# Hang Lung Ppt (0101.HK)

Canonical: https://gigainvestors.com/s/0101.HK

Analysis as of: 2026-10-16T07:38:01.298Z. Financial observations: FY1996–FY2025.

Listing currency: HKD. Reporting currency: HKD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 6.36 per share; close as of 2026-10-15.

Estimated value: low HKD 3.55 per share, central HKD 3.87 per share, high HKD 4.30 per share. Buy at or below the central value HKD 3.87 per share. Valuation as of 2026-10-16T07:38:01.298Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.64×

- FY2017: 0.66×

- FY2018: 0.66×

- FY2019: 0.67×

- FY2020: 0.66×

- FY2021: 0.66×

- FY2022: 0.64×

- FY2023: 0.65×

- FY2024: 0.52×

- FY2025: 0.59×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 7.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.8%

- ROIC, second-lowest year: 2.1%

- Typical minus recent gross margin: 7.0 pp

- Typical gross margin (annual median): 71.1%

- Recent gross margin (lower of latest and 3-year median): 64.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 28.7%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.3%

- FY2017: 4.5%

- FY2018: 3.5%

- FY2019: 2.4%

- FY2020: 2.8%

- FY2021: 2.6%

- FY2022: 2.9%

- FY2023: 2.8%

- FY2024: 2.1%

- FY2025: 2.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: HKD 6.9B

- Net income, five-year total: HKD 16B

- Return on incremental invested capital: -2.1%

- Working capital / revenue, annual change: 13.8 pp

- Working capital / revenue, change between three-year averages: 98.8 pp

- Working capital / revenue, final three-year average: 108.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.27×

- FY2022: 0.30×

- FY2023: 0.23×

- FY2024: 0.98×

- FY2025: 0.91×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.5% vs 2.1%

- Per-share earnings: 1.38 to 0.46 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 1.8%

- Market cap gain: HKD -32B

- Cumulative retained earnings: HKD 6.6B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -12.7%

- Per-share value change: HKD -0.91

- Per-share value, starting three-year median: HKD 1.38

- Per-share value, ending three-year median: HKD 0.46

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: HKD 0

- Cumulative net income, 10 years: HKD 42B

- ROIC, first three-year median: 4.5%

- ROIC, last three-year median: 2.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: HKD 1.38

- FY2017: HKD 1.80

- FY2018: HKD 1.79

- FY2019: HKD 1.37

- FY2020: HKD -0.57

- FY2021: HKD 0.86

- FY2022: HKD 0.85

- FY2023: HKD 0.88

- FY2024: HKD 0.46

- FY2025: HKD 0.37

### accounting: pass

- Sloan accruals: -1.0%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.3%

- FY2017: -0.2%

- FY2018: 1.3%

- FY2019: 0.4%

- FY2020: -2.8%

- FY2021: 0.5%

- FY2022: -0.1%

- FY2023: 0.1%

- FY2024: -1.3%

- FY2025: -1.0%

## Holders

## Price story

Down 65% since Oct 2021 · sales -11.4%

Story as of 2026-10-16T10:00:09.672Z; price observation 2026-10-15.

Price needs cash profits to grow 9.2% a year for ten years

### Sales · FY2024–2025

sales -11.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: HKD 13B 

- FY2017: HKD 11B 

- FY2018: HKD 9.5B 

- FY2019: HKD 8.9B 

- FY2020: HKD 9.0B 

- FY2021: HKD 10B 

- FY2022: HKD 10B 

- FY2023: HKD 10B 

- FY2024: HKD 11B 

- FY2025: HKD 10.0B 

### Gross margin · FY2025

gross margin 64.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 68.4% 

- FY2017: 70.8% 

- FY2018: 72.8% 

- FY2019: 73.3% 

- FY2020: 72.3% 

- FY2021: 71.4% 

- FY2022: 70.1% 

- FY2023: 71.7% 

- FY2024: 57.4% 

- FY2025: 64.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are HKD 10 billion.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2025-12-31 (filed 2026-10-16T07:38:01.298Z); FY2025: revenue 9962000000; grossProfit 6389000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 57.4% to 71.7% during 2023–25; it earns 2.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2023-12-31 (filed 2026-10-16T07:38:01.298Z); FY2023: grossProfit / revenue = 71.7%.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2024-12-31 (filed 2026-10-16T07:38:01.298Z); FY2024: grossProfit / revenue = 57.4%.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2025-12-31 (filed 2026-10-16T07:38:01.298Z); FY2025: grossProfit / revenue = 64.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.298Z); 10-year return on capital observations [[2016,0.05346244570486348],[2017,0.04473329305731608],[2018,0.03541901149480242],[2019,0.023651859672445888],[2020,0.027739005258673875],[2021,0.02640585862006551],[2022,0.028514967559445218],[2023,0.028221241012553477],[2024,0.02133695605308585],[2025,0.020965444314776156]]; median 0.027980123135613676. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 70% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.298Z); Gross margin observations: [[2021,0.7144240077444337],[2022,0.7011494252873564],[2023,0.7172527047913446]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2016-12-31 (filed 2026-10-16T07:38:01.298Z); FY2016: growth capex 118766810.33076715; upkeep 2558233189.669233; owner earnings 3689766810.330767. Growth capex / owner earnings = 0.03218816159282444.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2017-12-31 (filed 2026-10-16T07:38:01.298Z); FY2017: growth capex 0; upkeep 4776000000; owner earnings 3391000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2021-12-31 (filed 2026-10-16T07:38:01.298Z); FY2021: growth capex 33229553.78037405; upkeep 2821770446.219626; owner earnings 1040029553.780374. Growth capex / owner earnings = 0.03195058607670223.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2022-12-31 (filed 2026-10-16T07:38:01.298Z); FY2022: growth capex 626655.5096082687; upkeep 2698373344.4903917; owner earnings 1157026655.5096083. Growth capex / owner earnings = 0.0005416085330655244.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2023-12-31 (filed 2026-10-16T07:38:01.298Z); FY2023: growth capex 0; upkeep 3080000000; owner earnings 922400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2024-12-31 (filed 2026-10-16T07:38:01.298Z); FY2024: growth capex 53000000; upkeep 117000000; owner earnings 2100400000. Growth capex / owner earnings = 0.025233288897352886.

- Source: https://eodhd.com/api/fundamentals/0101.HK.json#2025-12-31 (filed 2026-10-16T07:38:01.298Z); FY2025: growth capex 0; upkeep 248000000; owner earnings 1652000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.298Z); Dividend observations: [[2016,3373000000],[2017,3373000000],[2018,3374000000],[2019,3374000000],[2020,3418000000],[2021,3463000000],[2022,3509000000],[2023,3509000000],[2024,1164000000],[2025,727000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 66.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0101.HK SharesStats.PercentInsiders = 66.769 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.298Z); Ten-year compound average after fade. Initial solved rate 0.11910283363801255. Price 6.36; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.23059817656215253 → FY2025 0.3358663275242464. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 17.12 per share

- 2016-11: HKD 17.48 per share

- 2016-12: HKD 16.44 per share

- 2017-01: HKD 19.20 per share

- 2017-02: HKD 19.60 per share

- 2017-03: HKD 20.20 per share

- 2017-04: HKD 20.40 per share

- 2017-05: HKD 20.15 per share

- 2017-06: HKD 19.50 per share

- 2017-07: HKD 19.46 per share

- 2017-08: HKD 19.04 per share

- 2017-09: HKD 18.54 per share

- 2017-10: HKD 17.92 per share

- 2017-11: HKD 18.38 per share

- 2017-12: HKD 19.10 per share

- 2018-01: HKD 20.70 per share

- 2018-02: HKD 18.70 per share

- 2018-03: HKD 18.28 per share

- 2018-04: HKD 18.64 per share

- 2018-05: HKD 17.80 per share

- 2018-06: HKD 16.18 per share

- 2018-07: HKD 16.50 per share

- 2018-08: HKD 15.50 per share

- 2018-09: HKD 15.30 per share

- 2018-10: HKD 14.20 per share

- 2018-11: HKD 15.84 per share

- 2018-12: HKD 14.92 per share

- 2019-01: HKD 17.10 per share

- 2019-02: HKD 18.54 per share

- 2019-03: HKD 19.16 per share

- 2019-04: HKD 18.44 per share

- 2019-05: HKD 16.50 per share

- 2019-06: HKD 18.58 per share

- 2019-07: HKD 18.52 per share

- 2019-08: HKD 17.72 per share

- 2019-09: HKD 17.80 per share

- 2019-10: HKD 17.26 per share

- 2019-11: HKD 16.04 per share

- 2019-12: HKD 17.10 per share

- 2020-01: HKD 16.36 per share

- 2020-02: HKD 17.02 per share

- 2020-03: HKD 15.74 per share

- 2020-04: HKD 16.62 per share

- 2020-05: HKD 16.30 per share

- 2020-06: HKD 18.36 per share

- 2020-07: HKD 19.02 per share

- 2020-08: HKD 21.85 per share

- 2020-09: HKD 19.58 per share

- 2020-10: HKD 18.82 per share

- 2020-11: HKD 19.22 per share

- 2020-12: HKD 20.45 per share

- 2021-01: HKD 20.70 per share

- 2021-02: HKD 20.10 per share

- 2021-03: HKD 20.20 per share

- 2021-04: HKD 21.20 per share

- 2021-05: HKD 19.58 per share

- 2021-06: HKD 18.86 per share

- 2021-07: HKD 20.10 per share

- 2021-08: HKD 18.68 per share

- 2021-09: HKD 17.76 per share

- 2021-10: HKD 18.06 per share

- 2021-11: HKD 15.46 per share

- 2021-12: HKD 16.04 per share

- 2022-01: HKD 16.66 per share

- 2022-02: HKD 16.38 per share

- 2022-03: HKD 15.80 per share

- 2022-04: HKD 15.02 per share

- 2022-05: HKD 14.66 per share

- 2022-06: HKD 14.88 per share

- 2022-07: HKD 14.28 per share

- 2022-08: HKD 13.08 per share

- 2022-09: HKD 12.88 per share

- 2022-10: HKD 9.87 per share

- 2022-11: HKD 14.38 per share

- 2022-12: HKD 15.26 per share

- 2023-01: HKD 14.76 per share

- 2023-02: HKD 15.14 per share

- 2023-03: HKD 14.68 per share

- 2023-04: HKD 14.32 per share

- 2023-05: HKD 12.40 per share

- 2023-06: HKD 12.10 per share

- 2023-07: HKD 12.10 per share

- 2023-08: HKD 10.48 per share

- 2023-09: HKD 10.72 per share

- 2023-10: HKD 10.32 per share

- 2023-11: HKD 10.44 per share

- 2023-12: HKD 10.88 per share

- 2024-01: HKD 9.08 per share

- 2024-02: HKD 8.46 per share

- 2024-03: HKD 8.02 per share

- 2024-04: HKD 8.71 per share

- 2024-05: HKD 7.13 per share

- 2024-06: HKD 6.66 per share

- 2024-07: HKD 5.75 per share

- 2024-08: HKD 5.96 per share

- 2024-09: HKD 7.59 per share

- 2024-10: HKD 6.54 per share

- 2024-11: HKD 6.31 per share

- 2024-12: HKD 6.23 per share

- 2025-01: HKD 6.15 per share

- 2025-02: HKD 6.52 per share

- 2025-03: HKD 6.64 per share

- 2025-04: HKD 6.37 per share

- 2025-05: HKD 6.20 per share

- 2025-06: HKD 7.49 per share

- 2025-07: HKD 8.08 per share

- 2025-08: HKD 7.92 per share

- 2025-09: HKD 8.73 per share

- 2025-10: HKD 8.65 per share

- 2025-11: HKD 9.00 per share

- 2025-12: HKD 8.61 per share

- 2026-01: HKD 9.44 per share

- 2026-02: HKD 10.27 per share

- 2026-03: HKD 8.73 per share

- 2026-04: HKD 9.20 per share

- 2026-05: HKD 8.04 per share

- 2026-06: HKD 6.89 per share

- 2026-07: HKD 7.29 per share

- 2026-08: HKD 6.98 per share

- 2026-09: HKD 6.67 per share

- 2026-10: HKD 6.36 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 14.11 per share, central HKD 15.35 per share, high HKD 16.99 per share

- FY2017: low HKD 11.69 per share, central HKD 12.75 per share, high HKD 14.15 per share

- FY2018: low HKD 8.80 per share, central HKD 9.76 per share, high HKD 10.97 per share

- FY2023: low HKD 3.38 per share, central HKD 3.69 per share, high HKD 4.10 per share

- FY2024: low HKD 4.84 per share, central HKD 5.21 per share, high HKD 5.70 per share

- FY2025: low HKD 3.72 per share, central HKD 4.06 per share, high HKD 4.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:44.361Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations