The Hongkong and Shanghai Hotels, Limited logo

The Hongkong and Shanghai Hotels, Limited

0045.HK

HKSEConsumer CyclicalTravel Lodging

Latest quote

HK$5.35

−HK$0.035 · -0.65%

0045.HK company overview

Company profile

Company website

The Hongkong and Shanghai Hotels, Limited (HSH) functions as an investment holding company with primary activities encompassing the ownership, development, and active management of hotels, as well as commercial and residential real estate assets across Asia, the United States, and Europe. The company is structured into three principal operating divisions: The Hotels division oversees its portfolio of hotels and manages the leasing of retail outlets and office spaces located within these hotel complexes. The Commercial Properties division is responsible for the development, rental, and sale of residential units, in addition to leasing out retail and corporate premises, often including the operation of food and beverage establishments within these properties. The Clubs and Services division manages golf courses, operates the iconic Peak Tram, engages in wholesale and retail sales of food and beverage products, provides laundry services, and offers management and advisory services to various clubs. Beyond these core segments, HSH is also involved in merchandise wholesale and retail, dry cleaning and marketing services, financial activities such as lending and borrowing, and property investment. It further operates golf clubs and resorts, delivers tourism and leisure services, and manages its Peninsula Boutiques. Established in 1866 as The Hongkong Hotel Company, Limited, the company subsequently adopted its current name, The Hongkong and Shanghai Hotels, Limited, and maintains its headquarters in Central, Hong Kong.

Industry
Travel Lodging
Sector
Consumer Cyclical
Headquarters
HK
CEO
Benjamin Julien Arthur Vuchot
Listed since
Jan 4, 2000
Employees
7,768

Market position

Volume
552K
2.56× average
Average volume
215.3K
Average daily volume
Market cap
8.92B HKD
Beta
0.24
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

P/E (TTM)
13.94×
P/B (TTM)
0.25×
P/S (TTM)
1.03×
Dividend yield
0.00%

Profitability & efficiency

Gross margin
42.20%
Operating margin
12.68%
Net margin
7.33%

Financial health

Debt / equity
0.43×
Altman Z-score
1.41
Piotroski F-score
5 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends48%26%5%-17%Gross margin, FY2021: 31.49%Gross margin, FY2022: 34.02%Gross margin, FY2023: 33.57%Gross margin, FY2024: 33.26%Gross margin, FY2025: 42.82%Operating margin, FY2021: -3.03%Operating margin, FY2022: -1.26%Operating margin, FY2023: 7.13%Operating margin, FY2024: 7.39%Operating margin, FY2025: 12.05%Net margin, FY2021: -3.47%Net margin, FY2022: -11.62%Net margin, FY2023: 1.80%Net margin, FY2024: -9.16%Net margin, FY2025: 4.01%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 31.49%. Gross margin FY2022 34.02%. Gross margin FY2023 33.57%. Gross margin FY2024 33.26%. Gross margin FY2025 42.82%. Operating margin FY2021 -3.03%. Operating margin FY2022 -1.26%. Operating margin FY2023 7.13%. Operating margin FY2024 7.39%. Operating margin FY2025 12.05%. Net margin FY2021 -3.47%. Net margin FY2022 -11.62%. Net margin FY2023 1.80%. Net margin FY2024 -9.16%. Net margin FY2025 4.01%.

Income trends

Revenue

7.98B HKD-22.47%

Operating income

961M HKD+26.45%

Net income

320M HKD+1.26B HKD
Income trends across reported periods11.41B HKD6.92B HKD2.43B HKD−2.07B HKDRevenue, FY2021: 3.46B HKDRevenue, FY2022: 4.2B HKDRevenue, FY2023: 8.11B HKDRevenue, FY2024: 10.29B HKDRevenue, FY2025: 7.98B HKDOperating income, FY2021: −105M HKDOperating income, FY2022: −53M HKDOperating income, FY2023: 578M HKDOperating income, FY2024: 760M HKDOperating income, FY2025: 961M HKDNet income, FY2021: −120M HKDNet income, FY2022: −488M HKDNet income, FY2023: 146M HKDNet income, FY2024: −943M HKDNet income, FY2025: 320M HKDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 3.46B HKD. Revenue FY2022 4.2B HKD. Revenue FY2023 8.11B HKD. Revenue FY2024 10.29B HKD. Revenue FY2025 7.98B HKD. Operating income FY2021 −105M HKD. Operating income FY2022 −53M HKD. Operating income FY2023 578M HKD. Operating income FY2024 760M HKD. Operating income FY2025 961M HKD. Net income FY2021 −120M HKD. Net income FY2022 −488M HKD. Net income FY2023 146M HKD. Net income FY2024 −943M HKD. Net income FY2025 320M HKD.
Metric (HKD)FY2025FY2024FY2023FY2022FY2021
Revenue7.98B HKD10.29B HKD8.11B HKD4.2B HKD3.46B HKD
Cost of goods sold4.56B HKD6.87B HKD5.39B HKD2.77B HKD2.37B HKD
Gross profit3.42B HKD3.42B HKD2.72B HKD1.43B HKD1.09B HKD
Selling, general, and administrative2.46B HKD314M HKD251M HKD1.48B HKD1.2B HKD
Operating expenses2.46B HKD2.66B HKD2.15B HKD1.48B HKD1.2B HKD
Interest income17M HKD28M HKD21M HKD6M HKD4M HKD
Interest expense693M HKD932M HKD457M HKD230M HKD136M HKD
Depreciation and amortization714M HKD636M HKD520M HKD452M HKD499M HKD
Operating income961M HKD760M HKD578M HKD−53M HKD−105M HKD
Net income320M HKD−943M HKD146M HKD−488M HKD−120M HKD

Company facts updated Aug 24, 2026.

Earnings

Latest EPS result
0.01

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates0.430.14-0.15-0.44Q1 '23Q3 '23Q1 '24Q3 '24Q1 '25Q3 '25Q1 '26Q3 '26
Q1 2023, reported Mar 15, 2023: actual -0.38, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 3, 2023: actual 0.02, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 19, 2024: actual 0.032, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 7, 2024: actual -0.27, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 31, 2025: actual -0.3, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 6, 2025: actual -0.17, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 18, 2026: actual 0.37, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 6, 2026: actual 0.014, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates6.32B4.94B3.55B2.16BQ1 '23MissQ3 '23No estimateQ1 '24No estimateQ3 '24No estimateQ1 '25No estimateQ3 '25No estimateQ1 '26No estimateQ3 '26No estimate
Q1 2023, reported Mar 15, 2023: actual 2.54B HKD, estimate 6.04B HKD, surprise -57.99%, Miss. Q3 2023, reported Aug 3, 2023: actual 2.45B HKD, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 19, 2024: actual 5.67B HKD, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 7, 2024: actual 4.62B HKD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 31, 2025: actual 5.68B HKD, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 6, 2025: actual 3.28B HKD, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 18, 2026: actual 4.7B HKD, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Aug 6, 2026: actual 3.93B HKD, estimate —, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.20

2019 complete year-13.0% since 2015

Corporate action history

Dividend

Ex-dividend May 10, 2024

HK$0.08

Irregular

Record May 13, 2024 · Payment Jun 20, 2024

Dividend

Ex-dividend May 18, 2020

HK$0.09

Special

Record May 19, 2020 · Payment Jun 29, 2020

Dividend

Ex-dividend Aug 29, 2019

HK$0.04

Quarterly

Record Aug 30, 2019 · Payment Oct 11, 2019

Dividend

Ex-dividend May 15, 2019

HK$0.16

Special

Record May 16, 2019 · Payment Jun 21, 2019

Dividend

Ex-dividend Aug 31, 2018

HK$0.05

Quarterly

Record Sep 3, 2018 · Payment Oct 12, 2018

Dividend

Ex-dividend May 11, 2018

HK$0.16

Special

Record May 14, 2018 · Payment Jun 22, 2018

0045.HK peers

ETFs holding 0045.HK

Funds reporting this stock among their holdings, ordered by reported position size.

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