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Sunlight Real Estate Investment
(0435)
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Rating:56Neutral
Price Target:
HK$2.00
▼(-9.91% Downside)
Action:Reiterated
Date:10/01/26
The score is primarily supported by consistent positive operating and free cash flow and a strong dividend yield. Offsetting these positives are volatile and often negative earnings (including negative ROE) and weak technicals, with the stock trading below key moving averages alongside bearish momentum signals.
Positive Factors
Consistent Cash Generation
Reliable operating and free cash flow demonstrate that the property portfolio is producing recurring cash despite volatility in reported earnings. This supports liquidity, debt servicing, ongoing property operations, and the REIT’s ability to maintain distributions over the next several quarters.
Negative Factors
Volatile Bottom-Line Profitability
Recurring net losses and sharp swings in reported earnings weaken the quality and predictability of shareholder returns. Even with strong gross margins, inconsistent profitability can constrain retained capital, complicate distribution sustainability, and reduce confidence in longer-term earnings power.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Cash Generation
Reliable operating and free cash flow demonstrate that the property portfolio is producing recurring cash despite volatility in reported earnings. This supports liquidity, debt servicing, ongoing property operations, and the REIT’s ability to maintain distributions over the next several quarters.
Read all positive factors
Sunlight Real Estate Investment (0435) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.71B
Dividend Yield8.52%
Average Volume (3M)929.34K
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth-5.15%
EPS Growth-145.75%
CountryHK
Employees137
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.11
Shares Outstanding1,767,258,900
10 Day Avg. Volume535,450
30 Day Avg. Volume929,342
Financial Highlights & Ratios
PEG Ratio-0.11
Price to Book (P/B)0.33
Price to Sales (P/S)5.25
P/FCF Ratio8.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$2.66Price Target Upside19.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)HK$761.20M
Sunlight Real Estate Investment Business Overview & Revenue Model
Company Description
Sunlight Real Estate Investment Trust, trading under stock code 435, is a real estate investment trust officially sanctioned by the Securities and Futures Commission. It was legally established via a trust deed on May 26, 2006 (which has since bee...
How the Company Makes Money
Sunlight REIT makes money primarily by generating recurring income from its investment property portfolio. Its main revenue stream is rental income collected from leasing office and retail space to tenants under lease agreements, typically structu...
Sunlight Real Estate Investment Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 582.46M | 778.07M | 824.22M | 783.27M | 809.00M | 802.93M |
| Gross Profit | 449.98M | 601.02M | 642.18M | 626.62M | 649.53M | 645.83M |
| EBITDA | 372.14M | -43.71M | 534.21M | 173.08M | 517.39M | 543.98M |
| Net Income | -189.32M | -275.44M | -115.34M | -28.43M | -28.43M | 102.94M |
Balance Sheet | ||||||
| Total Assets | 17.94B | 17.94B | 18.52B | 19.22B | 19.22B | 18.96B |
| Cash, Cash Equivalents and Short-Term Investments | 452.12M | 452.12M | 451.61M | 445.49M | 485.24M | 630.99M |
| Total Debt | 4.81B | 4.81B | 4.95B | 4.87B | 4.87B | 4.29B |
| Total Liabilities | 5.54B | 5.54B | 5.51B | 5.55B | 5.55B | 4.91B |
| Stockholders Equity | 12.40B | 12.40B | 13.01B | 13.67B | 13.67B | 14.05B |
Cash Flow | ||||||
| Free Cash Flow | 265.77M | 461.41M | 491.61M | 501.87M | 404.01M | 409.26M |
| Operating Cash Flow | 265.78M | 485.27M | 442.94M | 524.65M | 524.65M | 499.64M |
| Investing Cash Flow | -65.39M | -48.48M | 32.91M | -664.91M | -664.91M | 107.62M |
| Financing Cash Flow | -318.78M | -502.89M | -526.24M | 65.99M | 65.99M | -514.39M |
Sunlight Real Estate Investment Technical Analysis
Neutral
2.22
Price Trends
2.11
Negative
2.13
Negative
2.20
Negative
Market Momentum
>-0.01
Negative
56.37
Neutral
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0435, the sentiment is Neutral. The current price of 2.22 is above the 20-day moving average (MA) of 2.06, above the 50-day MA of 2.11, and above the 200-day MA of 2.20, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 56.37 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:0435.
Sunlight Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | HK$2.17B | -111.57 | -0.29% | 8.37% | -7.14% | 85.78% | |
56 Neutral | HK$3.71B | -13.19 | -2.22% | 8.52% | -5.15% | -145.75% | |
56 Neutral | HK$2.06B | -3.09 | -10.74% | 5.51% | 8.69% | -216.81% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | HK$1.14B | -7.58 | -4.64% | 8.09% | -17.95% | -41.45% | |
52 Neutral | ¥2.09B | -2.63 | -3.88% | 1.38% | 1.62% | -1.59% | |
49 Neutral | HK$3.16B | -5.38 | -3.65% | 8.91% | -10.89% | 22.45% |
* General Sector Average
HK:0435
Sunlight Real Estate Investment
2.10
-0.07
-3.09%
HK:0808
Prosperity Real Estate Investment
1.35
0.07
5.06%
HK:1426
Spring Real Estate Investment
1.38
-0.17
-11.08%
HK:0405
Yuexiu Real Estate Investment
0.58
-0.25
-30.37%
HK:1503
China Merchants Commercial Real Estate Investment Trust
1.02
-0.16
-13.76%
HK:87001
Hui Xian Real Estate Investment Trust
0.32
-0.17
-35.22%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.