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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:07/01/26
The score is primarily supported by resilient operating and free cash flow and a manageable leverage profile, which helps offset weak and inconsistent profitability. The technical picture is a headwind, with the stock trading below key moving averages, while valuation is mixed—high dividend yield is positive, but negative earnings (negative P/E) limit upside confidence.
Positive Factors
Consistent cash generation
Operating and free cash flow have been consistently positive across periods (~HK$404–525M), providing durable liquidity and supporting dividend capacity. This reliable cash generation cushions operating volatility and funds distributions or debt service without depending solely on accounting profits.
Negative Factors
Inconsistent and negative profitability
Repeated net losses and negative ROE indicate earnings volatility and weak income quality. Over a multi-month horizon this undermines retained-earnings growth and NAV accretion, forcing reliance on cash flow or external capital for distributions and new investments, which is structurally limiting.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Operating and free cash flow have been consistently positive across periods (~HK$404–525M), providing durable liquidity and supporting dividend capacity. This reliable cash generation cushions operating volatility and funds distributions or debt service without depending solely on accounting profits.
Read all positive factors
Sunlight Real Estate Investment (0435) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$3.78B
Dividend Yield8.31%
Average Volume (3M)1.98M
Price to Earnings (P/E)―
Beta (1Y)0.50
Revenue Growth-5.15%
EPS Growth-145.75%
CountryHK
Employees137
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.11
Shares Outstanding1,757,268,400
10 Day Avg. Volume1,499,498
30 Day Avg. Volume1,978,744
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
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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 | 650.07M |
| EBITDA | 372.14M | -43.71M | 534.21M | 172.54M | 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 | 491.67M | 524.65M | 404.06M | 409.27M |
| 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 Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | HK$2.24B | -116.94 | -0.29% | 7.99% | -7.14% | 85.78% | |
56 Neutral | HK$3.78B | -13.47 | -2.22% | 8.31% | -5.15% | -145.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | HK$1.14B | -7.68 | -4.64% | 8.05% | -18.29% | -37.39% | |
53 Neutral | HK$1.82B | -2.80 | -10.74% | 8.98% | 8.69% | -216.81% | |
49 Neutral | HK$3.51B | -5.80 | -3.65% | 8.45% | -10.89% | 22.45% | |
48 Neutral | ¥2.22B | -2.75 | -3.88% | 1.31% | 1.62% | -1.59% |
* General Sector Average
HK:0435
Sunlight Real Estate Investment
2.16
0.08
3.86%
HK:0808
Prosperity Real Estate Investment
1.42
0.16
12.57%
HK:1426
Spring Real Estate Investment
1.25
-0.36
-22.12%
HK:0405
Yuexiu Real Estate Investment
0.62
-0.24
-27.91%
HK:1503
China Merchants Commercial Real Estate Investment Trust
1.02
-0.18
-14.72%
HK:87001
Hui Xian Real Estate Investment Trust
0.34
-0.15
-31.49%
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.