Kowloon Development Co Ltd (HK:0034)
:0034
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Kowloon Development Co
(0034)
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Rating:49Neutral
Price Target:
HK$4.50
Action:Reiterated
Date:05/02/26
The score is primarily held back by weakened profitability/returns and elevated leverage for a cyclical real estate developer, partially offset by the recent rebound to solid and improving free cash flow. Technical indicators are broadly neutral, while valuation is a headwind due to the high P/E despite a supportive dividend yield.
Positive Factors
Improved free cash flow
Material improvement in operating and free cash flow (FCF doubled in 2025) strengthens the company's ability to fund projects, service debt, pay dividends and absorb cyclical downturns. Sustained positive FCF supports capital allocation and reduces near-term refinancing pressure.
Negative Factors
Elevated leverage
Sustained debt above equity increases financial risk for a cyclical developer: higher interest burden, refinancing exposure and reduced flexibility to bid for land or fund projects internally. This leverage level constrains resilience to downturns and limits strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved free cash flow
Material improvement in operating and free cash flow (FCF doubled in 2025) strengthens the company's ability to fund projects, service debt, pay dividends and absorb cyclical downturns. Sustained positive FCF supports capital allocation and reduces near-term refinancing pressure.
Read all positive factors
Kowloon Development Co (0034) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$6.53B
Dividend Yield5.51%
Average Volume (3M)123.73K
Price to Earnings (P/E)233.2
Beta (1Y)0.59
Revenue Growth-19.84%
EPS Growth1.94%
CountryHK
Employees2,476
SectorFinancial
Sector Strength70
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.10
Shares Outstanding1,306,206,000
10 Day Avg. Volume156,980
30 Day Avg. Volume123,733
Financial Highlights & Ratios
PEG Ratio6.28
Price to Book (P/B)0.32
Price to Sales (P/S)1.13
P/FCF Ratio3.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Kowloon Development Co Business Overview & Revenue Model
Company Description
Kowloon Development Company Limited, an investment holding company, engages in the investment, development, and management of properties in Hong Kong and Mainland China. The company develops, leases, and sells various residential and commercial pr...
How the Company Makes Money
Kowloon Development mainly makes money through (1) property development sales and (2) recurring income from property investment, supplemented by other property-related income streams where applicable. Property development sales: The company undert...
Kowloon Development Co Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.95B | 5.39B | 2.94B | 4.43B | 2.05B |
| Gross Profit | 2.68B | 2.07B | 1.75B | 2.76B | 1.57B |
| EBITDA | 572.42M | 356.94M | 691.91M | 1.82B | 738.85M |
| Net Income | 130.57M | 115.66M | 337.19M | 1.21B | 2.21B |
Balance Sheet | |||||
| Total Assets | 41.49B | 42.71B | 47.73B | 47.77B | 48.12B |
| Cash, Cash Equivalents and Short-Term Investments | 1.18B | 812.36M | 1.10B | 908.20M | 1.11B |
| Total Debt | 20.68B | 20.55B | 23.73B | 23.95B | 15.90B |
| Total Liabilities | 23.93B | 25.14B | 29.96B | 29.23B | 29.04B |
| Stockholders Equity | 17.47B | 17.47B | 17.67B | 18.43B | 18.95B |
Cash Flow | |||||
| Free Cash Flow | 1.46B | 1.76B | 1.45B | -6.07B | -2.12B |
| Operating Cash Flow | 1.46B | 1.76B | 1.45B | -6.07B | -2.12B |
| Investing Cash Flow | -75.93M | 80.08M | 36.64M | -814.12M | -655.28M |
| Financing Cash Flow | -1.00B | -2.12B | -1.24B | 6.14B | 2.66B |
Kowloon Development Co Technical Analysis
―
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0034, the sentiment is undefined. The current price of undefined is equal to the 20-day moving average (MA) of ―, equal to the 50-day MA of ―, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of ― indicates undefined momentum. The RSI at ― is undefined, neither overbought nor oversold. The STOCH value of ― is undefined, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a undefined sentiment for HK:0034.
Kowloon Development Co Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$440.00M | 6.89 | 5.52% | 5.43% | -8.15% | 14.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
49 Neutral | HK$6.53B | 233.15 | 0.75% | 5.51% | -19.84% | 1.94% | |
48 Neutral | HK$179.19M | -3.40 | -4.67% | ― | -14.74% | -830.77% | |
46 Neutral | HK$93.56M | -1.08 | -5.84% | ― | -10.82% | 54.18% | |
45 Neutral | HK$153.18M | 12.50 | 3.25% | ― | -88.66% | ― | |
42 Neutral | HK$302.60M | -0.32 | -31.83% | ― | 154.99% | 32.20% |
* Financial Sector Average
HK:0034
Kowloon Development Co
5.00
2.20
78.38%
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0.21
-0.09
-30.16%
HK:1669
Global International Credit Group Ltd.
1.10
0.48
77.42%
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New Century Group Hong Kong Limited
0.03
<0.01
24.00%
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DT Capital Ltd.
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Power Financial Group Limited
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-34.92%
Kowloon Development Co Corporate Events
Kowloon Development Sets 2026 AGM, Seeks Fresh Share Issuance Mandate
Apr 27, 2026
Kowloon Development Company Limited has convened its 2026 annual general meeting for 3 June 2026 in Hong Kong, with a contingency date of 4 June 2026 in case of severe weather or government-declared extreme conditions. Shareholders will review the...
Kowloon Development Profit Jumps on Hong Kong Housing Rebound and Strong Presales
Mar 20, 2026
Kowloon Development Company Limited reported a 39.6% increase in underlying profit attributable to shareholders to HK$628 million for 2025, with underlying earnings per share rising to HK$0.48. After fair value and revaluation adjustments, reporte...
Kowloon Development Declares Final 2025 Dividend of HKD 0.14 per Share
Mar 20, 2026
Kowloon Development Company Limited has declared a final ordinary cash dividend of HKD 0.14 per share for the financial year ended 31 December 2025, subject to shareholder approval on 3 June 2026. The dividend will be paid in Hong Kong dollars, wi...
Kowloon Development Sets March Board Meeting to Approve 2025 Results and Final Dividend
Mar 6, 2026
Kowloon Development Company Limited has scheduled a board meeting for 20 March 2026 to review and approve the group’s annual results for the financial year ended 31 December 2025. The board will also consider the declaration of a final divid...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.