Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Sun Hung Kai Properties / Equity Bottom-Up

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/sun-hung-kai-properties-ltd" target="_blank" data-smartkarma-citation="entities:111:1" rel="noopener">Sun Hung Kai Properties (16 HK)</a></strong>, Hong Kong's top property dog, announced 2026 interim net profit of HK$10.2bn, a 36.2% year-on-year increase. </li>
<li>The bottom line benefit from a reduction in fair-value changes in investment properties; and material decreases in selling/marketing, and finance expenses. Gross margins declined to 30.4% from 38.8% in 1H25. </li>
<li>SHK is up an impressive 44% YTD. Forward P/B of 0.63x is in line with its five-year average <em>preceding</em> Covid. Metrics look full.</li>
</ul>



Sun Hung Kai Properties (16 HK), Hong Kong's top property dog, announced 2026 interim net profit of HK$10.2bn, a 36.2% year-on-year increase. 
The bottom line benefit from a reduction in fair-value changes in investment properties; and material decreases in selling/marketing, and finance expenses. Gross margins declined to 30.4% from 38.8% in 1H25. 
SHK is up an impressive 44% YTD. Forward P/B of 0.63x is in line with its five-year average preceding Covid. Metrics look full.


On Sun Hung Kai (16 HK)'s Interim Results

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>CPI came in soft as expected, but rate hike expectations are mixed due to the ongoing conflict</li>
<li>Hong Kong and China platform names are getting a bid as money rotates out of the "hot" markets</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
CPI came in soft as expected, but rate hike expectations are mixed due to the ongoing conflict
Hong Kong and China platform names are getting a bid as money rotates out of the "hot" markets


Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Lofter Group's tragic collapse marks the end for highly leveraged, asset-light developers, triggering a severe private market funding freeze and rapid capitalization rate expansion across Hong Kong.</li>
<li>Forced receivership sales, like One Bedford Place clearing at a massive discount, establish definitive new valuation benchmarks, forcing a painful but necessary market-wide price capitulation.</li>
<li>Initiating BUY on blue-chip developers (SHK, Sino Land, CK Asset); their fortress balance sheets and massive cash reserves position them perfectly to execute generational distressed M&amp;A.</li>
</ul>


Lofter Group's tragic collapse marks the end for highly leveraged, asset-light developers, triggering a severe private market funding freeze and rapid capitalization rate expansion across Hong Kong.
Forced receivership sales, like One Bedford Place clearing at a massive discount, establish definitive new valuation benchmarks, forcing a painful but necessary market-wide price capitulation.
Initiating BUY on blue-chip developers (SHK, Sino Land, CK Asset); their fortress balance sheets and massive cash reserves position them perfectly to execute generational distressed M&amp;A.


Blood in the Streets: Lofter's Collapse Ignites a Big Cap M&A Supercycle

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The USD confirms its breakout and has the predicted consequences</li>
<li>Leverage ramps up, amplifying the volatility in the  favoured AI names </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The USD confirms its breakout and has the predicted consequences
Leverage ramps up, amplifying the volatility in the  favoured AI names 


Hong Kong

Sun Hung Kai Properties is a leading diversified real estate developer in Hong Kong, specializing in the development of residential, office, and retail properties for sale and investment. The company also operates in property management, hotels, telecommunications, transport, and infrastructure. Headquartered in Wan Chai, Hong Kong, the group was founded in 1963.

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Sun Hung Kai Properties (16 HK)

On Sun Hung Kai (16 HK)'s Interim Results

A lot of optimism baked into SHK's share price here. Short interest has been ticking up. That would also be my approach here.

David Blennerhassett

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

Overview #69 - Tug of War

A review of recent events/data impacting our investment themes and outlook. We look at the impact of soft CPI data on rate expectations & where the...

Rikki Malik

Blood in the Streets: Lofter's Collapse Ignites a Big Cap M&A Supercycle

Lofter Group's tragic collapse marks the end for highly leveraged, asset-light developers, triggering a severe private market funding freeze and...

Jacob Cheng

Overview #66 -Our Dollar, Your Problem

A review of recent events/data impacting our investment themes and outlook. We look at the dollar breakout and the leverage in the system

Rikki Malik

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