Wing Tai Properties Limited (0369) AI Stock Analysis

• Market Cap: HK$2.27B
• Dividend Yield: 4.82%
• Average Volume (3M): 142.13K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.15
• Revenue Growth: 17.16%
• EPS Growth: -187.44%
• Country: HK
• Employees: 480
• Sector: Real Estate
• Sector Strength: 56
• Industry: Real Estate - Development
• EPS (TTM): -1.89
• Shares Outstanding: 1,366,512,800
• 10 Day Avg. Volume: 192,600
• 30 Day Avg. Volume: 142,133
• PEG Ratio: 0.02
• Price to Book (P/B): 0.09
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -48.87
• 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: HK$2.13
• Price Target Upside: 12.54% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0

• Rating: 51 Neutral
• Price Target: HK$2.00 ▲(5.82%Upside)

The company's financial performance is the most significant factor, with ongoing losses and zero operating cash flow weighing heavily on the score. Technical analysis provides a moderate positive influence, but the potential overbought condition tempers enthusiasm. Valuation offers a slight positive due to a high dividend yield, but this is offset by the negative P/E ratio. Overall, the stock is moderately risky with some positive technical signals.

Positive Factors

Negative Factors

Market Cycle

Office market remains in a multi-year downcycle with continued supply/demand imbalance.

Property Valuation

Wing Tai Properties made an impairment loss of over HKD500m for properties under development.

Rental Earnings

Negative rental reversion is working its way through Landmark East, resulting in lower rental earnings.

Wing Tai Properties Limited Business Overview & Revenue Model

Company Description

Wing Tai Properties Limited (0369) is a leading property developer and investor primarily operating in Hong Kong and the United Kingdom. The company is engaged in the development, acquisition, and management of premium residential, commercial, and industrial properties. Additionally, Wing Tai Properties is involved in hospitality management, providing high-quality serviced apartments and hotel accommodations. The company aims to deliver exceptional value through its innovative design, sustainable practices, and commitment to quality.

How the Company Makes Money

Wing Tai Properties Limited generates revenue through several key streams, primarily from property development and investment activities. The company develops and sells residential and commercial properties, which constitute a significant portion of its revenue. In addition, Wing Tai Properties earns rental income by leasing its commercial and industrial properties. The hospitality segment contributes to the company's earnings through the management and operation of serviced apartments and hotels, which attract both short-term and long-term guests. Strategic partnerships and joint ventures also play a role in enhancing its development capabilities and expanding its market presence, thereby contributing to its overall financial performance.

Wing Tai Properties Limited Financial Statement Overview

Summary

The company shows declining profitability with a significant drop in gross profit margin from 77.1% to 61.6% and persistent net losses. Despite a slight revenue growth, the negative cash flow and net income figures raise concerns about liquidity and operational cash generation.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.03B	882.40M	4.11B	3.44B	2.79B
Gross Profit	635.20M	680.70M	1.58B	1.36B	1.01B
EBITDA	234.60M	-560.20M	1.10B	892.50M	-441.10M
Net Income	-2.49B	-824.60M	-475.70M	919.90M	-610.60M
Balance Sheet
Total Assets	31.09B	33.99B	35.50B	38.74B	37.25B
Cash, Cash Equivalents and Short-Term Investments	2.87B	3.22B	2.43B	1.81B	1.74B
Total Debt	6.83B	6.81B	6.73B	6.80B	4.38B
Total Liabilities	7.76B	7.89B	8.17B	10.57B	9.60B
Stockholders Equity	23.24B	25.93B	27.18B	26.65B	26.13B
Cash Flow
Free Cash Flow	-246.10M	506.40M	501.80M	-1.40B	2.69B
Operating Cash Flow	-234.00M	512.10M	507.80M	-1.40B	2.70B
Investing Cash Flow	567.20M	72.40M	-439.20M	-125.70M	-2.17B
Financing Cash Flow	-179.00M	-355.90M	-420.80M	1.98B	-712.30M

Wing Tai Properties Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.89
• 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 1.89 is above the 20-day moving average (MA) of 1.58, above the 50-day MA of 1.52, and above the 200-day MA of 1.65, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 84.01 is Negative, neither overbought nor oversold. The STOCH value of 80.00 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
0026	60 Neutral	HK$2.53B	―	-1.88%	17.82%	-1.10%	27.14%
0194	60 Neutral	HK$1.63B	―	-7.58%	7.89%	26.14%	-2.71%
0035	58 Neutral	$2.48B	―	-11.87%	5.06%	-7.62%	-328.97%
0088	57 Neutral	HK$2.09B	27.61	1.18%	3.53%	-50.00%	55.44%
Sector *	54 Neutral	$1.19B	3.61	0.13%	6.39%	-2.13%	-128.06%
0051	53 Neutral	HK$3.14B	―	-0.49%	1.12%	-14.25%	34.57%
0369	51 Neutral	HK$2.27B	―	-10.95%	4.82%	17.16%	-187.44%

Wing Tai Properties Limited Corporate Events

Wing Tai Properties Sells Topworth Enterprises for GBP43 Million

Wing Tai Properties Limited has announced the sale of its entire equity interest in Topworth Enterprises Limited to Clas Puma Limited for GBP43 million. This transaction will result in Topworth Enterprises ceasing to be a subsidiary of Wing Tai Properties, impacting the company’s financial statements as it will no longer consolidate Topworth’s results. The disposal is classified as a discloseable transaction under the Listing Rules, indicating a significant strategic move for the company.

The most recent analyst rating on (HK:0369) stock is a Buy with a HK$2.45 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 Renews Key Operating and License Agreements

Wing Tai Properties Limited announced the renewal of operating and license agreements between its subsidiaries, Lanson Place Singapore and Lanson Place Hong Kong, with Winshine, a subsidiary of Wing Tai Holdings. These agreements involve management and license fees based on property revenue and performance, with estimated annual caps for the next four years. The transactions are subject to certain reporting and review requirements but do not require independent shareholder approval, indicating a strategic move to strengthen operational ties with Wing Tai Holdings.

The most recent analyst rating on (HK:0369) stock is a Buy with a HK$2.45 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 Shareholder Approval for Key Resolutions at 2025 AGM

Wing Tai Properties Limited announced that all resolutions proposed at its 2025 Annual General Meeting were passed by shareholders. These resolutions included the approval of financial statements, declaration of a final dividend, re-election of directors, re-appointment of auditors, and granting of mandates to directors for share allotment and repurchase. The successful passage of these resolutions reflects strong shareholder support and positions the company to continue its strategic initiatives.

The most recent analyst rating on (HK:0369) stock is a Buy with a HK$2.45 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 Updates Board Roles and Governance Structure

Wing Tai Properties Limited announced the roles and functions of its board of directors and their positions in various board committees. The announcement highlights the leadership structure and committee memberships, which are crucial for the company’s governance and strategic direction. This update is significant for stakeholders as it outlines the company’s commitment to corporate governance and environmental, social, and governance (ESG) responsibilities.

The most recent analyst rating on (HK:0369) stock is a Buy with a HK$2.45 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 2025 AGM and Key Resolutions

Wing Tai Properties Limited has announced its annual general meeting scheduled for May 29, 2025, where key agenda items include the approval of audited financial statements, the declaration of a final dividend, re-election of directors, and re-appointment of auditors. The meeting will also consider resolutions to authorize directors to issue additional shares, potentially impacting the company’s capital structure and shareholder value.

Wing Tai Properties Announces Board Changes to Enhance Governance

Wing Tai Properties Limited, a company listed on the Hong Kong Stock Exchange, announced changes to its board composition. Simon Murray and Haider Hatam Tyebjee Barma will retire as independent non-executive directors, while Fred Lam will join as an independent non-executive director and take on leadership roles in the remuneration and nomination committees. These changes align with recent amendments to the Corporate Governance Code, aiming to enhance compliance and governance standards.