On Sun Hung Kai (16 HK)'s Interim Results
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.
The Trade:
A lot of optimism baked into SHK’s share price here.
Short interest is ticking up.
That would also be my approach here.
This insight is labelled bearish as SHK is trading full here.
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