Financials CITIC Telecom International Holdings 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
2.67 ^HKD	+1.52%		+5.53%	-18.60%

Mar. 13	CITIC Telecom's 2023 Profit Rises 3.4%; Revenue Slides 1.2%	MT
Mar. 13	CITIC Telecom International Holdings Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 13 June 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,392	8,942	9,686	9,774	12,136	9,881	-	-
Enterprise Value (EV) ¹	15,357	8,942	13,835	12,308	14,684	11,656	10,801	9,913
P/E ratio	10.4 x	8.75 x	9.01 x	8.2 x	9.85 x	8.71 x	8.09 x	7.63 x
Yield	7.04%	8.61%	8.56%	9.25%	7.71%	8.99%	9.93%	10.5%
Capitalization / Revenue	1.15 x	1 x	1.02 x	0.97 x	1.22 x	1.04 x	0.99 x	0.94 x
EV / Revenue	1.7 x	1 x	1.46 x	1.22 x	1.47 x	1.22 x	1.08 x	0.95 x
EV / EBITDA	6.16 x	3.63 x	5.51 x	4.63 x	5.71 x	4.82 x	4.4 x	3.86 x
EV / FCF	7.93 x	-	7.43 x	5.13 x	9.35 x	5.24 x	4.93 x	4.54 x
FCF Yield	12.6%	-	13.5%	19.5%	10.7%	19.1%	20.3%	22%
Price to Book	1.1 x	0.92 x	0.96 x	0.94 x	1.13 x	0.9 x	0.88 x	0.86 x
Nbr of stocks (in thousands)	3,659,240	3,664,617	3,683,013	3,688,281	3,700,035	3,700,891	-	-
Reference price ²	2.840	2.440	2.630	2.650	3.280	2.670	2.670	2.670
Announcement Date	3/3/20	3/4/21	3/15/22	3/16/23	3/13/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,014	8,923	9,486	10,111	9,987	9,542	10,026	10,470
EBITDA ¹	2,494	2,460	2,509	2,657	2,571	2,418	2,456	2,566
EBIT ¹	1,591	1,559	1,624	1,765	1,771	1,522	1,598	1,663
Operating Margin	17.65%	17.47%	17.12%	17.46%	17.73%	15.95%	15.93%	15.88%
Earnings before Tax (EBT) ¹	1,249	1,263	1,355	1,496	1,505	1,376	1,482	1,574
Net income ¹	1,002	1,023	1,076	1,191	1,231	1,124	1,211	1,287
Net margin	11.12%	11.46%	11.34%	11.78%	12.33%	11.78%	12.08%	12.29%
EPS ²	0.2740	0.2790	0.2920	0.3230	0.3330	0.3065	0.3300	0.3500
Free Cash Flow ¹	1,937	-	1,862	2,400	1,570	2,225	2,189	2,183
FCF margin	21.49%	-	19.63%	23.74%	15.72%	23.32%	21.83%	20.85%
FCF Conversion (EBITDA)	77.69%	-	74.21%	90.33%	61.07%	92%	89.11%	85.07%
FCF Conversion (Net income)	193.29%	-	173.05%	201.51%	127.54%	197.87%	180.76%	169.62%
Dividend per Share ²	0.2000	0.2100	0.2250	0.2450	0.2530	0.2400	0.2650	0.2800
Announcement Date	3/3/20	3/4/21	3/15/22	3/16/23	3/13/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,965	-	4,149	2,534	2,548	1,775	920	32
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.991 x	-	1.654 x	0.9537 x	0.9911 x	0.7339 x	0.3745 x	0.0125 x
Free Cash Flow ¹	1,937	-	1,862	2,400	1,570	2,225	2,189	2,183
ROE (net income / shareholders' equity)	11%	10.7%	10.8%	-	11.7%	10.4%	11%	11.4%
ROA (Net income/ Total Assets)	5.51%	5.57%	5.86%	-	6.93%	6.89%	7.27%	7.54%
Assets ¹	18,177	18,363	18,360	-	17,772	16,321	16,669	17,069
Book Value Per Share ²	2.580	2.660	2.740	2.810	2.910	2.960	3.040	3.110
Cash Flow per Share ²	0.6600	-	0.6500	-	0.5100	0.6300	0.6500	0.6600
Capex ¹	480	-	532	323	311	322	329	337
Capex / Sales	5.32%	-	5.61%	3.19%	3.11%	3.37%	3.28%	3.21%
Announcement Date	3/3/20	3/4/21	3/15/22	3/16/23	3/13/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.67 HKD

Average target price

3.38 HKD

Spread / Average Target

+26.59%

	1st Jan change	Capi.
CITIC TELECOM INTERNATIONAL HOLDINGS LIMITED	-18.60%	1.26B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	35B