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Hong Kong data-centre operator (iAdvantage), a subsidiary of Sun Hung Kai Properties, serving enterprise and cloud clients.
Hong Kong data-centre operator (iAdvantage), a subsidiary of Sun Hung Kai Properties, serving enterprise and cloud clients.
Rents rack space, power and network connections in its data centres under recurring contracts, so income grows as customers add capacity or move in. It is majority-owned by Sun Hung Kai Properties, the Hong Kong developer.
In one line: A Hong Kong Equinix/Digital Realty.
Moat: narrow (installed base, switching costs, scale). High-density, well-connected Hong Kong data centres are costly and slow for tenants to relocate from.
Headquarters: Hong Kong · Founded: 1999 · Employees: 494
Size Sunevision (1686.HK) is a Hong Kong Information Technology company (Data Processing Services) with a market value of $2.46B, the 384th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.72 on 6 Nov 2026.
Performance Over six months the shares fell 29.1%, against -33.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 6.1% over the last twelve months (peer median +9.3%); the operating margin is 52.0% (peer median -3.2%).
Valuation It trades at 14.3× forward earnings against a peer median of 30.4× (4th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.6 points below its cost of capital (7.7% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | HK$3.12B | HK$3.12B | HK$2.94B | HK$2.67B | HK$2.35B |
| Revenue growth | — | +6% | +10% | +14% | — |
| Gross profit | HK$1.83B | HK$1.83B | HK$1.67B | HK$1.41B | HK$1.32B |
| EBITDA | HK$2.30B | HK$2.30B | HK$2.12B | HK$1.84B | HK$1.67B |
| Net income | HK$1.15B | HK$1.15B | HK$979M | HK$907M | HK$905M |
| Free cash flow | HK$1.36B | HK$1.36B | -HK$111M | -HK$2.10B | -HK$835M |
| Capital expenditure | HK$774M | HK$774M | HK$1.20B | HK$2.98B | HK$1.95B |
| Total debt | n/a | HK$16.2B | HK$17.0B | HK$16.6B | HK$13.8B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sunevision 1686.HK | $2.46B | -29% | +6% | 52% | 14.3× | 10.9% |
| Equinix EQIX | $100B | -5% | +11% | 15% | 53.2× | n/a |
| Digital Realty DLR | $65.9B | -10% | +21% | 20% | 65.9× | n/a |
| GDS 9698.HK | $4.22B | -52% | +13% | 17% | 36.8× | n/a |
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 | 1686.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.3% | -6.6% | 9th lowest of 21 |
| 6-month return | -29.1% | -33.9% | 9th highest of 19 |
| Distance from 52-week high | -40.2% | -44.6% | 10th highest of 21 |
| Revenue growth (TTM) | +6.1% | +9.3% | 9th lowest of 21 |
| Operating margin | 52.0% | -3.2% | highest of 21 |
| Forward P/E | 14.3× | 30.4× | 4th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 10.9% | 5.5% | 4th most demanding of 8 |
| Growth delivered (Del g) | +10.7% | +2.1% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | +0.2 pp | +6.4 pp | 4th least demanding of 8 |
| ROIC minus cost of capital | -1.6 pp | -7.5 pp | 3rd highest of 21 |
| EV / EBITDA | 15.2× | 18.0× | 6th cheapest of 13 |
| Net debt / EBITDA | 6.8× | 0.7× | 3rd most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 14.3× | 10.9% | +10.7% |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | n/a | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | n/a | n/a | n/a |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% | -6.5% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 28.0× | n/a | n/a |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% | -0.7% |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 16.3× | 5.5% | +36.2% |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 99.5× | n/a | n/a |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | n/a | n/a | n/a |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 200.1× | n/a | n/a |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% | -4.9% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 30.4× | 0.3% | +8.7% |
| Bitdeer Technologies BTDR | United States | $1.63B | -55% | +128% | -30% | n/a | n/a | n/a |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | n/a | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 12.9× | 19.8% | +2.1% |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 31.9× | 19.7% | +24.6% |
| Suncorporation 6736.T | Japan | $1.49B | +22% | -11% | 1% | n/a | n/a | n/a |
| HawkEye 360 HAWK | United States | $1.45B | -55% | +88% | -8% | n/a | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| Capitalonline Data Service 300846.SZ | China | $1.28B | -37% | 0% | -7% | n/a | n/a | n/a |