Financials SF Real Estate Investment Trust

Equities

2191

HK0000735800

Commercial REITs

Delayed Hong Kong S.E. 11:41:37 2024-04-28 pm EDT 5-day change 1st Jan Change
2.39 HKD +1.27% Intraday chart for SF Real Estate Investment Trust +1.71% -10.86%

Valuation

Fiscal Period: December 2021 2022 2023 2024 2025
Capitalization 1 2,784 2,328 2,149 1,914 -
Enterprise Value (EV) 1 4,528 4,704 2,149 1,914 1,914
P/E ratio 16 x 5.29 x - - -
Yield 4.95% 9.53% 10.7% 12.3% 12.7%
Capitalization / Revenue 11.4 x 5.52 x 4.83 x 4.23 x 4.09 x
EV / Revenue 11.4 x 5.52 x 4.83 x 4.23 x 4.09 x
EV / EBITDA 17 x 7.41 x 5.65 x 5.76 x 5.58 x
EV / FCF 26,109,971 x - - - -
FCF Yield 0% - - - -
Price to Book 0.68 x 0.55 x 0.51 x 0.45 x 0.44 x
Nbr of stocks (in thousands) 800,000 800,000 804,762 811,000 -
Reference price 2 3.480 2.910 2.670 2.360 2.360
Announcement Date 3/17/22 3/16/23 3/14/24 - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025
Net sales 1 279 244.3 421.5 444.9 453 468
EBITDA 1 - 163.6 314 380.2 332 343
EBIT - 162.6 312.5 - - -
Operating Margin - 66.58% 74.14% - - -
Earnings before Tax (EBT) 1 - 220.9 544 - 221 247
Net income 1 26.88 174.3 192.4 230 236 244
Net margin 9.63% 71.34% 45.64% 51.68% 52.1% 52.14%
EPS - 0.2178 0.5496 - - -
Free Cash Flow - 106.6 - - - -
FCF margin - 43.65% - - - -
FCF Conversion (EBITDA) - 65.16% - - - -
FCF Conversion (Net income) - 61.18% - - - -
Dividend per Share 2 - 0.1724 0.2774 0.2866 0.2900 0.3000
Announcement Date 5/5/21 3/17/22 3/16/23 3/14/24 - -
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025
Net Debt - 1,744 2,376 - - -
Net Cash position - - - - - -
Leverage (Debt/EBITDA) - 10.66 x 7.566 x - - -
Free Cash Flow - 107 - - - -
ROE (net income / shareholders' equity) - 4.26% 4.17% 5.17% 4.1% 4.4%
ROA (Net income/ Total Assets) - 2.49% 2.35% 2.83% 2.3% 2.5%
Assets 1 - 7,010 8,184 8,125 10,261 9,760
Book Value Per Share 2 - 5.110 5.330 5.260 5.300 5.400
Cash Flow per Share - 0.1400 - - - -
Capex - 2.15 - - - -
Capex / Sales - 0.88% - - - -
Announcement Date 5/5/21 3/17/22 3/16/23 3/14/24 - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
1
Last Close Price
2.36 HKD
Average target price
4.54 HKD
Spread / Average Target
+92.37%
Consensus

Annual profits - Rate of surprise

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