1、Morningstar Equity Company Report|Report as of 17 Jun 2025 13:02,UTC|Reporting Currency:HKD|Trading Currency:HKD|Exchange:HONG KONG EXCHANGES AND CLEARING LTDPage 1 of 26?Sun Hung Kai Properties Ltd 00016 QQQQ 16 Jun 2025 16:42,UTCLast Price87.20 HKD16 Jun 2025Fair Value Estimate115.00 HKD19 Jan 202

2、4 05:16,UTCPrice/FVE0.76Market Cap252.56 HKD Bil17 Jun 2025Economic MoatTMNoneEquity Style Box1 Large ValueUncertaintyMediumCapital AllocationStandardESG Risk Rating Assessment1;4 Jun 2025 05:00,UTCXavier LeeEquity AnalystMorningstar+65 6340 ContentsAnalyst Note(17 Jun 2025)Business DescriptionBusin

3、ess Strategy&Outlook(17 Jun 2025)Bulls Say/Bears Say(17 Jun 2025)Fair Value and Profit Drivers(17 Jun 2025)Economic Moat(17 Jun 2025)Risk and Uncertainty(28 Feb 2025)Financial Strength(17 Jun 2025)Capital Allocation(5 Sep 2024)FinancialsESG RiskRecent Analyst NotesResearch Methodology for Valuing Co

4、mpaniesImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ primary analyst covering this

5、company does not own its stock.Reporting Currency:HKD|Trading Currency:HKDCurrency amounts expressed with$are in U.S.dollars(USD)unless otherwise denoted.1The ESG Risk Rating Assessment is a representation of Sustainalytics ESG Risk Rating.Hong Kong Developers:Low HIBOR Unlikely to Persist but Shoul

6、d Support Near-Term Property SalesAnalyst Note Xavier Lee,Equity Analyst,17 Jun 2025The 1-month Hong Kong Interbank Offered Rate,or HIBOR,fell to 0.54%on June 16 from a high of 4.06%on April 29.According to CBRE,this brings effective mortgage rates below 2.4%,indicating a positive carry for most res