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Owner and operator of The Peninsula luxury hotel brand, plus related property and club interests.
Owner and operator of The Peninsula luxury hotel brand, plus related property and club interests.
Owns most of its hotels outright, so room and restaurant sales carry the business, with the Hong Kong flagship a large part of it. Rent from commercial and residential property, such as The Repulse Bay, and the Peak Tram cushion hotel swings. The Kadoorie family controls the company.
In one line: Asia's answer to a small, ultra-luxury Four Seasons owner.
Moat: narrow (brand, scale). The globally recognized Peninsula luxury brand, but a small number of owned properties limits scale.
Headquarters: Hong Kong · Founded: 1866 · Employees: 7,768
Size Hongkong & Shanghai Hotels (0045.HK) is a Hong Kong Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $1.11B, the 572nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$5.20 on 6 Nov 2026.
Performance Over six months the shares fell 12.0%, against -12.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 3.7% over the last twelve months (peer median +6.1%); the operating margin is 12.7% (peer median 16.2%).
Valuation It trades at 2.7× enterprise value to sales against a peer median of 2.8× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.6 points below its cost of capital (5.4% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$8.63B | HK$7.98B | HK$10.3B | HK$8.11B | HK$4.20B |
| Revenue growth | — | -22% | +27% | +93% | — |
| Gross profit | HK$3.64B | HK$3.42B | HK$3.26B | HK$2.69B | HK$1.43B |
| EBITDA | HK$1.80B | HK$1.68B | HK$1.29B | HK$1.13B | HK$399M |
| Net income | HK$632M | HK$320M | -HK$943M | HK$146M | -HK$488M |
| Free cash flow | HK$1.17B | HK$510M | HK$2.63B | HK$455M | -HK$2.40B |
| Capital expenditure | HK$634M | HK$815M | HK$1.08B | HK$2.24B | HK$2.55B |
| Total debt | n/a | HK$16.1B | HK$16.0B | HK$18.6B | HK$18.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Hongkong & Shanghai Hotels 0045.HK | $1.11B | -12% | -4% | 13% | 2.7× | 4.0% |
| Shangri-La Asia 0069.HK | $1.87B | -9% | +5% | 35% | 3.3× | -8.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0045.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | -0.6% | 11th highest of 21 |
| 6-month return | -12.0% | -12.9% | 10th highest of 20 |
| Distance from 52-week high | -28.4% | -27.8% | 11th highest of 21 |
| Revenue growth (TTM) | -3.7% | +6.1% | 2nd lowest of 21 |
| Operating margin | 12.7% | 16.2% | 8th lowest of 21 |
| EV / Sales | 2.7× | 2.8× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.0% | -0.7% | 9th most demanding of 19 |
| Growth delivered (Del g) | +24.1% | +17.5% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | -20.2 pp | -18.6 pp | 10th least demanding of 19 |
| ROIC minus cost of capital | -3.6 pp | +1.1 pp | 3rd lowest of 21 |
| EV / EBITDA | 12.9× | 13.3× | 9th cheapest of 18 |
| Net debt / EBITDA | 8.1× | 2.5× | most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hongkong & Shanghai Hotels 0045.HK | Hong Kong | $1.11B | -12% | -4% | 13% | 2.7× | 4.0% | +24.1% |
| Fujita Kanko 9722.T | Japan | $1.08B | +37% | +3% | 16% | 2.1× | -4.6% | +25.2% |
| Target Hospitality TH | United States | $1.13B | -26% | +12% | -9% | 3.4× | 49.9% | +7.3% |
| NagaCorp 3918.HK | Hong Kong | $1.21B | -48% | +12% | 58% | 1.3× | -19.3% | -4.1% |
| HtlShilla 008770.KS | South Korea | $985M | -46% | +1% | 3% | 0.3× | -7.6% | +5.0% |
| Lemon Tree Hotels LEMONTREE.NS | India | $984M | -4% | +10% | 38% | 6.3× | 17.4% | +41.3% |
| Pierre et Vacances VAC.PA | France | $974M | -1% | +5% | 15% | 2.1× | -0.6% | +9.8% |
| Huangshan Tourism Development 600054.SS | China | $926M | -13% | +2% | 20% | 2.3× | -9.4% | +23.2% |
| Ventive Hospitality VENTIVE.NS | India | $1.34B | -17% | +15% | 29% | 6.5× | 29.9% | +78.5% |
| Great Eagle 0041.HK | Hong Kong | $1.37B | -24% | +75% | 12% | 2.4× | -0.9% | +13.8% |
| Guangzhou Lingnan 000524.SZ | China | $885M | -19% | +6% | 2% | 0.9× | 11.7% | +19.4% |
| PPHE Hotel PPH.L | United Kingdom | $864M | -2% | +5% | 19% | 3.7× | 7.7% | +35.6% |
| Centurion OU8.SI | Singapore | $810M | -18% | +26% | 61% | 8.8× | -3.8% | +18.2% |
| Kelsian KLS.AX | Australia | $797M | +5% | +9% | 6% | 0.8× | 9.2% | +15.4% |
| SkiStar SKIS-B.ST | Sweden | $1.58B | +27% | +7% | 17% | 3.8× | 8.4% | +12.5% |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | United States | $1.79B | -16% | +6% | 12% | 1.6× | -6.2% | +24.5% |
| Waterways Leisure Tourism CORDELIA.NS | India | $677M | n/a | -2% | 14% | 11.4× | n/a | n/a |
| Formosa International Hotels 2707.TW | Taiwan | $668M | +2% | +6% | 26% | 3.2× | -7.7% | +4.7% |
| Imperial Hotel 9708.T | Japan | $666M | -26% | +10% | 3% | 1.5× | n/a | n/a |
| Shangri-La Asia 0069.HK | Hong Kong | $1.87B | -9% | +5% | 35% | 3.3× | -8.7% | +16.8% |
| Chalet Hotels CHALET.NS | India | $1.88B | +2% | -17% | 34% | 9.3× | 24.1% | +57.5% |