Financials K. Wah 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
1.78 ^HKD	+1.14%		+3.49%	-8.72%

Mar. 29	K. Wah International 2023 Profit, Revenue Down	MT
Mar. 28	K. Wah International Holdings Limited Recommends Final Dividend for the Year Ended 31 December 2023, Payable on 24 July 2024	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	11,624	13,595	11,664	9,422	8,490	5,577	5,577	-
Enterprise Value (EV) ¹	22,847	28,592	29,032	20,269	14,769	6,109	13,424	11,712
P/E ratio	2.88 x	4.32 x	3.57 x	2.81 x	6.19 x	7.62 x	6.14 x	5.74 x
Yield	5.38%	4.6%	5.63%	6.98%	7.75%	11.8%	8.99%	8.99%
Capitalization / Revenue	1.08 x	1.28 x	0.99 x	0.58 x	0.97 x	1 x	0.86 x	0.81 x
EV / Revenue	2.12 x	2.68 x	2.47 x	1.25 x	1.68 x	1 x	2.06 x	1.69 x
EV / EBITDA	5.23 x	5.58 x	5.28 x	4.11 x	6.94 x	4.24 x	11 x	6.98 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.33 x	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	3,124,855	3,125,175	3,126,975	3,130,235	3,132,895	3,132,895	3,132,895	-
Reference price ²	3.720	4.350	3.730	3.010	2.710	1.780	1.780	1.780
Announcement Date	3/20/19	3/24/20	3/23/21	3/22/22	3/22/23	3/28/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	10,760	10,652	11,732	16,218	8,794	6,103	6,508	6,914
EBITDA ¹	4,369	5,126	5,498	4,935	2,128	1,440	1,218	1,677
EBIT ¹	4,340	5,096	5,468	4,412	2,273	1,410	1,182	1,640
Operating Margin	40.34%	47.84%	46.6%	27.21%	25.85%	23.1%	18.16%	23.72%
Earnings before Tax (EBT) ¹	5,539	5,299	4,860	5,090	2,068	1,489	1,161	1,660
Net income ¹	4,046	3,150	3,268	3,355	1,372	802.2	915	956
Net margin	37.61%	29.57%	27.86%	20.69%	15.61%	13.14%	14.06%	13.83%
EPS ²	1.293	1.007	1.045	1.072	0.4381	0.2560	0.2900	0.3100
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.2000	0.2000	0.2100	0.2100	0.2100	0.2100	0.1600	0.1600
Announcement Date	3/20/19	3/24/20	3/23/21	3/22/22	3/22/23	3/28/24	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	11,222	14,998	17,368	10,847	6,279	7,813	7,847	6,135
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.569 x	2.926 x	3.159 x	2.198 x	2.951 x	6.588 x	6.443 x	3.658 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	8.51%	8.47%	7.93%	7.67%	3.13%	2.1%	2.2%	2.2%
ROA (Net income/ Total Assets)	4.22%	4.37%	4.18%	-	1.77%	1.2%	-	-
Assets ¹	95,875	72,083	78,157	-	77,580	76,167	-	-
Book Value Per Share	11.40	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	3.86	4.54	42.1	6.35	4.76	-	-	-
Capex / Sales	0.04%	0.04%	0.36%	0.04%	0.05%	-	-	-
Announcement Date	3/20/19	3/24/20	3/23/21	3/22/22	3/22/23	3/28/24	-	-

¹HKD in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.78 HKD

Average target price

2.76 HKD

Spread / Average Target

+55.06%

	1st Jan change	Capi.
K. WAH INTERNATIONAL HOLDINGS LIMITED	-8.72%	712M
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