# Hongkong Land Holdings (HKHGF.US)

Canonical: https://gigainvestors.com/s/HKHGF

Analysis as of: 2026-10-16T07:29:02.706Z. Financial observations: FY1997–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $7.72 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 2.51×

Chart: Operating margin; fiscal year observations.

- FY2016: 1.81×

- FY2017: 2.99×

- FY2018: 0.87×

- FY2019: 0.15×

- FY2020: -1.19×

- FY2021: -0.18×

- FY2022: 0.13×

- FY2023: 0.41×

- FY2024: -0.66×

- FY2025: 0.21×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 13.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 0.7%

- ROIC, second-lowest year: -3.0%

- Typical minus recent gross margin: 13.5 pp

- Typical gross margin (annual median): 48.4%

- Recent gross margin (lower of latest and 3-year median): 34.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.3%

- FY2017: 14.5%

- FY2018: 5.1%

- FY2019: 0.5%

- FY2020: -4.9%

- FY2021: -0.9%

- FY2022: 0.5%

- FY2023: 1.6%

- FY2024: -3.0%

- FY2025: 0.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.3B

- Net income, five-year total: -$850M

- Return on incremental invested capital: -38.7%

- Working capital / revenue, annual change: -9.5 pp

- Working capital / revenue, change between three-year averages: -42.5 pp

- Working capital / revenue, final three-year average: 39.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$416M

- FY2022: $126M

- FY2023: -$651M

- FY2024: -$1.4B

- FY2025: $1.1B

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.3% vs 0.8%

- Per-share earnings: 1.42 to -0.26 (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: -0.7%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: $751M

- Cumulative retained earnings: $98M

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.69

- Per-share value, starting three-year median: $1.42

- Per-share value, ending three-year median: -$0.26

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 1.6%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $42M

- Cumulative net income, 10 years: $8.1B

- ROIC, first three-year median: 10.3%

- ROIC, last three-year median: 0.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.42

- FY2017: $2.39

- FY2018: $1.05

- FY2019: $0.08

- FY2020: -$1.13

- FY2021: -$0.15

- FY2022: $0.09

- FY2023: -$0.26

- FY2024: -$0.63

- FY2025: $0.58

### accounting: pass

- Sloan accruals: 1.7%

- Receivables to sales index (DSRI): 1.37×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.1%

- FY2017: 11.2%

- FY2018: 4.1%

- FY2019: -2.2%

- FY2020: -8.2%

- FY2021: -2.0%

- FY2022: -1.5%

- FY2023: -3.1%

- FY2024: -5.3%

- FY2025: 1.7%

## Holders

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 138% since Nov 2023 · sales -25.7%

Story as of 2026-10-16T09:58:52.974Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -25.7%; source https://filings.xbrl.org/213800XCHYNRPAYGXW28/2025-12-31/ESEF/GB/0/213800XCHYNRPAYGXW28-2025-12-31-0-en/reports/213800XCHYNRPAYGXW28-2025-12-31-0-en.xhtml; observed 2026-04-09.

- FY2016: $2.0B 

- FY2017: $2.0B 

- FY2018: $2.7B 

- FY2019: $2.3B 

- FY2020: $2.1B 

- FY2021: $2.4B 

- FY2022: $2.2B 

- FY2023: $1.8B 

- FY2024: $2.0B 

- FY2025: $1.5B 

### Gross margin · FY2025

gross margin 34.9%; source https://filings.xbrl.org/213800XCHYNRPAYGXW28/2025-12-31/ESEF/GB/0/213800XCHYNRPAYGXW28-2025-12-31-0-en/reports/213800XCHYNRPAYGXW28-2025-12-31-0-en.xhtml; observed 2026-04-09.

- FY2016: 53.7% 

- FY2017: 52.4% 

- FY2018: 46.4% 

- FY2019: 57.3% 

- FY2020: 53.1% 

- FY2021: 46.2% 

- FY2022: 45.5% 

- FY2023: 50.5% 

- FY2024: 36.8% 

- FY2025: 34.9% 

## Owner memo

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

### How it makes money

Operates in real estate development; annual sales are USD 1.5 billion.

- Source: https://filings.xbrl.org/213800XCHYNRPAYGXW28/2025-12-31/ESEF/GB/0/213800XCHYNRPAYGXW28-2025-12-31-0-en/reports/213800XCHYNRPAYGXW28-2025-12-31-0-en.xhtml (filed 2026-04-09); FY2025: revenue 1487100000; grossProfit 519500000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 34.9% to 50.5% during 2023–25; it earns 0.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2023: grossProfit / revenue = 50.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2024: grossProfit / revenue = 36.8%.

- Source: https://filings.xbrl.org/213800XCHYNRPAYGXW28/2025-12-31/ESEF/GB/0/213800XCHYNRPAYGXW28-2025-12-31-0-en/reports/213800XCHYNRPAYGXW28-2025-12-31-0-en.xhtml (filed 2026-04-09); FY2025: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); 10-year return on capital observations [[2016,0.10317237985398305],[2017,0.14483361106071332],[2018,0.05118416946269422],[2019,0.0054469620918781965],[2020,-0.04870935065321992],[2021,-0.008549417322834646],[2022,0.004763614984471057],[2023,0.0161526326643758],[2024,-0.029579898378625256],[2025,0.007940502930149881]]; median 0.006693732511014039. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 279.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2016: growth capex 845125.6513853967; upkeep 238654874.3486146; owner earnings 3110745125.6513853. Growth capex / owner earnings = 0.0002716794906842227.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2017: growth capex 0; upkeep 213700000; owner earnings 5403200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2018: growth capex 22257664.851461098; upkeep 128142335.1485389; owner earnings 2333157664.851461. Growth capex / owner earnings = 0.009539717433917232.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2019: growth capex 0; upkeep 143700000; owner earnings 67900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); FY2022: growth capex 0; upkeep 94600000; owner earnings 125600000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800XCHYNRPAYGXW28/2025-12-31/ESEF/GB/0/213800XCHYNRPAYGXW28-2025-12-31-0-en/reports/213800XCHYNRPAYGXW28-2025-12-31-0-en.xhtml (filed 2026-04-09); FY2025: growth capex 0; upkeep 164200000; owner earnings 1113300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2016,443800000],[2017,443400000],[2018,466600000],[2019,510100000],[2020,509600000],[2021,509100000],[2022,503700000],[2023,486200000],[2024,478200000],[2025,502600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800XCHYNRPAYGXW28/2025-12-31/ESEF/GB/0/213800XCHYNRPAYGXW28-2025-12-31-0-en/reports/213800XCHYNRPAYGXW28-2025-12-31-0-en.xhtml (filed 2026-04-09); FY2025: cash repurchases 279300000 USD.

### Are managers owners

Insiders own 55.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HKHGF.US SharesStats.PercentInsiders = 55.60000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 11.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Closing price 7.72 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.6800005487194261; price multiple 11.352932015331854. FY2025 cash earnings/share 0.5090744475081279. Closing-price date 2026-10-15.

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

- 2016-11: $6.22 per share

- 2016-12: $6.28 per share

- 2017-01: $6.66 per share

- 2017-02: $6.75 per share

- 2017-03: $7.55 per share

- 2017-04: $7.75 per share

- 2017-05: $7.48 per share

- 2017-06: $7.43 per share

- 2017-07: $7.38 per share

- 2017-08: $7.53 per share

- 2017-09: $7.01 per share

- 2017-10: $7.72 per share

- 2017-11: $7.28 per share

- 2017-12: $7.10 per share

- 2018-01: $7.17 per share

- 2018-02: $7.20 per share

- 2018-03: $6.86 per share

- 2018-04: $7.20 per share

- 2018-05: $7.14 per share

- 2018-06: $7.36 per share

- 2018-07: $7.12 per share

- 2018-08: $7.10 per share

- 2018-09: $6.70 per share

- 2018-10: $5.95 per share

- 2018-11: $6.30 per share

- 2019-01: $7.07 per share

- 2019-02: $7.29 per share

- 2019-03: $7.11 per share

- 2019-04: $7.30 per share

- 2019-05: $6.53 per share

- 2019-06: $6.41 per share

- 2019-07: $6.20 per share

- 2019-08: $5.42 per share

- 2019-09: $5.67 per share

- 2019-10: $5.40 per share

- 2019-11: $5.40 per share

- 2019-12: $5.57 per share

- 2020-01: $5.66 per share

- 2020-02: $5.26 per share

- 2020-03: $3.72 per share

- 2020-04: $3.70 per share

- 2020-05: $3.86 per share

- 2020-06: $4.10 per share

- 2020-07: $3.84 per share

- 2020-08: $4.05 per share

- 2020-09: $3.70 per share

- 2020-10: $3.59 per share

- 2020-11: $4.05 per share

- 2020-12: $4.25 per share

- 2021-01: $4.70 per share

- 2021-02: $4.95 per share

- 2021-03: $5.03 per share

- 2021-04: $5.07 per share

- 2021-05: $4.95 per share

- 2021-06: $4.87 per share

- 2021-07: $4.32 per share

- 2021-08: $4.17 per share

- 2021-10: $4.96 per share

- 2021-11: $5.56 per share

- 2021-12: $5.14 per share

- 2022-02: $5.43 per share

- 2022-03: $4.95 per share

- 2022-04: $4.75 per share

- 2022-05: $4.66 per share

- 2022-07: $5.02 per share

- 2022-10: $4.45 per share

- 2022-11: $4.01 per share

- 2022-12: $4.47 per share

- 2023-01: $4.87 per share

- 2023-02: $4.61 per share

- 2023-03: $4.23 per share

- 2023-04: $4.42 per share

- 2023-06: $3.84 per share

- 2023-07: $3.65 per share

- 2023-08: $3.41 per share

- 2023-09: $3.33 per share

- 2023-11: $3.25 per share

- 2023-12: $3.34 per share

- 2024-01: $3.44 per share

- 2024-02: $3.16 per share

- 2024-03: $3.04 per share

- 2024-04: $3.13 per share

- 2024-05: $3.40 per share

- 2024-06: $3.32 per share

- 2024-07: $3.70 per share

- 2024-08: $3.37 per share

- 2024-09: $3.50 per share

- 2024-10: $3.88 per share

- 2024-11: $4.67 per share

- 2024-12: $4.29 per share

- 2025-01: $4.30 per share

- 2025-02: $4.56 per share

- 2025-03: $3.86 per share

- 2025-04: $4.67 per share

- 2025-05: $4.74 per share

- 2025-06: $5.70 per share

- 2025-07: $6.28 per share

- 2025-08: $6.32 per share

- 2025-09: $6.40 per share

- 2025-10: $6.08 per share

- 2025-11: $6.32 per share

- 2025-12: $7.10 per share

- 2026-01: $8.14 per share

- 2026-02: $8.41 per share

- 2026-03: $8.14 per share

- 2026-04: $7.98 per share

- 2026-05: $8.05 per share

- 2026-06: $7.97 per share

- 2026-07: $8.30 per share

- 2026-08: $8.56 per share

- 2026-09: $8.57 per share

- 2026-10: $7.72 per share

## Annual estimated value (USD per share)

- FY2016: low $9.60 per share, central $13.01 per share, high $15.12 per share

- FY2017: low $11.21 per share, central $15.65 per share, high $18.26 per share

- FY2018: low $14.71 per share, central $20.28 per share, high $23.70 per share

- FY2019: low $10.74 per share, central $12.14 per share, high $14.00 per share

- FY2020: low $9.42 per share, central $10.61 per share, high $12.18 per share

- FY2021: low $0.96 per share, central $1.00 per share, high $1.06 per share

- FY2022: low $0.83 per share, central $0.87 per share, high $0.93 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800XCHYNRPAYGXW28/2025-12-31/ESEF/GB/0/213800XCHYNRPAYGXW28-2025-12-31-0-en/reports/213800XCHYNRPAYGXW28-2025-12-31-0-en.xhtml); period 2025-12-31, filed 2026-04-09.

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

- [Martin Whitman](https://gigainvestors.com/TA): 550,300 HKHGF shares; USD 3,918,000 reported position value; 0.63% of portfolio; new; quarter 2026 Q2.

# HKHGF — Hongkong Land Holdings Ltd

Held by 1 investor · USD 3,918,000 total · 2026 Q2 · reported price USD 7.12 (split-adjusted).
Page: https://gigainvestors.com/s/HKHGF

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Martin Whitman (https://gigainvestors.com/TA) | USD 3,918,000 | 0.6% | new |

## Total held by quarter

- 2026 Q2: USD 3,918,000 · 1 holder · USD 7.12