Financials Shenzhen 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
6.16 ^HKD	+0.98%		+3.88%	-6.38%

Mar. 28	Shenzhen International Holdings Limited Proposes Ordinary Final Dividend for the Year Ended 31 December 2023, Payable on 20 June 2024	CI
Mar. 28	Shenzhen International's Profit Surges 52% in 2023 as Revenue Rises 32%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	37,011	27,481	18,360	18,291	15,747	14,742	-	-
Enterprise Value (EV) ¹	51,384	47,934	49,804	60,838	15,747	14,742	14,742	14,742
P/E ratio	7.35 x	6.84 x	5.09 x	14.2 x	8.33 x	3.73 x	3.49 x	3.93 x
Yield	6.83%	7.67%	10.2%	3.36%	6.08%	13.5%	13.3%	12.8%
Capitalization / Revenue	2.2 x	1.41 x	0.99 x	1.18 x	0.77 x	0.92 x	0.82 x	0.71 x
EV / Revenue	2.2 x	1.41 x	0.99 x	1.18 x	0.77 x	0.92 x	0.82 x	0.71 x
EV / EBITDA	3.45 x	2.15 x	1.43 x	1.87 x	1.62 x	1.15 x	1.2 x	1.13 x
EV / FCF	12,126,658 x	-4,972,989 x	-4,160,510 x	6,300,980 x	-	-	-	-
FCF Yield	0%	-0%	-0%	0%	-	-	-	-
Price to Book	1.13 x	0.74 x	0.45 x	0.59 x	-	0.4 x	0.37 x	0.34 x
Nbr of stocks (in thousands)	2,161,842	2,194,991	2,266,714	2,387,809	2,393,149	2,393,149	-	-
Reference price ²	17.12	12.52	8.100	7.660	6.580	6.160	6.160	6.160
Announcement Date	3/20/20	3/26/21	3/30/22	3/28/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,820	19,452	18,542	15,529	20,524	16,051	18,082	20,725
EBITDA ¹	10,739	12,802	12,836	9,792	9,732	12,862	12,252	13,061
EBIT ¹	8,625	10,270	9,604	7,084	6,474	8,900	8,587	9,282
Operating Margin	51.28%	52.79%	51.8%	45.61%	31.54%	55.45%	47.49%	44.78%
Earnings before Tax (EBT) ¹	9,148	9,111	8,718	2,931	5,194	7,703	7,839	7,822
Net income ¹	5,021	4,007	3,563	1,254	1,902	3,829	4,070	3,632
Net margin	29.85%	20.6%	19.21%	8.07%	9.27%	23.85%	22.51%	17.53%
EPS ²	2.330	1.830	1.590	0.5400	0.7900	1.653	1.763	1.567
Free Cash Flow	3,052	-5,526	-4,413	2,903	-	-	-	-
FCF margin	18.14%	-28.41%	-23.8%	18.69%	-	-	-	-
FCF Conversion (EBITDA)	28.42%	-	-	29.65%	-	-	-	-
FCF Conversion (Net income)	60.79%	-	-	231.5%	-	-	-	-
Dividend per Share ²	1.170	0.9600	0.8280	0.2570	0.4000	0.8300	0.8219	0.7900
Announcement Date	3/20/20	3/26/21	3/30/22	3/28/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	14,374	20,453	31,443	42,547	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.339 x	1.598 x	2.45 x	4.345 x	-	-	-	-
Free Cash Flow	3,052	-5,526	-4,413	2,903	-	-	-	-
ROE (net income / shareholders' equity)	16%	11.8%	9.26%	3.46%	6.05%	10.8%	10.4%	8.86%
ROA (Net income/ Total Assets)	5.71%	4.01%	3.01%	0.92%	1.44%	2.92%	2.87%	2.55%
Assets ¹	87,886	100,004	118,448	135,779	131,994	131,344	142,059	142,724
Book Value Per Share ²	15.10	16.80	18.00	13.10	-	15.30	16.70	18.00
Cash Flow per Share	3.410	0.2900	1.640	-	-	-	-	-
Capex ¹	4,292	6,540	7,600	7,231	-	9,560	7,910	7,556
Capex / Sales	25.52%	33.62%	40.99%	46.56%	-	59.56%	43.74%	36.46%
Announcement Date	3/20/20	3/26/21	3/30/22	3/28/23	3/28/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.16 HKD

Average target price

9.95 HKD

Spread / Average Target

+61.53%

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