Financials HSS Engineers

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
0.98 ^MYR	+1.03%		+8.29%	+1.03%

Apr. 24	HSS Engineers Berhad Proposes Final Single Tier Dividend in Respect of the Financial Year Ended 31 December 2023	CI
Feb. 27	HSS Engineers Berhad Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	426.4	419	324.8	218.2	213.2	498.3	498.3	-
Enterprise Value (EV) ¹	462.6	451.2	345.5	218.2	213.2	498.3	498.3	498.3
P/E ratio	-3.9 x	384 x	30.5 x	72.1 x	14.1 x	19 x	15.4 x	12.6 x
Yield	-	-	-	-	-	1.22%	1.48%	1.84%
Capitalization / Revenue	2.25 x	2.82 x	1.91 x	1.32 x	1.15 x	2.06 x	1.73 x	1.44 x
EV / Revenue	2.25 x	2.82 x	1.91 x	1.32 x	1.15 x	2.06 x	1.73 x	1.44 x
EV / EBITDA	11.6 x	22.2 x	11.1 x	11.1 x	7.06 x	12 x	9.69 x	7.77 x
EV / FCF	124 x	85.5 x	17.6 x	33.3 x	-159 x	-45 x	17.3 x	14 x
FCF Yield	0.81%	1.17%	5.68%	3%	-0.63%	-2.22%	5.77%	7.15%
Price to Book	1.88 x	1.96 x	1.45 x	0.96 x	0.88 x	1.85 x	1.88 x	1.69 x
Nbr of stocks (in thousands)	495,862	495,862	495,862	495,862	495,862	508,480	508,480	-
Reference price ²	0.8600	0.8450	0.6550	0.4400	0.4300	0.9800	0.9800	0.9800
Announcement Date	2/21/19	2/25/20	2/25/21	2/23/22	4/27/23	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	189.7	148.5	170	164.7	186	241.8	288	346.5
EBITDA ¹	36.61	18.89	29.33	19.74	30.21	41.41	51.4	64.15
EBIT ¹	30.77	10.02	21.36	11.98	24.05	38.7	47.75	59.55
Operating Margin	16.22%	6.75%	12.57%	7.27%	12.92%	16.01%	16.58%	17.19%
Earnings before Tax (EBT) ¹	-94.59	3.226	16.44	6.089	21.62	35.35	46.1	58
Net income ¹	-102.6	1.092	10.64	3.04	15.13	25.45	33.14	41.17
Net margin	-54.08%	0.74%	6.26%	1.85%	8.13%	10.53%	11.51%	11.88%
EPS ²	-0.2206	0.002200	0.0215	0.006100	0.0305	0.0515	0.0635	0.0780
Free Cash Flow ¹	3.443	4.902	18.44	6.545	-1.34	-11.08	28.76	35.65
FCF margin	1.81%	3.3%	10.85%	3.97%	-0.72%	-4.58%	9.99%	10.29%
FCF Conversion (EBITDA)	9.41%	25.95%	62.87%	33.15%	-	-	55.95%	55.57%
FCF Conversion (Net income)	-	448.9%	173.27%	215.3%	-	-	86.8%	86.59%
Dividend per Share ²	-	-	-	-	-	0.0120	0.0145	0.0180
Announcement Date	2/21/19	2/25/20	2/25/21	2/23/22	4/27/23	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt	36.2	32.2	20.8	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9881 x	1.702 x	0.7078 x	-	-	-	-	-
Free Cash Flow ¹	3.44	4.9	18.4	6.55	-1.34	-11.1	28.8	35.7
ROE (net income / shareholders' equity)	11.1%	0.51%	4.85%	1.94%	6.43%	10.1%	12.3%	15%
ROA (Net income/ Total Assets)	6.39%	0.3%	3%	1.2%	3.92%	7.32%	7.9%	8.85%
Assets ¹	-1,605	361.9	355.1	253.5	385.8	347.7	419.4	465.2
Book Value Per Share ²	0.4600	0.4300	0.4500	0.4600	0.4900	0.5300	0.5200	0.5800
Cash Flow per Share	0.0100	0.0300	0.0400	-	-	-	-	-
Capex ¹	0.82	0.3	0.59	1.28	0.77	4	3	3
Capex / Sales	0.43%	0.2%	0.35%	0.78%	0.41%	1.65%	1.04%	0.87%
Announcement Date	2/21/19	2/25/20	2/25/21	2/23/22	4/27/23	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.98 MYR

Average target price

1.255 MYR

Spread / Average Target

+28.06%

	1st Jan change	Capi.
HSS ENGINEERS	+1.03%	105M
SWECO AB	-14.43%	3.79B
UNITED INTEGRATED SERVICES CO., LTD.	+54.25%	2.35B
HUATU CENDES CO., LTD	+13.91%	1.87B
GREENTOWN MANAGEMENT HOLDINGS COMPANY LIMITED	+20.86%	1.67B
NV5 GLOBAL, INC.	-15.42%	1.5B
KUMAGAI GUMI CO.,LTD.	+14.56%	1.13B
ZONBONG LANDSCAPE ENVIRONMENTAL LIMITED	+18.13%	1.02B
CHINA DESIGN GROUP CO., LTD.	+36.71%	959M
H.G. INFRA ENGINEERING LIMITED	+38.61%	918M