Kerry Properties Ltd KRYPY

Real EstateReal Estate OperationsHong Kong

Last close 11.26 USD on Nov 2, 2026, −14.7% year to date

Quant rating

Quant rating D Rank 48 of 61 in Real Estate

Growth D 50 of 61
Valuation B 24 of 61
Quality D 50 of 61
Revisions D 43 of 61
Momentum B 23 of 61

Historical valuation

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

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,514	2,510	1,676	1,868	1,966	–
Revenue growth	0.2%	49.7%	−10.3%	−5.0%	4.9%	6.1%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	28.9%	32.8%	51.3%	47.9%	57.0%	43.6%
Net margin	4.8%	4.1%	24.8%	18.9%	67.6%	24.0%
ROE	0.9%	0.8%	3.0%	2.4%	9.1%	3.2%

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	2,514	+0.2%	4.1x	–	–	–	–	–	–

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	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
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 Real Estate Operations

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
KRYPY Kerry Properties Ltd	3.3B	–	4.8%	0.25x	–	–	–	–
CURB Curbline Properties Corp.	3.5B	4.67x	21.8%	1.55x	131.5x	83.9x	23.8x	17.5x
AYAAY Ayala Land, Inc.	3.4B	4.57x	22.4%	0.65x	171.7x	158.0x	9.5x	9.0x
CWK Cushman & Wakefield Ltd	3.4B	3.29x	0.9%	1.66x	9.8x	8.6x	7.6x	6.9x
VTMX Vesta Real Estate Corporation SAB de CV	3.2B	–	–	–	20.9x	18.7x	–	–
UILCY Singapore Land Group Ltd	3.1B	–	34.8%	0.45x	–	–	–	–
Mean		4.17x	16.9%	0.91x	83.5x	67.3x	13.6x	11.1x
Median		4.57x	21.8%	0.65x	76.2x	51.3x	9.5x	9.0x

Technical analysis

1M+0.3%
3M+5.3%
1Y−10.0%
3Y+40.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Kerry Properties Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,514	2,510	1,676	1,868	1,966	1,874
Cost of revenue	1,787	1,688	816	974	845	792
Gross profit	727	822	861	894	1,122	1,082
Selling, general & administrative expenses	250	254	228	220	257	208
Research & development	–	–	–	–	–	–
Interest expense (income), operating	118	223	−212	213	−298	−228
Unusual expense (income)	0.1	7.3	0.1	−115	−284	0.1
Other operating expenses	−16.1	74.4	63.3	46.3	−16.3	−15.6
Operating income	375	263	781	530	1,462	1,117
Net interest income (expense)	13.7	46.7	79.1	77.9	351	65.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−12.2	22.5	18.0	53.8	11.3	0
Net income before taxes	377	332	878	662	1,825	1,183
Provision for taxes	209	138	345	217	377	418
Minority interest	−47.3	−90.6	−118	−92.2	−120	−67.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	121	104	415	353	1,329	697
Extraordinary items	–	–	–	–	–	–
Net income	121	104	415	353	1,329	697
EBIT, normalized	493	494	569	628	881	889
EBITDA, normalized	551	550	626	690	948	951
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Kerry Properties Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,585	1,413	1,734	1,453	2,118	2,119
Receivables	382	288	248	240	351	199
Total inventory	4,798	5,598	5,386	5,525	3,998	3,579
Prepaid expenses	48.1	56.5	47.6	48.7	54.6	45.2
Other current assets	486	30.1	64.1	69.7	151	97.5
Total current assets	7,299	7,385	7,480	7,336	6,673	6,040
Property, plant & equipment	950	795	769	826	1,344	2,778
Goodwill	–	–	–	–	–	–
Intangibles	15.8	15.8	15.7	15.7	15.7	15.8
Long-term investments	18,510	17,547	18,239	17,361	17,454	16,130
Note receivable	108	115	115	138	152	251
Other long-term assets	13.4	62.7	74.6	122	23.9	37.9
Total assets	26,896	25,921	26,693	25,799	25,662	25,253
Liabilities
Accounts payable	31.1	77.4	29.3	43.0	46.9	41.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	300
Current portion of long-term debt	829	1,254	855	773	682	598
Other current liabilities	2,636	1,557	2,425	1,680	2,150	1,720
Total current liabilities	3,497	2,888	3,310	2,497	2,879	2,659
Long-term debt	6,429	6,462	6,283	6,077	4,174	4,942
Minority interest	1,789	1,717	1,780	1,754	1,986	1,907
Other liabilities	1,654	1,554	1,584	1,542	1,637	1,572
Total liabilities	13,369	12,621	12,957	11,869	10,676	11,080
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	186	187	186	186	187	188
Additional paid-in capital	1,688	1,691	1,678	1,678	1,671	1,685
Retained earnings (accumulated deficit)	11,596	11,321	11,745	11,933	12,980	12,163
Treasury stock	–	–	–	–	–	–
Other equity	56.8	102	126	133	149	137
Total equity	13,527	13,300	13,736	13,930	14,986	14,173
Total liabilities & shareholders' equity	26,896	25,921	26,693	25,799	25,662	25,253

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Kerry Properties Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	377	332	878	662	1,825	1,183
Depreciation, depletion & amortization	58.1	56.3	56.9	61.8	66.7	61.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	198	331	−225	−10.1	−938	−268
Changes in working capital	1,191	−570	−72.6	−760	−251	−208
Cash from operations	1,824	150	637	−46.1	703	768
Investing activities
Capital expenditures	−186	−658	−638	−3,162	−90.0	−723
Other investing cash flows	−592	−37.1	324	967	1,154	184
Cash from investing	−777	−695	−314	−2,194	1,064	−539
Financing activities
Financing cash flow items	−73.2	−123	−37.6	−78.8	−82.2	−46.6
Cash dividends paid	−252	−252	−251	−251	−682	−254
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−608	644	282	2,065	−977	534
Cash from financing	−933	269	−6.0	1,734	−1,742	234
Foreign exchange effects	60.4	−53.3	−36.2	−153	51.6	75.3
Net change in cash	174	−329	281	−660	77.2	538
Free cash flow	1,638	−508	−0.7	−3,208	613	44.8

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.