Shui On Land Limited (SOLLF)
UndervaluedFundamental
31
Price
$0.42
Market Cap
$3.68B
Part 1 · What the company is worth
Overview
Shui On Land develops and manages large-scale urban regeneration projects in mainland China, anchored by its Xintiandi and Lakeville brands in central Shanghai. The company builds residential, office and retail properties on redeveloped land, then either sells the residential units or keeps the commercial space to lease and manage long term. As of the end of 2025 its investment property portfolio was valued at RMB57.6 billion, spanning about 1,258,000 square metres of gross floor area.
How it makes money
Shui On Land earns money two ways: selling newly built apartments and offices under presale contracts, with revenue recognized when units are delivered to buyers, and collecting rent from tenants of the retail and office space it keeps and operates itself, mainly under the Xintiandi brand. In 2025 it recorded RMB7,916 million in contracted property sales — bookings for future delivery — and RMB3,625 million in rental and related income, up 2% from the prior year.
What drives demand
CyclicalProperty development in China has been cyclical and, more recently, in a prolonged downturn: nationwide sales volume and value fell 8.7% and 12.6% year-on-year during the period covered by Shui On Land's 2025 results, and the company describes industry-wide liquidity as likely to remain tight. Its rental income from completed, leased commercial space is comparatively steadier, growing even as development sales softened.
The case for
Buyers argue that Shui On Land's shift toward rental income and asset-light partnerships is cushioning it against the broader Chinese property downturn, that its Xintiandi commercial portfolio in central Shanghai commands premium rents, and that a RMB57.6 billion investment-property base provides a tangible asset backing for the shares.
The case against
Sellers fear that the company still depends on selling new residential units in a Chinese property market where nationwide volumes and prices keep falling, that it reported a net loss for 2025 driven by non-cash fair-value adjustments and impairments, and that tight sector-wide liquidity could pressure its ability to fund new projects.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$3.73B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$-1.61B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$-553M
Total Equity
$43.08B
Total Liabilities
$36.43B
Current Ratio
1.72
Interest Coverage
-
Debt/EBITDA
34.17
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$0.73
Current Price
$0.42
Margin of Safety
+41.8%
Fair Value Range
$0.69 - $0.77
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-4.0%
P/B Ratio
0.09
P/FCF
-
Gross Margin
51.3%
ROIC
1.6%
Profitability Radar
Value Creation (Economic Moat)
ROIC
1.6%
WACC
0.7%
ROIC − WACC
+0.9 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (6)
- Gross Margin 51.3%
- P/B Ratio 0.09
- Debt/Equity ratio
- Operating Margin 15.9%
- Current Ratio
- Earnings Surprise avg 35.5%
Failed (10)
- Price CAGR -12.43%
- ROIC 1.6%
- Positive Free Cash Flow
- Debt/EBITDA
- DCF valuation (Unknown)
- ROE -4.4%
- Revenue Growth 5Y -2.3%
- Analyst Consensus 0% Buy
- Earnings Quality (OCF/NI) -0.63
- Piotroski F-Score 0/9
Unavailable (11)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
- Net Margin Trend (invalid data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Dr. Hong Sui Lo GBS, J.P. | Executive Chairman | 77 |
| Ms. Jessica Ying Wang | CEO & Executive Director | 51 |
| Ms. B. Y. Lo | Executive Vice Chairman | 43 |
| Mr. He Hau Sung | CFO, Chief Investment Officer & Executive Director | 58 |
| Mr. Kim Lun Uy LL.B, P.C. L.L | Director of Legal Affairs & Company Secretary | 62 |
| Mr. K. M. Lee | Director of Human Resources | 68 |
| Mr. Pit Kwong Wong | Chief Economist & Director of Development Research | 69 |
| Mr. Kain Bon Chan | Chief Sustainability Officer and Director of Planning & Development. | 51 |
| Mr. Allan B. Zhang | Chief Executive Officer of Shui On Xintiandi Limited | 46 |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for SOLLF, sourced from Markets Gazette.