Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Sun Hung Kai Properties Limited (0016.HK)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$140.73 - $229.63$180.49
Multi-Stage$429.37 - $473.31$450.91
Blended Fair Value$315.70
Current Price$90.05
Upside250.58%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.00%0.00%0.004.614.914.914.914.914.664.163.863.42
YoY Growth---100.00%-6.06%0.00%0.00%0.00%5.34%11.92%7.75%13.12%5.05%
Dividend Yield--0.00%6.83%4.97%5.29%4.24%4.96%3.52%3.52%3.37%3.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)37,895.00
(-) Cash Dividends Paid (M)21,589.00
(=) Cash Retained (M)16,306.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7,579.004,736.882,842.13
Cash Retained (M)16,306.0016,306.0016,306.00
(-) Cash Required (M)-7,579.00-4,736.88-2,842.13
(=) Excess Retained (M)8,727.0011,569.1313,463.88
(/) Shares Outstanding (M)2,922.782,922.782,922.78
(=) Excess Retained per Share2.993.964.61
LTM Dividend per Share7.397.397.39
(+) Excess Retained per Share2.993.964.61
(=) Adjusted Dividend10.3711.3411.99
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate-2.00%-1.00%0.00%
Fair Value$140.73$180.49$229.63
Upside / Downside56.28%100.43%155.00%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)37,895.0037,516.0537,140.8936,769.4836,401.7936,037.7737,118.90
Payout Ratio56.97%63.58%70.18%76.79%83.39%90.00%92.50%
Projected Dividends (M)21,589.0023,851.3826,066.3528,234.6330,356.9532,433.9934,334.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.22%5.22%5.22%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)22,438.5422,667.5022,896.47
Year 2 PV (M)23,069.7323,542.9424,020.95
Year 3 PV (M)23,508.5324,235.5524,977.40
Year 4 PV (M)23,778.4024,763.9025,779.72
Year 5 PV (M)23,900.4425,145.0026,440.86
PV of Terminal Value (M)1,138,272.801,197,545.311,259,261.66
Equity Value (M)1,254,968.441,317,900.191,383,377.07
Shares Outstanding (M)2,922.782,922.782,922.78
Fair Value$429.37$450.91$473.31
Upside / Downside376.82%400.73%425.61%

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