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Kerry Properties Limited (0683) Fair Value & Analysis

Real Estate · HK · Market cap HK$26.1B

KP Kerry Properties Limited 0683 · HK
PriceHK$18.94
Fair ValueHK$45.20
Upside+138.7%
Quality58/100
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Healthy Growth
Thin margins · 4.8% net margin
Low debt · generates free cash flow
7.29% dividend yield
Mixed vs. peers (7/15)
Narrow moat 31/100
Evidence: Medium Range HK$45.20 – HK$45.20 Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 2 days ago

Share price +2.4% over the past month.

A solid business, screening 139% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (HK$45.20). The market is more pessimistic than our downside scenario.
  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

HK$24.78 HK$9.30 Fair Value HK$45.20 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$9.30 – HK$24.78 · the HK$18.94 price screens below the HK$45.20 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Kerry Properties Limited (0683) currently trades at HK$18.94, while our model-based Fair Value estimate is HK$45.20, implying the stock looks roughly 138.7% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Kerry Properties Limited generated revenue of HK$19.6B at a net margin of 4.8%. Revenue declined 20.4% year over year. It earns a return on equity of 1.1%. Net debt stands at HK$39.7B. Fundamentals as of Aug 13, 2026

The share trades about 24% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 139%, 0683 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$88.53 HK$143.38 HK$222.31 80
Residual Income HK$49.52 HK$45.79 HK$33.14 76
P/S Multiple HK$8.27 HK$11.02 HK$13.78 58
All 13 models by family
DCF Models
FCF DCF HK$86.75 HK$148.94 HK$244.38 38
5Y Revenue Exit HK$32.51 HK$52.44 HK$76.25 39
5Y EBITDA Exit HK$40.18 HK$66.85 HK$96.80 41
10Y Revenue Exit HK$50.22 HK$73.12 HK$101.37 36
10Y EBITDA Exit HK$55.98 HK$83.15 HK$117.12 37
Multiples
P/S Multiple HK$8.27 HK$11.02 HK$13.78 58
P/B Multiple HK$8.27 HK$11.02 HK$13.78 55
EV/EBIT HK$27.62 HK$44.48 HK$61.35 53
EV/EBITDA HK$20.10 HK$34.46 HK$48.82 54
EV/Revenue HK$4.93 HK$16.88 HK$28.84 43
Asset-Based
NCAV (Graham) HK$36.39 HK$48.76 HK$72.77 50
Growth DCF
Growth DCF HK$88.53 HK$143.38 HK$222.31 80
Economic Profit
Residual Income HK$49.52 HK$45.79 HK$33.14 76

Widest divergence: Growth DCF (HK$143.38) versus Multiples (HK$16.88). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$19.6B
Revenue growth (YoY) -20.4%
Net margin 4.8%
Return on equity 1.1%
Free cash flow HK$13.9B FY2025
P/E ratio 27.8 as of Jul 2, 2026
More key figures
Operating margin 17.6%
EPS (TTM) HK$0.4200
Dividend yield 7.3%
EPS growth (YoY) +1,534%
Net debt HK$39.7B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 60 · Market factors (momentum, volatility) 38

Profitability 15
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 98
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 84
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Kerry Properties Limited, an investment holding company, engages in the development, investment, management, and trading of properties in Hong Kong, Mainland China, and internationally.

Full company description

Kerry Properties Limited, an investment holding company, engages in the development, investment, management, and trading of properties in Hong Kong, Mainland China, and internationally. The company owns and operates residences, apartments, hotels, shopping malls, and office towers; real estate and project management; and provides integrated logistics and international freight forwarding, consultancy, administrative support, project management, financial, estate agency, and construction services. It is also involved in the warehouse operations, as well as recreation parks, and ice rinks. The company was founded in 1978 and is based in Quarry Bay, Hong Kong. Kerry Properties Limited operates as a subsidiary of Kerry Group Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Kerry Properties Limited reported revenue of HK$20.3B in FY2025 versus HK$15.3B in FY2021, a compound +7.3%/yr. Reported net income was HK$938M in FY2025, compounding −45.1%/yr from FY2021.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$20.3B
Latest YoY
+4.1%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.6%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.9%
Avg. growth/yr (25Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.7%
Revenue +7.3%/yr
FY21 HK$15.3B
FY22 HK$14.6B
FY23 HK$13.1B
FY24 HK$19.5B
FY25 HK$20.3B
Net income −45.1%/yr
FY21 HK$10.4B
FY22 HK$2.8B
FY23 HK$3.2B
FY24 HK$808M
FY25 HK$938M
Character of growth · EPS growth decomposed (2014-2025) −13.8 % p.a.
Revenue per share +3.7 pp

of which total revenue +3.7 pp · buybacks/dilution +0.0 pp

EBIT margin −10.2 pp
Tax rate −5.2 pp
Residual (interest, one-offs) −2.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Kerry Properties Limited · Fair Value
HK$45.20 +139%Fair Value
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Cite: Fair Value Calculator (2026). "Kerry Properties Limited Fair Value". https://www.fairvalue-calculator.com/stock/0683

Peer Group

Real Estate - Development · 593 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Top 25%
Fair Value upside +139% · Top 25%
Return on equity (TTM) 1% · Below median
Return on assets 1% · Above median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 18% · Above median
Revenue growth -20% · Below median
Dividend yield (TTM) 7.3% · Top 25%
Debt / equity 0.47× · Higher than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 27.8× · Pricier than 75% of peers
P/B 0.25× · Cheaper than median
P/S (TTM) 1.33× · Pricier than median
P/FCF 0.2× · Cheaper than median
EV/EBITDA 13.4× · Pricier than median
PEG 1.72× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 47
FUTURE 0 · sector 0
PAST 4 · sector 10
HEALTH 77 · sector 85
DIVIDEND 100 · sector 58

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,150 IDR 1,330 IDR -78%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 595.00 IDR 1,488 IDR +150%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
Khang Dien House Trading and Investment Joint Stock Company KDH 18,150 VND 20,338 VND +12%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%

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Frequently asked questions

Is Kerry Properties Limited (0683) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$45.20 versus a price of HK$18.94, about +139% (undervalued).
What is the fair value of 0683?
Our model-based fair value for Kerry Properties Limited is HK$45.20 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$18.94.
What is the quality score of 0683?
Kerry Properties Limited has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Kerry Properties Limited (0683)?
Kerry Properties Limited reported trailing-twelve-month revenue of about HK$19.6B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 0683?
The net profit margin of Kerry Properties Limited is about 4.8%, meaning it keeps roughly 4.8% of revenue as net income. Based on the latest reported figures.
Does Kerry Properties Limited pay a dividend?
Kerry Properties Limited currently shows a dividend yield of about 7.29% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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