Wing Tai Properties Limited (0369) AI Stock Analysis

• Market Cap: HK$2.74B
• Dividend Yield: 4.12%
• Average Volume (3M): 176.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.18
• Revenue Growth: -4.95%
• EPS Growth: -29.73%
• Country: US
• Employees: 480
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): -0.87
• Shares Outstanding: 1,372,333,000
• 10 Day Avg. Volume: 195,116
• 30 Day Avg. Volume: 176,905
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.11
• Price to Sales (P/S): 2.49
• P/FCF Ratio: -10.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: HK$2.00 ▲(11.73% Upside)

The stock score is primarily influenced by financial performance challenges, including ongoing losses and negative cash flow trends. Technical analysis provides some positive signals, but valuation concerns due to a negative P/E ratio offset these. The dividend yield offers slight support.

Positive Factors

Low leverage and strong equity base

A low debt-to-equity ratio (0.29) and a 74.8% equity ratio provide durable balance-sheet resilience, lowering interest burden and increasing financial flexibility. This supports funding development cycles or weathering real estate downturns without forcing distressed asset sales.

Dual revenue streams: rentals + development

Having both recurring rental income from investment properties and cyclical development sales diversifies cash generation. Long-term, rental cashflows stabilize revenues across cycles while development drives episodic earnings upside, improving resilience and strategic optionality.

Relatively high gross margins despite decline

Even after a margin contraction to 61.6%, historically high gross margins indicate product or pricing strength in projects. Sustained elevated margins imply the company can earn healthy spreads on development sales and rental operations if cost control and project mix stabilize.

Negative Factors

Operating cash flow collapsed

Zero operating cash flow undermines the company's ability to self-fund construction, capex and working capital needs. Over months this forces reliance on external financing or asset disposals, increasing funding risk and potentially delaying project completions or tenant improvements.

Persistent net losses and margin deterioration

Ongoing net losses and eroding EBIT/EBITDA margins indicate structural profitability issues, reducing retained earnings and reinvestment capacity. Persisting losses impair credit access and investor confidence, constraining growth and risking dilution if equity financing is needed.

Shrinking asset base and weak returns

A declining asset base coupled with negative ROE signals inefficient capital deployment or disposals and shrinking operational scale. Over the medium term this reduces revenue potential and economies of scale, making recovery and profitable growth harder without strategic change.

Wing Tai Properties Limited Business Overview & Revenue Model

Company Description

Wing Tai Properties Limited, an investment holding company, invests in, develops, and manages properties in Hong Kong, the United Kingdom, the People's Republic of China, Singapore, and internationally. It operates through Property Development, Property Investment and Management, Hospitality Investment and Management, and Others divisions. The company develops and manages residential and commercial properties. Its investment properties include commercial, industrial, residential units and serviced apartments, and others. The company is also involved in the hospitality management, treasury investment, licensing, financing, and property agency activities. The company was formerly known as USI Holdings Limited and changed its name to Wing Tai Properties Limited in 2010. Wing Tai Properties Limited is headquartered in Kwun Tong, Hong Kong.

How the Company Makes Money

Wing Tai Properties Limited generates revenue primarily through the sale of developed residential units, leasing of commercial and retail properties, and property management services. The company earns significant income from its residential developments, where it sells units to homebuyers. Additionally, it has a portfolio of commercial properties, including office spaces and shopping centers, which provide a steady stream of rental income. The company may also engage in joint ventures or strategic partnerships with other developers and investors to enhance its project pipeline and share resources, contributing to its overall profitability. Fluctuations in property market conditions, government regulations, and economic factors in its operating regions are critical factors that influence its revenue streams.

Wing Tai Properties Limited Financial Statement Overview

Summary

The company is experiencing financial difficulties, with declining profitability and cash flows. Despite a slight revenue increase, ongoing losses and negative cash flow trends raise concerns about liquidity and operational efficiency.

Income Statement

The company has faced significant challenges in recent years, with declining revenues and persistent net losses. The gross profit margin decreased from 77.1% in 2023 to 61.6% in 2024, indicating pressure on core profitability. The net profit margin is negative, reflecting ongoing losses. Additionally, EBIT and EBITDA margins have deteriorated, highlighting operational inefficiencies. However, there was a slight revenue growth of 16.8% from 2023 to 2024, indicating some recovery potential.

Balance Sheet

The balance sheet shows a stable equity base with a debt-to-equity ratio of 0.29 in 2024, which is manageable. The company's equity ratio is 74.8%, indicating a strong reliance on equity financing. However, the company has experienced a decline in total assets over recent years, and return on equity is negative due to losses, signaling inefficiencies in asset utilization and profitability.

Cash Flow

Cash flow performance has been inconsistent, with operating cash flow dropping to zero in 2024. The company has struggled to convert its net income into cash, evidenced by a lack of free cash flow growth. The operating cash flow to net income and free cash flow to net income ratios are not meaningful due to zero or negative cash flow and net income figures.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	912.80M	1.03B	882.40M	4.11B	3.42B	2.79B
Gross Profit	410.10M	635.20M	680.70M	1.57B	1.34B	1.00B
EBITDA	388.95M	-526.80M	-560.20M	986.50M	892.50M	-441.10M
Net Income	-2.34B	-2.49B	-824.60M	-475.70M	919.90M	-610.60M
Balance Sheet
Total Assets	29.94B	31.09B	33.99B	35.50B	38.74B	37.25B
Cash, Cash Equivalents and Short-Term Investments	3.25B	2.87B	3.22B	2.43B	1.81B	1.74B
Total Debt	6.84B	6.83B	6.81B	6.73B	6.80B	4.38B
Total Liabilities	7.81B	7.76B	7.89B	8.17B	10.57B	9.60B
Stockholders Equity	22.08B	23.24B	25.93B	27.18B	26.65B	26.13B
Cash Flow
Free Cash Flow	-412.20M	-246.10M	506.40M	501.80M	-1.40B	2.69B
Operating Cash Flow	-399.90M	-234.00M	512.10M	507.80M	-1.40B	2.70B
Investing Cash Flow	1.11B	567.20M	72.40M	-439.20M	-125.70M	-2.17B
Financing Cash Flow	-204.80M	-179.00M	-355.90M	-420.80M	1.98B	-712.30M

Wing Tai Properties Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.79
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0369, the sentiment is Positive. The current price of 1.79 is below the 20-day moving average (MA) of 1.84, above the 50-day MA of 1.76, and above the 200-day MA of 1.62, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 70.61 is Negative, neither overbought nor oversold. The STOCH value of 90.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0369.

Wing Tai Properties Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
0026	60 Neutral	HK$2.66B	-14.39	-2.63%	12.10%	-17.67%	29.58%
0051	54 Neutral	HK$3.25B	-12.90	-1.83%	1.16%	-9.42%	-153.41%
0369	51 Neutral	HK$2.74B	-1.11	-11.42%	4.12%	-4.95%	-29.73%
0194	49 Neutral	HK$1.68B	-4.21	-3.74%	6.35%	54.72%	59.72%
0035	45 Neutral	$2.45B	-1.64	-14.14%	15.28%	-9.95%	-77.31%
0088	45 Neutral	HK$2.33B	44.77	0.82%	6.86%	-31.03%	-31.43%

Wing Tai Properties Limited Corporate Events

Wing Tai Properties to Sell London Berkeley Square Office for GBP26.25 Million

Wing Tai Properties Limited has agreed, through its indirect wholly owned subsidiary Nation Smart Limited, to sell a Grade A office property at 35 Berkeley Square in London for GBP26.25 million (about HK$273 million) to Berkeley Square (UK) Holdings Ltd, with staged payments including an initial lockout fee and balance due on completion once a specified condition precedent is met. The London asset, which generated modest rental income but reported net losses in 2024 and 2025, forms part of the group’s overseas investment portfolio, and its disposal as a discloseable transaction under Hong Kong listing rules indicates a move to rebalance or optimise its property holdings, with the transaction’s completion still subject to conditions and thus carrying some execution uncertainty for shareholders and investors.

The most recent analyst rating on (HK:0369) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Wing Tai Properties Limited stock, see the HK:0369 Stock Forecast page.

Wing Tai Properties Grants Over 8.7 Million New Shares in Options and Awards for Staff Incentives

Wing Tai Properties has granted share options over 3,014,000 new shares and share awards over 5,745,500 new shares on 20 January 2026 under its 2023 share option and share award plans, respectively, as part of its ongoing incentive and remuneration framework. The options, priced at HK$1.89 per share and valid for 10 years to January 2036, are split into three tranches with vesting periods of 12, 24 and 36 months, while the remuneration committee has opted not to impose additional performance targets, arguing that the link to future share price and minimum vesting periods are sufficient to align grantees’ interests with the company’s long-term development and support staff retention.

The most recent analyst rating on (HK:0369) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Wing Tai Properties Limited stock, see the HK:0369 Stock Forecast page.

Wing Tai Properties Announces Leadership Transition

Wing Tai Properties Limited announced the retirement of Mr. Chow Wai Wai, John as the Managing Director of its Property Investment and Management Division, effective December 5, 2025. He will transition to a non-executive director role, marking a significant shift in the company’s leadership structure. This change reflects a strategic move in the company’s management, potentially impacting its operations and stakeholder relations.

The most recent analyst rating on (HK:0369) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Wing Tai Properties Limited stock, see the HK:0369 Stock Forecast page.

Wing Tai Properties Announces Board Restructuring

Wing Tai Properties Limited has announced changes to its board of directors and their roles within the company’s committees, effective from December 5, 2025. These changes include appointments and role adjustments in the Audit, Remuneration, and Nomination committees, as well as leadership roles in the Environmental, Social and Governance Committee and the Corporate Governance Committee. This restructuring is likely aimed at enhancing corporate governance and aligning with strategic objectives, potentially impacting the company’s operational efficiency and stakeholder relations.

The most recent analyst rating on (HK:0369) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Wing Tai Properties Limited stock, see the HK:0369 Stock Forecast page.

Wing Tai Properties Limited Announces Board Composition and Committee Roles

Wing Tai Properties Limited has announced the composition of its Board of Directors and their roles within various committees. The announcement outlines the positions held by executive, non-executive, and independent non-executive directors, highlighting the leadership roles in the Environmental, Social and Governance Committee and the Corporate Governance Committee. This update is crucial for stakeholders as it provides clarity on the governance structure and leadership responsibilities within the company.

The most recent analyst rating on (HK:0369) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Wing Tai Properties Limited stock, see the HK:0369 Stock Forecast page.

Wing Tai Properties Secures HK$6.111 Billion Refinancing

Wing Tai Properties Limited announced the successful refinancing of banking facilities through a joint venture, Southwater Hong Kong Limited, securing a term loan of HK$6.111 billion. This refinancing is crucial for the company’s financial stability and future development projects, with specific conditions tied to the Cheng Family’s shareholding, highlighting the family’s significant influence on the company’s governance.

The most recent analyst rating on (HK:0369) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Wing Tai Properties Limited stock, see the HK:0369 Stock Forecast page.

Wing Tai Properties Announces Board Changes with New Appointment

Wing Tai Properties Limited announced a change in its board composition with the resignation of Mr. Ng Tak Wai, Frederick, as an independent non-executive director after 30 years of service, effective December 1, 2025. Mr. Kwok King Man, Clement, with extensive experience in accountancy and real estate, has been appointed as his successor, bringing fresh perspectives to the company’s strategic direction.

The most recent analyst rating on (HK:0369) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Wing Tai Properties Limited stock, see the HK:0369 Stock Forecast page.