Financials Asia Financial Holdings Limited

Equities

662

BMG0532X1074

Multiline Insurance & Brokers

Delayed Hong Kong S.E. 04:08:20 2024-04-26 am EDT 5-day change 1st Jan Change
3.42 HKD +0.59% Intraday chart for Asia Financial Holdings Limited +0.59% -3.66%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 4,233 3,844 3,595 3,428 3,324 3,298
Enterprise Value (EV) 1 1,739 624 901.4 794.2 1,673 2,171
P/E ratio 16.6 x 9.47 x 10.7 x 5.17 x 16.7 x 9.54 x
Yield 1.61% 2.13% 2.11% 3.97% 1.41% 2.54%
Capitalization / Revenue 3.87 x 2.75 x 2.46 x 1.94 x 2.12 x 1.18 x
EV / Revenue 1.59 x 0.45 x 0.62 x 0.45 x 1.07 x 0.78 x
EV / EBITDA 12.1 x 2.03 x 2.76 x 1.62 x 8.89 x 4.29 x
EV / FCF 12 x 1.09 x 19.3 x 11.2 x -7.32 x -93.6 x
FCF Yield 8.34% 91.6% 5.19% 8.92% -13.7% -1.07%
Price to Book 0.45 x 0.37 x 0.33 x 0.33 x 0.32 x 0.31 x
Nbr of stocks (in thousands) 973,180 960,912 946,150 939,268 936,470 929,062
Reference price 2 4.350 4.000 3.800 3.650 3.550 3.550
Announcement Date 4/17/19 4/20/20 4/19/21 4/14/22 4/17/23 4/19/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,094 1,398 1,461 1,766 1,570 2,792
EBITDA 1 144.3 307.8 326.2 489.5 188.2 506.3
EBIT 1 135.4 298.1 313.3 477.8 175.5 492.4
Operating Margin 12.38% 21.33% 21.45% 27.05% 11.18% 17.63%
Earnings before Tax (EBT) 1 294.2 434.3 372.4 703.8 229.9 431.2
Net income 1 255.9 409 338 665.4 199.9 346.8
Net margin 23.4% 29.26% 23.13% 37.67% 12.73% 12.42%
EPS 2 0.2622 0.4225 0.3542 0.7065 0.2131 0.3720
Free Cash Flow 1 145 571.8 46.75 70.8 -228.7 -23.19
FCF margin 13.26% 40.92% 3.2% 4.01% -14.56% -0.83%
FCF Conversion (EBITDA) 100.46% 185.77% 14.33% 14.46% - -
FCF Conversion (Net income) 56.65% 139.83% 13.83% 10.64% - -
Dividend per Share 2 0.0700 0.0850 0.0800 0.1450 0.0500 0.0900
Announcement Date 4/17/19 4/20/20 4/19/21 4/14/22 4/17/23 4/19/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 2,494 3,220 2,694 2,634 1,651 1,127
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 145 572 46.8 70.8 -229 -23.2
ROE (net income / shareholders' equity) 2.95% 4.13% 3.23% 6.21% 1.91% 3.2%
ROA (Net income/ Total Assets) 0.66% 1.31% 1.27% 1.91% 0.71% 2.07%
Assets 1 38,613 31,181 26,558 34,887 28,320 16,773
Book Value Per Share 2 9.640 10.70 11.60 11.10 11.20 11.60
Cash Flow per Share 2 2.740 3.460 2.850 2.810 1.770 1.220
Capex 1 16.7 5.67 13.3 5.47 9.77 14.9
Capex / Sales 1.53% 0.41% 0.91% 0.31% 0.62% 0.53%
Announcement Date 4/17/19 4/20/20 4/19/21 4/14/22 4/17/23 4/19/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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