Projected Income Statement: Chow Sang Sang Holdings International Limited

Forecast Balance Sheet: Chow Sang Sang Holdings International Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 2,544 4,408 4,529 - - - - -
Change - 73.27% 2.75% - - - - -
Announcement Date 3/22/22 3/23/23 3/22/24 3/25/25 3/26/26 - - -
Estimates

Cash Flow Forecast: Chow Sang Sang Holdings International Limited

Fiscal Period: December 2021 2022 2023 2024 2026 2027
CAPEX 1 418.1 395.3 437.5 214.8 300 200
Change - -5.45% 10.68% -50.91% - -33.33%
Free Cash Flow (FCF) 1 -1,143 - - - - -
Change - - - - - -
Announcement Date 3/22/22 3/23/23 3/22/24 3/25/25 - -
1HKD in Million
Estimates

Forecast Financial Ratios: Chow Sang Sang Holdings International Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 8.18% 7.67% 6.9% 9.78% 13.8% 14.42% 14.3% -
EBIT Margin (%) 4.48% 3.44% 5.51% 5.23% 10.14% 11.16% 11.78% 11.51%
EBT Margin (%) 4.57% 2.88% 5.43% 4.71% 9.72% 11.23% 12.08% -
Net margin (%) 2.93% 2.2% 4.05% 3.8% 7.65% 8.14% 8.79% 8.41%
FCF margin (%) -5.2% - - - - - - -
FCF / Net Income (%) -177.73% - - - - - - -

Profitability

        
ROA 3.68% 2.46% 5.36% 4.15% 7.77% 8% 9.5% -
ROE 5.19% 3.67% 8.41% 6.54% 12.77% 12.35% 13.57% 11.6%

Financial Health

        
Leverage (Debt/EBITDA) 1.41x 2.79x 2.63x - - - - -
Debt / Free cash flow -2.22x - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 1.9% 1.92% 1.75% 1.01% - 1.27% 0.77% -
CAPEX / EBITDA (%) 23.24% 25.06% 25.37% 10.37% - 8.79% 5.39% -
CAPEX / FCF (%) -36.57% - - - - - - -

Items per share

        
Cash flow per share 1 2.696 2.502 4.275 2.625 - 7.79 3.66 -
Change - -7.18% 70.84% -38.59% - - -53.02% -
Dividend per Share 1 0.42 0.3 0.6 0.51 1 1.17 1.26 -
Change - -28.57% 100% -15% 96.08% 17% 7.69% -
Book Value Per Share 1 18.8 17.6 18.02 18.5 21.5 23.38 25.14 27.2
Change - -6.38% 2.39% 2.66% 16.22% 8.77% 7.5% 8.19%
EPS 1 0.95 0.668 1.495 1.191 2.557 2.82 3.323 3.34
Change - -29.68% 123.8% -20.33% 114.69% 10.29% 17.85% 0.5%
Nbr of stocks (in thousands) 677,434 677,434 677,434 672,720 671,712 671,712 671,712 671,712
Announcement Date 3/22/22 3/23/23 3/22/24 3/25/25 3/26/26 - - -
1HKD
Estimates
2026 *2027 *
P/E Ratio 3.55x 3.02x
PBR 0.43x 0.4x
EV / Sales 0.28x 0.26x
Yield 11.7% 12.6%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
BBB
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
10.02HKD
Average target price
16.92HKD
Spread / Average Target
+68.86%

Annual profits - Rate of surprise

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