Financials China Travel International Investment Hong Kong Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 04:08:20 2024-04-26 am EDT			5-day change	1st Jan Change
1.26 ^HKD	+3.28%		+6.78%	-5.97%

Mar. 27	China Travel International Returns to Profit as Revenue Rises, Fair Value Losses Shrink	MT
Mar. 26	China Travel International Investment Hong Kong Limited Announces Final Dividend for the Year Ended 31 December 2023, Payable on 20 June 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,641	5,869	8,526	9,800	7,419	6,976	-	-
Enterprise Value (EV) ¹	7,641	5,869	8,526	9,800	7,419	6,976	6,976	6,976
P/E ratio	19.5 x	-15 x	49 x	-27.5 x	-	14 x	12.6 x	12.6 x
Yield	2.17%	-	-	-	1.87%	2.62%	3.01%	3.35%
Capitalization / Revenue	1.71 x	2.98 x	2.34 x	3.23 x	1.65 x	1.42 x	1.3 x	1.23 x
EV / Revenue	1.71 x	2.98 x	2.34 x	3.23 x	1.65 x	1.42 x	1.3 x	1.23 x
EV / EBITDA	6.95 x	-30.5 x	32.8 x	-83.3 x	6.81 x	5.25 x	4.94 x	4.7 x
EV / FCF	-	-	-	-9,007,348 x	-	-	-	-
FCF Yield	-	-	-	-0%	-	-	-	-
Price to Book	0.47 x	0.36 x	0.49 x	0.6 x	-	0.42 x	0.41 x	0.4 x
Nbr of stocks (in thousands)	5,536,634	5,536,634	5,536,634	5,536,634	5,536,634	5,536,634	-	-
Reference price ²	1.380	1.060	1.540	1.770	1.340	1.260	1.260	1.260
Announcement Date	3/31/20	3/30/21	3/30/22	3/31/23	3/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,477	1,967	3,648	3,032	4,494	4,907	5,348	5,683
EBITDA ¹	1,099	-192.2	259.8	-117.7	1,089	1,329	1,413	1,484
EBIT ¹	580.6	-781.6	-330	-659.2	565.1	648.5	713.5	782.3
Operating Margin	12.97%	-39.74%	-9.05%	-21.74%	12.57%	13.22%	13.34%	13.77%
Earnings before Tax (EBT) ¹	734.3	-741.8	15.43	-684.8	702	802	883	965.2
Net income ¹	386.9	-390.8	174	-355.8	239.5	478	530	570
Net margin	8.64%	-19.87%	4.77%	-11.73%	5.33%	9.74%	9.91%	10.03%
EPS ²	0.0708	-0.0706	0.0314	-0.0643	-	0.0900	0.1000	0.1000
Free Cash Flow	-	-	-	-1,088	-	-	-	-
FCF margin	-	-	-	-35.88%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0300	-	-	-	0.0250	0.0330	0.0379	0.0422
Announcement Date	3/31/20	3/30/21	3/30/22	3/31/23	3/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-1,088	-	-	-	-
ROE (net income / shareholders' equity)	2.41%	-2.42%	1.04%	-2.12%	1.47%	2.78%	3.11%	3.31%
ROA (Net income/ Total Assets)	1.79%	-1.66%	-0.91%	-1.44%	0.98%	1.9%	2%	2.1%
Assets ¹	21,649	23,495	-19,123	24,794	24,389	25,158	26,500	27,143
Book Value Per Share ²	2.910	2.930	3.130	2.930	-	3.030	3.100	3.180
Cash Flow per Share ²	0.0700	-0.0900	-0.1000	-0.0400	-	0.3200	-	-
Capex ¹	604	480	681	864	2,095	700	700	700
Capex / Sales	13.5%	24.42%	18.66%	28.49%	46.61%	14.27%	13.09%	12.32%
Announcement Date	3/31/20	3/30/21	3/30/22	3/31/23	3/26/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.26 HKD

Average target price

1.693 HKD

Spread / Average Target

+34.39%

	1st Jan change	Capi.
CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED	-5.97%	891M
TUI AG	-4.45%	3.66B
MANCHESTER UNITED PLC	-21.15%	2.65B
BOWLERO CORP.	-17.30%	1.75B
ROUND ONE CORPORATION	+24.91%	1.19B
FUJI KYUKO CO., LTD.	-18.25%	1.16B
HUANGSHAN TOURISM DEVELOPMENT CO.,LTD.	+17.10%	1.08B
EMEI SHAN TOURISM CO.,LTD	+42.33%	924M
CORPORACIÓN INTERAMERICANA DE ENTRETENIMIENTO, S.A.B. DE C.V.	+5.46%	787M
LIJIANG YULONG TOURISM CO., LTD.	+25.09%	767M