Sun Hung Kai Properties Ltd

00016: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$256.00	Bfrg	Vpvgkks

Sun Hung Kai Properties’ Competitive Position Unchanged

Michael Wu

Jan 13, 2022

We align Sun Hung Kai Properties, or SHKP’s, moat rating with its peers as we do not see competitive advantages in residential property development. While we have lowered our economic moat rating for Sun Hung Kai Properties to no-moat from narrow moat, we do not expect changes to the firm’s overall business model and we expect its dominant competitive position in the Hong Kong real estate market to be sustained. We make no changes to our fair value estimate of HKD 145 and we continue to see value in the real estate developer.

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