Hongkong & Shanghai Hotels Ltd. (HK:0045)
:0045
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Hongkong & Shanghai Hotels
(0045)
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Rating:58Neutral
Price Target:
HK$5.50
▼(-9.69% Downside)
Action:Reiterated
Date:03/20/26
The score is driven primarily by improving profitability and a manageable balance sheet, offset by inconsistent multi-year results and weaker 2025 cash generation. Technical signals are broadly neutral-to-mildly positive, while valuation looks demanding with a ~30.8 P/E and no provided dividend yield.
Positive Factors
Strong luxury brand (The Peninsula)
The Peninsula is a durable, premium hospitality brand that supports pricing power, customer loyalty and repeat high-ARPU demand across multiple markets. Brand strength helps sustain revenue per available room and ancillary spend over economic cycles, cushioning long-term cash flows.
Negative Factors
Revenue and earnings volatility
Material multi-year swings in top-line and profits reduce predictability of cash flows and make capital planning harder. Dependence on tourism cycles and occasional year-pair losses indicate earnings are sensitive to demand shocks, limiting confidence in sustained growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong luxury brand (The Peninsula)
The Peninsula is a durable, premium hospitality brand that supports pricing power, customer loyalty and repeat high-ARPU demand across multiple markets. Brand strength helps sustain revenue per available room and ancillary spend over economic cycles, cushioning long-term cash flows.
Read all positive factors
Hongkong & Shanghai Hotels (0045) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$8.78B
Dividend YieldN/A
Average Volume (3M)100.25K
Price to Earnings (P/E)26.4
Beta (1Y)0.29
Revenue Growth-22.47%
EPS GrowthN/A
CountryHK
Employees7,836
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Lodging
Share Statistics
EPS (TTM)0.20
Shares Outstanding1,666,939,800
10 Day Avg. Volume63,167
30 Day Avg. Volume100,255
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)0.27
Price to Sales (P/S)1.23
P/FCF Ratio19.32
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
Hongkong & Shanghai Hotels Business Overview & Revenue Model
Company Description
The Hongkong and Shanghai Hotels, Limited (HSH) functions as an investment holding company with primary activities encompassing the ownership, development, and active management of hotels, as well as commercial and residential real estate assets a...
How the Company Makes Money
HSH primarily earns revenue from (1) luxury hotel operations and management and (2) income generated from its property portfolio. In hotels (The Peninsula brand), revenue is driven by room bookings (average daily rate × occupancy), along with on-p...
Hongkong & Shanghai Hotels Earnings Call Summary
Earnings Call Date:Aug 07, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of strong revenue growth driven by new properties and residential sales, alongside significant losses influenced by high depreciation, interest costs, and weak tourism in Hong Kong. Positive momentum in new hotels and sustainability initiatives provide optimism, but challenges in key markets remain.Positive Updates
Record Revenue Growth
Consolidated revenue increased by 89% to $4.6 billion, driven by residential sales and new hotel openings.
Negative Updates
Significant Loss
The group reported a loss of $448 million for the period compared to a profit of $95 million last year.
Read all updates
Q2-2024 Updates
Positive
Negative
Record Revenue Growth
Consolidated revenue increased by 89% to $4.6 billion, driven by residential sales and new hotel openings.
Read all positive updates
Company Guidance
During the Q2 2024 earnings call for The Hongkong and Shanghai Hotels, key guidance focused on several financial metrics and operational updates. Consolidated revenue increased by 89% to $4.6 billion, largely driven by $1.7 billion from the sale of Peninsula-branded London Residences and additional revenue from new hotels in London and Istanbul. Despite this, EBITDA before nonrecurring expenses decreased from $498 million to $395 million due to ongoing renovations at The Peninsula New York and the stabilization period required for the new hotels. Increased depreciation and net financing charges, primarily related to The Peninsula London, contributed to a net loss of $448 million for the period. The company expects interest costs to decline with future proceeds from remaining residential sales in London. The second half of the year is anticipated to be stronger, bolstered by events like The Quail Motorsports Gathering and mooncake sales, though challenges persist in Hong Kong's tourism sector. The management emphasized the long-term strategic focus on stabilizing new properties and leveraging existing assets.Hongkong & Shanghai Hotels Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
71
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.98B | 10.29B | 8.11B | 4.20B | 3.46B |
| Gross Profit | 3.42B | 3.42B | 2.72B | 1.43B | 1.09B |
| EBITDA | 1.68B | 1.40B | 1.23B | 279.00M | 368.00M |
| Net Income | 320.00M | -943.00M | 146.00M | -488.00M | -120.00M |
Balance Sheet | |||||
| Total Assets | 55.05B | 54.18B | 57.87B | 56.58B | 55.69B |
| Cash, Cash Equivalents and Short-Term Investments | 762.00M | 895.00M | 881.00M | 585.00M | 479.00M |
| Total Debt | 16.13B | 16.00B | 18.65B | 17.98B | 16.48B |
| Total Liabilities | 18.89B | 18.73B | 21.49B | 20.46B | 18.82B |
| Stockholders Equity | 36.11B | 35.40B | 36.28B | 36.02B | 36.76B |
Cash Flow | |||||
| Free Cash Flow | 510.00M | 4.06B | 1.16B | -2.41B | -2.32B |
| Operating Cash Flow | 1.32B | 4.39B | 3.41B | 134.00M | 163.00M |
| Investing Cash Flow | -882.00M | -1.28B | -2.60B | -2.74B | -2.60B |
| Financing Cash Flow | -682.00M | -3.10B | -654.00M | 2.45B | 2.24B |
Hongkong & Shanghai Hotels Technical Analysis
Negative
6.09
Price Trends
5.88
Negative
6.19
Negative
6.08
Negative
Market Momentum
-0.17
Positive
28.72
Positive
10.12
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0045, the sentiment is Negative. The current price of 6.09 is above the 20-day moving average (MA) of 5.71, above the 50-day MA of 5.88, and above the 200-day MA of 6.08, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 28.72 is Positive, neither overbought nor oversold. The STOCH value of 10.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0045.
Hongkong & Shanghai Hotels Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$796.07M | 3.07 | 5.42% | 4.67% | -4.47% | 0.64% | |
66 Neutral | HK$1.70B | 30.57 | 0.57% | 3.37% | 0.33% | -77.16% | |
66 Neutral | HK$1.87B | 16.39 | 2.64% | 1.95% | -2.47% | 38.92% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | HK$8.78B | 26.35 | 0.88% | ― | -22.47% | ― | |
52 Neutral | HK$14.46B | 16.31 | 2.12% | 3.05% | 2.15% | -30.55% | |
52 Neutral | HK$408.95M | -0.33 | -29.62% | ― | 51.08% | 55.72% |
* Consumer Cyclical Sector Average
HK:0045
Hongkong & Shanghai Hotels
5.27
-0.15
-2.77%
HK:0184
Keck Seng Investments (Hong Kong)
2.34
0.16
7.54%
HK:1270
Langham Hospitality Investments
0.48
0.01
2.78%
HK:0069
Shangri-La Asia
4.04
0.02
0.55%
HK:1221
Sino Hotels (Holdings) Ltd.
1.56
0.23
16.85%
HK:0078
Regal Hotels International Holdings Limited
0.46
-0.12
-21.55%
Hongkong & Shanghai Hotels Corporate Events
Hongkong and Shanghai Hotels Sets Post‑AGM Board and Committee Line‑Up
May 13, 2026
The Hongkong and Shanghai Hotels, Limited announced the composition of its board of directors and key board committees following its annual general meeting held on 13 May 2026, confirming Michael Kadoorie as chairman and Benjamin Julien Arthur Vuc...
HSH Tightens Governance With New Finance and Investment Committee Mandate
May 13, 2026
Hongkong and Shanghai Hotels has formalised updated terms of reference for its Finance and Investment Committee, effective 13 May 2026, setting a minimum of five members that must include a mix of Non-Executive, Independent Non-Executive and Execu...
Hongkong and Shanghai Hotels Strengthens Governance With Formal Sustainability Committee Mandate
May 13, 2026
Hongkong and Shanghai Hotels has formalised the role of its Sustainability Committee, setting out a minimum membership of three including non-executive and independent non-executive directors and the Chief Corporate and Governance Officer, with bi...
HSH Shareholders Back All Resolutions at 2026 Annual Meeting
May 13, 2026
Shareholders of The Hongkong and Shanghai Hotels, Limited approved all resolutions at the 2026 annual general meeting held on 13 May 2026, including the receipt of the 2025 audited financial statements and reports. They also confirmed the re-elect...
Hongkong & Shanghai Hotels Posts Mixed Q1 2026 Metrics Across Hotels and Leasing
May 13, 2026
The Hongkong and Shanghai Hotels reported unaudited first-quarter 2026 operating statistics showing mixed performance across its Peninsula Hotels portfolio, with RevPAR and average room rates generally below the prior year in Greater China and Asi...
Hongkong and Shanghai Hotels refreshes board with new independent directors
May 11, 2026
The Hongkong and Shanghai Hotels announced a significant refresh of its board, with several new Independent Non-Executive Directors to be appointed immediately after its 2026 annual general meeting. Long-serving Independent Non-Executive Director ...
Hongkong & Shanghai Hotels Sets 2026 AGM, Seeks Fresh Share Issue and Buyback Mandates
Apr 16, 2026
The Hongkong and Shanghai Hotels, Limited has called its annual general meeting for 13 May 2026 at The Peninsula Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and vote on the re-elec...
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.