Stock 1113 CK ASSET HOLDINGS LIMITED
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Financials CK Asset Holdings Limited

Equities

1113

KYG2177B1014

Real Estate Development & Operations

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
33.4 HKD +1.98% Intraday chart for CK Asset Holdings Limited +7.40% -14.80%
Apr. 25 Hong Kong's CK Group to buy Northern Ireland natgas distributor for $945 mln RE
Apr. 25 Hong Kong's CK Group to buy Northern Ireland's natural gas operator Phoenix Energy RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 207,754 146,997 179,082 172,703 139,108 117,262 - -
Enterprise Value (EV) 1 234,168 165,371 212,185 160,042 139,108 137,343 134,563 134,603
P/E ratio 7.13 x 9 x 8.52 x 8.04 x 8.07 x 7.78 x 6.85 x 6.05 x
Yield 3.73% 4.52% 4.48% 4.75% - 6.17% 6.27% 6.54%
Capitalization / Revenue 2.52 x 2.46 x 2.88 x 3.07 x 2.94 x 2.25 x 1.9 x 1.69 x
EV / Revenue 2.84 x 2.76 x 3.42 x 2.84 x 2.94 x 2.64 x 2.18 x 1.94 x
EV / EBITDA 6.53 x 5.58 x 7.21 x 8.01 x 9.15 x 6.8 x 6.18 x 5.46 x
EV / FCF 6.26 x 11.5 x 10.9 x - - 10.3 x 11.7 x 12.1 x
FCF Yield 16% 8.69% 9.21% - - 9.68% 8.54% 8.25%
Price to Book 0.58 x 0.41 x 0.47 x 0.45 x - 0.3 x 0.29 x 0.29 x
Nbr of stocks (in thousands) 3,693,401 3,693,401 3,643,584 3,594,241 3,548,684 3,510,828 - -
Reference price 2 56.25 39.80 49.15 48.05 39.20 33.40 33.40 33.40
Announcement Date 3/19/20 3/18/21 3/17/22 3/16/23 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 82,382 59,825 62,094 56,341 47,243 52,015 61,812 69,372
EBITDA 1 35,847 29,655 29,431 19,980 15,203 20,189 21,757 24,647
EBIT 1 33,655 26,210 25,915 17,935 13,276 17,772 20,174 23,421
Operating Margin 40.85% 43.81% 41.74% 31.83% 28.1% 34.17% 32.64% 33.76%
Earnings before Tax (EBT) 1 37,510 25,206 30,061 22,683 20,326 18,195 20,888 24,454
Net income 1 29,134 16,332 20,824 21,683 17,340 14,943 17,031 19,774
Net margin 35.36% 27.3% 33.54% 38.49% 36.7% 28.73% 27.55% 28.5%
EPS 2 7.890 4.420 5.770 5.980 4.860 4.294 4.879 5.525
Free Cash Flow 1 37,432 14,365 19,547 - - 13,293 11,487 11,108
FCF margin 45.44% 24.01% 31.48% - - 25.56% 18.58% 16.01%
FCF Conversion (EBITDA) 104.42% 48.44% 66.42% - - 65.84% 52.8% 45.07%
FCF Conversion (Net income) 128.48% 87.96% 93.87% - - 88.96% 67.45% 56.18%
Dividend per Share 2 2.100 1.800 2.200 2.280 - 2.061 2.096 2.185
Announcement Date 3/19/20 3/18/21 3/17/22 3/16/23 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 2024 S1 2024 S2
Net sales 1 55,546 29,248 30,577 24,264 37,830 35,715 20,626 24,605 22,638 24,381 20,870
EBITDA - - - - - - - - - - -
EBIT 1 - 10,006 - 11,192 14,723 11,642 6,293 8,015 5,261 5,939 6,754
Operating Margin - 34.21% - 46.13% 38.92% 32.6% 30.51% 32.57% 23.24% 24.36% 32.36%
Earnings before Tax (EBT) - - - - - - - 12,368 7,958 - -
Net income - - - - - - - - 6,867 - -
Net margin - - - - - - - - 30.33% - -
EPS 2 3.790 1.720 2.700 2.250 3.520 3.550 2.430 2.880 1.980 2.160 1.970
Dividend per Share - 0.3400 - - - - - - - - -
Announcement Date 3/19/20 8/6/20 3/18/21 8/5/21 3/17/22 8/4/22 3/16/23 8/3/23 3/21/24 - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 26,414 18,374 33,103 - - 20,082 17,302 17,342
Net Cash position 1 - - - 12,661 - - - -
Leverage (Debt/EBITDA) 0.7369 x 0.6196 x 1.125 x - - 0.9947 x 0.7952 x 0.7036 x
Free Cash Flow 1 37,432 14,365 19,547 - - 13,293 11,487 11,109
ROE (net income / shareholders' equity) 8.43% 4.56% 6.04% 5.65% - 3.93% 4.42% 4.95%
ROA (Net income/ Total Assets) 5.92% 3.18% 4.15% 4.04% - 3.06% 3.32% 3.86%
Assets 1 492,004 514,377 501,638 536,442 - 488,000 512,660 512,267
Book Value Per Share 2 96.40 96.00 104.0 106.0 - 111.0 113.0 116.0
Cash Flow per Share 2 11.30 6.580 6.900 1.810 - 4.230 5.150 6.040
Capex 1 4,483 9,932 5,811 6,620 - 6,873 6,873 6,873
Capex / Sales 5.44% 16.6% 9.36% 11.75% - 13.21% 11.12% 9.91%
Announcement Date 3/19/20 3/18/21 3/17/22 3/16/23 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

Ratings for CK Asset Holdings Limited

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
33.4 HKD
Average target price
40.22 HKD
Spread / Average Target
+20.43%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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