Financials Chow Sang Sang Holdings International 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
8.43 ^HKD	+1.69%		+3.06%	-6.12%

Mar. 22	Chow Sang Sang Holdings International Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on June 20, 2024	CI
Mar. 22	Chow Sang Sang Holdings International Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,564	5,961	7,384	7,005	6,083	5,711	-	-
Enterprise Value (EV) ¹	8,227	6,210	9,928	11,413	10,612	8,636	7,723	9,666
P/E ratio	10.2 x	10.9 x	11.5 x	15.5 x	6.01 x	4.7 x	4.11 x	3.68 x
Yield	4.02%	5.34%	3.85%	2.9%	6.68%	8.55%	9.75%	5.43%
Capitalization / Revenue	0.37 x	0.4 x	0.34 x	0.34 x	0.24 x	0.21 x	0.19 x	0.16 x
EV / Revenue	0.46 x	0.41 x	0.45 x	0.56 x	0.42 x	0.31 x	0.25 x	0.28 x
EV / EBITDA	5.33 x	4.97 x	5.52 x	7.24 x	6.15 x	3.87 x	3.15 x	4.03 x
EV / FCF	32 x	4.44 x	-8.68 x	-	-	13.2 x	7.9 x	65.3 x
FCF Yield	3.12%	22.5%	-11.5%	-	-	7.58%	12.7%	1.53%
Price to Book	0.62 x	0.5 x	0.58 x	0.59 x	0.5 x	0.44 x	0.41 x	0.39 x
Nbr of stocks (in thousands)	677,434	677,434	677,434	677,434	677,434	677,434	-	-
Reference price ²	9.690	8.800	10.90	10.34	8.980	8.430	8.430	8.430
Announcement Date	3/26/20	3/25/21	3/22/22	3/23/23	3/22/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,736	15,032	21,988	20,557	25,013	27,730	30,543	34,801
EBITDA ¹	1,542	1,248	1,799	1,577	1,725	2,233	2,452	2,400
EBIT ¹	1,307	970.4	985	706.7	1,378	1,656	1,873	2,042
Operating Margin	7.37%	6.46%	4.48%	3.44%	5.51%	5.97%	6.13%	5.87%
Earnings before Tax (EBT) ¹	883.3	920.9	1,006	592.8	1,357	1,569	1,793	1,988
Net income ¹	643.5	544.5	643.3	452.3	1,013	1,215	1,388	1,551
Net margin	3.63%	3.62%	2.93%	2.2%	4.05%	4.38%	4.55%	4.46%
EPS ²	0.9500	0.8040	0.9500	0.6680	1.495	1.795	2.050	2.289
Free Cash Flow ¹	256.8	1,400	-1,143	-	-	655	978	148
FCF margin	1.45%	9.31%	-5.2%	-	-	2.36%	3.2%	0.43%
FCF Conversion (EBITDA)	16.65%	112.17%	-	-	-	29.33%	39.89%	6.17%
FCF Conversion (Net income)	39.9%	257.15%	-	-	-	53.89%	70.44%	9.54%
Dividend per Share ²	0.3900	0.4700	0.4200	0.3000	0.6000	0.7208	0.8221	0.4578
Announcement Date	3/26/20	3/25/21	3/22/22	3/23/23	3/22/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,662	248	2,544	4,408	4,529	2,925	2,012	3,955
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.078 x	0.1989 x	1.414 x	2.795 x	2.626 x	1.31 x	0.8206 x	1.648 x
Free Cash Flow ¹	257	1,400	-1,143	-	-	655	978	148
ROE (net income / shareholders' equity)	6.11%	4.81%	5.19%	3.67%	8.41%	9.68%	10.4%	10.9%
ROA (Net income/ Total Assets)	4.28%	3.29%	3.69%	2.46%	5.36%	6.19%	6.77%	7.31%
Assets ¹	15,036	16,531	17,456	18,370	18,904	19,643	20,518	21,207
Book Value Per Share ²	15.70	17.70	18.80	17.60	18.00	19.10	20.40	21.70
Cash Flow per Share ²	3.880	2.410	2.700	2.500	-	2.450	2.840	-
Capex ¹	415	244	418	395	-	522	504	359
Capex / Sales	2.34%	1.63%	1.9%	1.92%	-	1.88%	1.65%	1.03%
Announcement Date	3/26/20	3/25/21	3/22/22	3/23/23	3/22/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

D-

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

8.43 HKD

Average target price

11.77 HKD

Spread / Average Target

+39.62%

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