Financials TK Group (Holdings) Limited

Equities

2283

KYG889391069

Industrial Machinery & Equipment

Market Closed - Hong Kong S.E. Other stock markets 04:08:28 2024-05-20 am EDT			5-day change	1st Jan Change
2.13 ^HKD	0.00%		+12.11%	+51.06%

May. 03	TK Group's 2023 Profit Falls as Revenue Declines; Shares Surge 13%	MT
Mar. 22	TK Group Limited Proposes Special Dividend for the Year Ended 31 December 2023, Payable on 20 June 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,250	2,083	2,083	1,317	1,175	1,775	-	-
Enterprise Value (EV) ¹	2,757	1,544	1,219	508.2	1,175	658.8	594.8	523.8
P/E ratio	10.8 x	10 x	7.35 x	5.85 x	5.64 x	6.26 x	5.33 x	4.44 x
Yield	4.87%	4%	-	7.22%	-	-	-	-
Capitalization / Revenue	1.41 x	1.02 x	0.87 x	0.58 x	0.6 x	0.77 x	0.68 x	0.6 x
EV / Revenue	1.19 x	0.76 x	0.51 x	0.22 x	0.6 x	0.28 x	0.23 x	0.18 x
EV / EBITDA	4.9 x	3.47 x	2.31 x	1.07 x	-	1.47 x	1.18 x	0.94 x
EV / FCF	11.6 x	3.38 x	6.62 x	-	-	2.82 x	1.98 x	1.54 x
FCF Yield	8.62%	29.5%	15.1%	-	-	35.5%	50.4%	65.1%
Price to Book	2.73 x	1.49 x	-	0.82 x	-	-	-	-
Nbr of stocks (in thousands)	833,260	833,260	833,260	833,260	833,260	833,260	-	-
Reference price ²	3.900	2.500	2.500	1.580	1.410	2.130	2.130	2.130
Announcement Date	3/27/20	3/26/21	3/25/22	3/31/23	3/22/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,311	2,033	2,404	2,279	1,946	2,316	2,623	2,954
EBITDA ¹	563	445	527.1	474.6	-	447	506	556
EBIT ¹	361.5	234.9	305.9	247.8	234.7	269.5	317	368
Operating Margin	15.64%	11.55%	12.72%	10.87%	12.06%	11.64%	12.09%	12.46%
Earnings before Tax (EBT) ¹	360.5	240.5	324.5	258.8	237	312.5	367.5	424.5
Net income ¹	301.8	209.7	282.4	226.9	204.2	270.4	318.8	367.3
Net margin	13.06%	10.31%	11.74%	9.96%	10.49%	11.67%	12.15%	12.44%
EPS ²	0.3600	0.2500	0.3400	0.2700	0.2500	0.3400	0.4000	0.4800
Free Cash Flow ¹	237.6	456	184.2	-	-	234	300	341
FCF margin	10.28%	22.43%	7.66%	-	-	10.1%	11.44%	11.55%
FCF Conversion (EBITDA)	42.2%	102.49%	34.94%	-	-	52.35%	59.29%	61.33%
FCF Conversion (Net income)	78.73%	217.49%	65.23%	-	-	86.55%	94.12%	92.84%
Dividend per Share	0.1900	0.1000	-	0.1140	-	-	-	-
Announcement Date	3/27/20	3/26/21	3/25/22	3/31/23	3/22/24	-	-	-

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2022 S1
Net sales	1,306	-	1,304	-	-
EBITDA	-	-	-	-	-
EBIT	224.5	-	-	-	-
Operating Margin	17.19%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Net income ¹	187.7	41.36	-	115.2	58.45
Net margin	14.37%	-	-	-	-
EPS ²	-	0.0500	-	-	0.0700
Dividend per Share	-	-	-	-	-
Announcement Date	3/27/20	8/21/20	3/26/21	8/16/21	8/26/22

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	493	540	864	808	-	1,116	1,180	1,251
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	238	456	184	-	-	234	300	341
ROE (net income / shareholders' equity)	26.6%	16.2%	18.7%	14.1%	-	15.7%	17.4%	18.7%
ROA (Net income/ Total Assets)	13.4%	8.56%	10.4%	8.18%	-	10.5%	11.9%	12.9%
Assets ¹	2,244	2,450	2,712	2,774	-	2,575	2,679	2,847
Book Value Per Share	1.430	1.680	-	1.940	-	-	-	-
Cash Flow per Share	-	-	-	0.4500	-	-	-	-
Capex ¹	206	62.1	104	139	-	118	141	164
Capex / Sales	8.92%	3.05%	4.31%	6.09%	-	5.09%	5.38%	5.55%
Announcement Date	3/27/20	3/26/21	3/25/22	3/31/23	3/22/24	-	-	-

¹HKD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for TK Group (Holdings) Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.13 HKD

Average target price

2.615 HKD

Spread / Average Target

+22.77%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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Industrial Moulds