Sun Hung Kai Properties Ltd

00016: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$341.00	Mfdms	Chtffckt

Sun Hung Kai Properties First-Half Fiscal 2022 Result Resilient

Michael Wu

Feb 24, 2022

Sun Hung Kai Properties’ first-half fiscal 2022 result was within expectation and management remained upbeat on the outlook for the real estate sector in Hong Kong. First-half dividend of HKD 1.25 per share is steady against the same period last year. We expect full=year dividend to remain unchanged at HKD 4.95 per share, representing an attractive dividend yield of 5.3% at the current share price. This is supported by a strong balance sheet with net gearing at 17.5%. Our fair value estimate of HKD 145 per share is unchanged, and the developer is undervalued.

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