Hongkong and Shanghai Hotels Ltd HKSHY

Consumer DiscretionaryHotels & Entertainment ServicesHong Kong

Last close 12.73 USD on Nov 2, 2026, −0.7% year to date

Quant rating

Quant rating D Rank 244 of 297 in Consumer Discretionary

Growth D 250 of 297
Valuation B 45 of 297
Quality D 249 of 297
Revisions D 253 of 297
Momentum C 183 of 297

Wall Street consensus Average target 0.91 USD −92.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 3.0B
52-week range: 12.73 – 17.93
3-year range: 12.01 – 18.78
Dividend yield: 0.00%
Beta (5 years): –
Shares outstanding: 1,667M
Next earnings: Mar 16, 2027

About the company

Hongkong and Shanghai Hotels Ltd is an investment holding company principally engaged in the hotel operation. The Company operates its business through three segments. The Hotels segment engages in operating hotels, leasing of commercial shopping arcades. The Commercial Properties segment engages in the development, leasing and sale of residential apartments, leasing of retail and office premises as well as operating food and beverage outlets in such premises. The Clubs and Services segment engages in the operation of golf courses, the Peak Tram, retailing of food and beverage products and laundry services and the provision of management and consultancy services for clubs.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,025	1,325	1,039	538	444	–
Revenue growth	−22.6%	27.5%	93.3%	21.1%	27.0%	24.0%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	88.8%	65.1%	70.0%	91.6%	91.0%	81.3%
Net margin	4.0%	−9.2%	1.8%	−11.6%	−3.5%	−3.7%
ROE	0.9%	−2.6%	0.4%	−1.3%	−0.3%	−0.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,025	−22.6%	2.9x	–	–	–	–	–	–
2026	1,091	+6.4%	2.7x	235	–	12.5x	0.02	–	525.6x
2027	1,095	+0.4%	2.7x	241	+2.5%	12.2x	0.03	+10.5%	475.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,091	0.0%	–	–	0.02	0.0%	–	–
2027	1,095	0.0%	–	–	0.03	0.0%	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HKSHY Hongkong and Shanghai Hotels Ltd	1.1B	–	4.0%	0.24x	525.6x	475.5x	12.5x	12.2x
HBNB Hotel101 Global Holdings Corp	1.2B	–	–	–	–	–	–	–
DPUKY Domino's Pizza Group PLC	1.2B	–	8.5%	−10.90x	26.9x	25.6x	10.5x	10.1x
TRIP TripAdvisor, Inc.	1.1B	0.06x	2.1%	1.67x	11.6x	8.6x	4.9x	4.8x
FLDYY Tsuburaya Fields Holdings Inc	1.0B	−0.64x	7.5%	2.45x	10.8x	9.7x	5.8x	5.2x
TNLIY Trainline PLC	978M	–	17.6%	4.00x	17.5x	15.9x	5.2x	4.9x
Mean		−0.29x	8.0%	−0.51x	118.5x	107.1x	7.8x	7.4x
Median		−0.29x	7.5%	1.67x	17.5x	15.9x	5.8x	5.2x

Technical analysis

1M−5.7%
3M−6.4%
1Y−9.0%
3Y−22.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hongkong and Shanghai Hotels Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,025	1,325	1,039	538	444	350
Cost of revenue	115	463	312	45.1	39.8	27.5
Gross profit	910	862	727	492	404	322
Selling, general & administrative expenses	448	421	378	299	248	243
Research & development	–	–	–	–	–	–
Depreciation/amortization	91.7	88.3	66.6	57.9	64.0	71.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	20.3	–	0	87.1	12.0
Other operating expenses	247	254	208	142	105	86.9
Operating income	123	77.5	74.0	−6.8	−101	−91.2
Net interest income (expense)	−55.3	−180	−33.0	−47.1	70.2	−155
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−4.2	−4.1	−4.2	−6.0	−5.8	−5.7
Net income before taxes	64.0	−107	36.8	−59.9	−36.2	−251
Provision for taxes	23.5	21.1	17.8	2.2	4.7	4.0
Minority interest	0.6	6.4	−0.3	−0.4	25.5	5.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	41.1	−121	18.7	−62.5	−15.4	−250
Extraordinary items	–	–	–	–	–	–
Net income	41.1	−121	18.7	−62.5	−15.4	−250
EBIT, normalized	123	97.8	74.0	−6.8	−13.5	−79.2
EBITDA, normalized	215	186	141	51.1	50.5	−7.9
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hongkong and Shanghai Hotels Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	97.9	115	113	74.9	61.4	67.1
Receivables	52.8	58.1	59.3	45.7	48.5	39.1
Total inventory	176	205	576	673	9.6	10.8
Prepaid expenses	–	–	–	–	–	–
Other current assets	57.3	48.9	50.2	62.0	58.9	54.8
Total current assets	384	428	798	856	178	172
Property, plant & equipment	2,037	1,961	2,006	1,823	1,764	1,709
Goodwill	–	–	–	–	–	–
Intangibles	58.2	53.9	58.8	58.4	62.0	68.6
Long-term investments	4,575	4,492	4,501	4,447	5,118	4,966
Note receivable	–	–	–	–	–	–
Other long-term assets	19.5	39.4	47.3	61.7	20.9	9.0
Total assets	7,074	6,975	7,411	7,245	7,143	6,924
Liabilities
Accounts payable	–	22.7	21.6	17.5	15.8	10.2
Payable/accrued	232	212	228	198	180	156
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	729	972	340	603	279	263
Other current liabilities	12.2	9.3	13.1	2.8	6.5	5.0
Total current liabilities	973	1,216	603	821	482	434
Long-term debt	1,343	1,088	2,048	1,700	1,835	1,601
Minority interest	6.2	5.8	12.8	13.3	13.2	39.7
Other liabilities	112	107	101	98.7	97.2	96.9
Total liabilities	2,434	2,417	2,765	2,633	2,427	2,172
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	764	766	748	747	749	753
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,819	3,785	3,903	3,884	3,953	3,991
Treasury stock	–	–	–	–	–	–
Other equity	56.5	6.6	−4.6	−19.6	13.5	8.6
Total equity	4,640	4,557	4,646	4,612	4,716	4,753
Total liabilities & shareholders' equity	7,074	6,975	7,411	7,245	7,143	6,924

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hongkong and Shanghai Hotels Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	36.6	0.8	36.5	−32.1	−33.1	−97.8
Depreciation, depletion & amortization	91.7	88.3	66.6	57.9	64.0	71.3
Deferred taxes	–	–	–	–	–	–
Non-cash items	86.9	97.1	37.5	25.4	19.6	18.6
Changes in working capital	26.7	379	296	2.3	−9.7	−48.5
Cash from operations	242	565	436	53.4	40.8	−56.4
Investing activities
Capital expenditures	−105	−139	−287	−326	−235	−192
Other investing cash flows	−8.6	−25.7	−46.0	−24.3	−98.3	−161
Cash from investing	−113	−164	−333	−350	−333	−352
Financing activities
Financing cash flow items	−102	−110	−126	−49.4	−33.4	−34.4
Cash dividends paid	0	−2.8	–	–	0	−5.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−57.4	−287	41.9	364	321	425
Cash from financing	−159	−399	−83.8	314	287	385
Foreign exchange effects	3.2	−2.7	0	−3.7	0	1.2
Net change in cash	−27.5	−1.3	19.2	13.3	−5.1	−22.4
Free cash flow	137	427	149	−273	−194	−248

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.