Stock 2638 HK ELECTRIC INVESTMENTS AND HK ELECTRIC INVESTMENTS LIMITED
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Financials HK Electric Investments and HK Electric Investments Limited

Equities

2638

HK0000179108

Electric Utilities

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:06 2024-04-30 am EDT 		5-day change 1st Jan Change
4.69 HKD -0.64% Intraday chart for HK Electric Investments and HK Electric Investments Limited +0.86% -0.42%
Mar. 25 Hutchison Port's Trustee-Manager Names New Chairman MT
Mar. 20 HK Electric Investments' Attributable Profit Rises in 2023 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 67,862 67,420 67,597 45,683 41,619 41,707 - -
Enterprise Value (EV) 1 110,608 112,258 114,189 96,570 91,760 93,347 94,253 94,877
P/E ratio 29.2 x 24.7 x 23 x 15.5 x 13.2 x 13.7 x 13.3 x 12.9 x
Yield 4.17% 4.2% 4.19% 6.2% 6.8% 7.16% 7.15% 7.14%
Capitalization / Revenue 6.32 x 6.49 x 5.96 x 4.23 x 3.65 x 3.44 x 3.38 x 3.33 x
EV / Revenue 10.3 x 10.8 x 10.1 x 8.95 x 8.04 x 7.7 x 7.64 x 7.59 x
EV / EBITDA 15.4 x 15.7 x 14.4 x 12.7 x 11.4 x 11 x 10.9 x 10.9 x
EV / FCF 40,981,110 x 99,519,686 x 83,777,645 x - - - - -
FCF Yield 0% 0% 0% - - - - -
Price to Book 1.4 x 1.41 x 1.4 x 0.93 x 0.85 x 0.84 x 0.84 x 0.84 x
Nbr of stocks (in thousands) 8,836,200 8,836,200 8,836,200 8,836,200 8,836,200 8,836,200 - -
Reference price 2 7.680 7.630 7.650 5.170 4.710 4.720 4.720 4.720
Announcement Date 3/17/20 3/16/21 3/15/22 3/14/23 3/19/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,739 10,389 11,344 10,793 11,406 12,119 12,331 12,508
EBITDA 1 7,194 7,140 7,954 7,599 8,033 8,524 8,683 8,739
EBIT 1 4,213 4,140 4,845 4,509 4,976 5,325 5,399 5,439
Operating Margin 39.23% 39.85% 42.71% 41.78% 43.63% 43.94% 43.78% 43.48%
Earnings before Tax (EBT) 1 3,209 3,169 4,045 3,548 3,616 4,030 4,101 4,213
Net income 1 2,327 2,732 2,933 2,954 3,156 3,042 3,150 3,284
Net margin 21.67% 26.3% 25.86% 27.37% 27.67% 25.1% 25.54% 26.25%
EPS 2 0.2633 0.3092 0.3319 0.3343 0.3572 0.3456 0.3556 0.3652
Free Cash Flow 2,699 1,128 1,363 - - - - -
FCF margin 25.13% 10.86% 12.02% - - - - -
FCF Conversion (EBITDA) 37.52% 15.8% 17.14% - - - - -
FCF Conversion (Net income) 115.99% 41.29% 46.47% - - - - -
Dividend per Share 2 0.3203 0.3203 0.3203 0.3203 0.3203 0.3380 0.3376 0.3368
Announcement Date 3/17/20 3/16/21 3/15/22 3/14/23 3/19/24 - - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 42,746 44,838 46,592 50,887 50,141 51,640 52,546 53,170
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.942 x 6.28 x 5.858 x 6.697 x 6.242 x 6.058 x 6.051 x 6.084 x
Free Cash Flow 2,699 1,128 1,363 - - - - -
ROE (net income / shareholders' equity) 4.79% 5.68% 6.1% 6.05% 6.42% 6.57% 6.66% 6.46%
ROA (Net income/ Total Assets) 2.14% 2.47% 2.59% 2.51% 2.64% 2.6% 2.59% 2.53%
Assets 1 108,804 110,642 113,197 117,915 119,772 117,000 121,804 129,796
Book Value Per Share 2 5.490 5.400 5.480 5.580 5.540 5.600 5.620 5.640
Cash Flow per Share 2 0.7300 0.6700 0.7000 0.5400 - 0.7500 0.7500 0.7200
Capex 1 3,742 4,815 4,826 5,528 - 4,377 4,376 4,354
Capex / Sales 34.84% 46.35% 42.54% 51.22% - 36.12% 35.49% 34.81%
Announcement Date 3/17/20 3/16/21 3/15/22 3/14/23 3/19/24 - - -
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 HK Electric Investments and HK Electric Investments Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
6
Last Close Price
4.72 HKD
Average target price
5.848 HKD
Spread / Average Target
+23.91%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Electric Utilities

1st Jan change Capi.
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