Financials China State Construction International Holdings Limited

Equities

3311

KYG216771363

Construction & Engineering

Market Closed - Hong Kong S.E. 04:08:12 2024-06-17 am EDT 5-day change 1st Jan Change
10.02 HKD -1.33% Intraday chart for China State Construction International Holdings Limited -7.56% +10.96%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 35,748 22,317 48,815 44,180 45,490 50,477 - -
Enterprise Value (EV) 1 63,348 58,647 97,432 44,180 97,179 97,219 98,570 105,288
P/E ratio 6.6 x 3.71 x 7.18 x 5.55 x 4.96 x 4.89 x 4.3 x 3.81 x
Yield 4.52% 8.14% 4.18% 5.47% 6.2% 6.23% 7.1% 7.81%
Capitalization / Revenue 0.58 x 0.36 x 0.63 x 0.43 x 0.4 x 0.39 x 0.35 x 0.31 x
EV / Revenue 1.03 x 0.94 x 1.26 x 0.43 x 0.85 x 0.76 x 0.68 x 0.65 x
EV / EBITDA 7.31 x 6.3 x 9.61 x 3.6 x 6.67 x 5.92 x 5.34 x 5.16 x
EV / FCF -19.8 x -11.5 x -78.7 x -293 x - 28.3 x 34.9 x 42.8 x
FCF Yield -5.06% -8.66% -1.27% -0.34% - 3.54% 2.87% 2.33%
Price to Book 0.72 x 0.39 x 0.87 x 0.76 x 0.61 x 0.71 x 0.64 x 0.58 x
Nbr of stocks (in thousands) 5,049,157 5,049,157 5,037,617 5,037,617 5,037,617 5,037,617 - -
Reference price 2 7.080 4.420 9.690 8.770 9.030 10.02 10.02 10.02
Announcement Date 3/25/20 3/24/21 3/25/22 3/21/23 3/21/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 61,670 62,458 77,310 101,975 113,734 128,402 144,717 161,853
EBITDA 1 8,672 9,311 10,136 12,271 14,570 16,430 18,443 20,397
EBIT 1 8,191 8,913 9,704 11,584 13,716 15,417 17,325 19,146
Operating Margin 13.28% 14.27% 12.55% 11.36% 12.06% 12.01% 11.97% 11.83%
Earnings before Tax (EBT) 1 7,284 8,244 9,385 10,779 12,104 13,710 15,630 17,715
Net income 1 5,413 6,015 6,801 7,957 9,164 10,328 11,767 13,250
Net margin 8.78% 9.63% 8.8% 7.8% 8.06% 8.04% 8.13% 8.19%
EPS 2 1.072 1.191 1.349 1.580 1.820 2.050 2.333 2.630
Free Cash Flow 1 -3,207 -5,080 -1,238 -150.7 - 3,440 2,827 2,457
FCF margin -5.2% -8.13% -1.6% -0.15% - 2.68% 1.95% 1.52%
FCF Conversion (EBITDA) - - - - - 20.94% 15.33% 12.05%
FCF Conversion (Net income) - - - - - 33.31% 24.02% 18.55%
Dividend per Share 2 0.3200 0.3600 0.4050 0.4800 0.5600 0.6241 0.7110 0.7829
Announcement Date 3/25/20 3/24/21 3/25/22 3/21/23 3/21/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2
Net sales 1 34,127 28,002 34,456 36,371 40,939 53,811 48,165 55,111 58,623
EBITDA - - - - - - - - -
EBIT 1 - - - 5,406 4,554 6,109 5,475 7,368 6,348
Operating Margin - - - 14.86% 11.12% 11.35% 11.37% 13.37% 10.83%
Earnings before Tax (EBT) - - - - - - 5,213 - -
Net income - - - - - - 3,743 - -
Net margin - - - - - - 7.77% - -
EPS 2 - - - 0.6942 0.6552 0.8365 0.7435 0.9625 0.8575
Dividend per Share - - - - - - - - -
Announcement Date 3/25/20 8/21/20 3/24/21 8/17/21 3/25/22 8/19/22 3/21/23 9/11/23 3/21/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 27,600 36,330 48,618 - 51,689 46,742 48,093 54,811
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.183 x 3.902 x 4.797 x - 3.548 x 2.845 x 2.608 x 2.687 x
Free Cash Flow 1 -3,207 -5,080 -1,238 -151 - 3,440 2,827 2,457
ROE (net income / shareholders' equity) 11.7% 11.3% 12% 12.3% 13.3% 15.3% 15.6% 15.7%
ROA (Net income/ Total Assets) 3.64% 3.45% 3.58% 3.55% 3.83% 4.11% 4.27% 4.44%
Assets 1 148,772 174,116 190,050 224,068 239,064 251,153 275,407 298,667
Book Value Per Share 2 9.890 11.30 11.20 11.50 14.70 14.00 15.70 17.20
Cash Flow per Share 2 -0.5400 -0.9000 -0.1100 0.4200 - 0.4000 0.5000 0.6800
Capex 1 503 548 686 363 - 617 639 532
Capex / Sales 0.82% 0.88% 0.89% 0.36% - 0.48% 0.44% 0.33%
Announcement Date 3/25/20 3/24/21 3/25/22 3/21/23 3/21/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
10.02 HKD
Average target price
12.8 HKD
Spread / Average Target
+27.74%
Consensus
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