Sun Hung Kai Properties Ltd

00016: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Sun Hung Kai Properties Earnings: Strong Contracted Sales Offset by Weak Profit Margins

Xavier Lee

Feb 28, 2025

Sun Hung Kai Properties’ first-half fiscal 2025 (ending June) results were in line with our expectations. The group maintained a dividend of HKD 0.95 per share and upheld its guidance of a payout ratio of 40%-50%. We expect the group to deliver an unchanged full-year dividend of HKD 3.75 per share for fiscal 2025, implying a decent dividend yield of 5%. Our fair value estimate of HKD 115 per share remains intact, and we think the developer is undervalued.

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Sun Hung Kai Properties Ltd

Sun Hung Kai Properties Earnings: Strong Contracted Sales Offset by Weak Profit Margins

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