and sells ready mixed and precast concrete. The company also engages in the hotel operation business. The company was formerly known as Sun Hung Kai (Holdings) Limited and changed its name to Sun Hung Kai Properties Limited in March 1973. Sun Hung Kai Properties Limited was incorporated in 1972 and is based in Wan Chai, Hong Kong.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sun Hung Kai Properties Limited reported revenue of HK$79.7B in FY2025 versus HK$85.2B in FY2021, a compound −1.7%/yr. Reported net income was HK$19.3B in FY2025, compounding −7.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$79.7B
Latest YoY
+11.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.9%
Avg. growth/yr (27Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.7%
Revenue −1.7%/yr
FY21 HK$85.2B
FY22 HK$77.7B
FY23 HK$71.2B
FY24 HK$71.5B
FY25 HK$79.7B
Net income −7.9%/yr
FY21 HK$26.8B
FY22 HK$25.6B
FY23 HK$23.9B
FY24 HK$19.0B
FY25 HK$19.3B
Character of growth · EPS growth decomposed (2014-2025) −5.2 % p.a.
Revenue per share −0.9 pp

of which total revenue −0.5 pp · buybacks/dilution −0.4 pp

EBIT margin +1.4 pp
Tax rate −0.3 pp
Residual (interest, one-offs) −5.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Sun Hung Kai Properties Limited Fair Value". https://www.fairvalue-calculator.com/stock/0016

Peer Group

Real Estate - Development · 592 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 69 · Top 25%
Fair Value upside −3% · Below median
Return on equity (TTM) 4% · Above median
Return on assets 2% · Above median
Net margin (TTM) 24% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth 32% · Above median
Dividend yield (TTM) 3.3% · Above median
Debt / equity 0.16× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 14.8× · Pricier than median
P/B 0.53× · Pricier than median
P/S (TTM) 3.52× · Pricier than 75% of peers
P/FCF 1.2× · Pricier than median
EV/EBITDA 13.8× · Pricier than median
PEG 0.91× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 29 · sector 47
FUTURE 100 · sector 0
PAST 15 · sector 10
HEALTH 92 · sector 85
DIVIDEND 66 · sector 37

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,150 IDR 1,330 IDR -78%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 595.00 IDR 1,488 IDR +150%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
Khang Dien House Trading and Investment Joint Stock Company KDH 18,150 VND 20,338 VND +12%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%

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Frequently asked questions

Is Sun Hung Kai Properties Limited (0016) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$113.09 versus a price of HK$116.50, about −3% (fairly valued).
What is the fair value of 0016?
Our model-based fair value for Sun Hung Kai Properties Limited is HK$113.09 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$116.50.
What is the quality score of 0016?
Sun Hung Kai Properties Limited has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Sun Hung Kai Properties Limited (0016)?
Sun Hung Kai Properties Limited reported trailing-twelve-month revenue of about HK$92.5B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0016?
The net profit margin of Sun Hung Kai Properties Limited is about 23.8%, meaning it keeps roughly 23.8% of revenue as net income. Based on the latest reported figures.
Does Sun Hung Kai Properties Limited pay a dividend?
Sun Hung Kai Properties Limited currently shows a dividend yield of about 3.32% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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