Financials SmarTone Telecommunications 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
3.66 ^HKD	+0.83%		+2.23%	-9.85%

Apr. 11	SmarTone Telecommunications Holdings Limited Appoints Poon Sun-cheong, Patrick as Non-Executive Director	CI
Feb. 22	SmarTone Telecommunications' Fiscal H1 Profit Falls as Revenue Slides	MT

Fiscal Period: Junio	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,362	4,657	5,111	4,577	5,355	4,034	-	-
Enterprise Value (EV) ¹	8,536	4,924	4,604	3,948	4,266	2,627	2,335	2,076
P/E ratio	13.2 x	12.3 x	11.5 x	10.8 x	19.9 x	8.9 x	8.72 x	8.44 x
Yield	5.24%	7.11%	6.52%	7.25%	6.61%	8.39%	8.6%	8.92%
Capitalization / Revenue	0.99 x	0.67 x	0.76 x	0.66 x	0.79 x	0.61 x	0.6 x	0.59 x
EV / Revenue	1.01 x	0.7 x	0.69 x	0.57 x	0.63 x	0.4 x	0.35 x	0.31 x
EV / EBITDA	4.63 x	2.03 x	1.87 x	1.53 x	1.73 x	1.06 x	0.93 x	0.82 x
EV / FCF	10,873,988 x	3,334,647 x	2,932,386 x	2,980,475 x	2,760,203 x	-	-	-
FCF Yield	0%	0%	0%	0%	0%	-	-	-
Price to Book	1.65 x	0.93 x	1 x	0.89 x	1.05 x	0.78 x	0.76 x	0.74 x
Nbr of stocks (in thousands)	1,123,990	1,122,275	1,110,989	1,105,624	1,106,465	1,102,091	-	-
Reference price ²	7.440	4.150	4.600	4.140	4.840	3.660	3.660	3.660
Announcement Date	9/6/19	9/2/20	9/1/21	9/2/22	9/1/23	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: Junio	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,415	6,986	6,720	6,957	6,763	6,649	6,750	6,781
EBITDA ¹	1,842	2,429	2,460	2,575	2,462	2,474	2,508	2,519
EBIT ¹	823.2	519.8	674.2	743.6	702.4	710.3	720.9	738.4
Operating Margin	9.78%	7.44%	10.03%	10.69%	10.39%	10.68%	10.68%	10.89%
Earnings before Tax (EBT)	800.7	473.8	596	599.8	453.4	-	-	-
Net income	632.2	379	444.6	423.2	268.8	-	-	-
Net margin	7.51%	5.42%	6.62%	6.08%	3.98%	-	-	-
EPS ²	0.5630	0.3380	0.3990	0.3820	0.2430	0.4112	0.4199	0.4336
Free Cash Flow	785	1,477	1,570	1,324	1,546	-	-	-
FCF margin	9.33%	21.14%	23.36%	19.04%	22.85%	-	-	-
FCF Conversion (EBITDA)	42.62%	60.79%	63.83%	51.43%	62.77%	-	-	-
FCF Conversion (Net income)	124.16%	389.62%	353.09%	312.99%	574.9%	-	-	-
Dividend per Share ²	0.3900	0.2950	0.3000	0.3000	0.3200	0.3072	0.3149	0.3264
Announcement Date	9/6/19	9/2/20	9/1/21	9/2/22	9/1/23	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	174	267	-	-	-	-	-	-
Net Cash position ¹	-	-	507	630	1,089	1,407	1,699	1,958
Leverage (Debt/EBITDA)	0.0943 x	0.1097 x	-	-	-	-	-	-
Free Cash Flow	785	1,477	1,570	1,324	1,546	-	-	-
ROE (net income / shareholders' equity)	12.8%	7.51%	8.76%	8.24%	5.25%	8.83%	8.84%	8.95%
ROA (Net income/ Total Assets)	6.35%	3.73%	4.22%	3.64%	2.29%	-	-	-
Assets	9,951	10,160	10,541	11,616	11,740	-	-	-
Book Value Per Share ²	4.510	4.480	4.590	4.650	4.600	4.700	4.810	4.920
Cash Flow per Share ²	1.160	1.800	2.170	1.840	2.040	1.100	1.050	1.050
Capex	519	540	851	712	709	-	-	-
Capex / Sales	6.17%	7.73%	12.66%	10.23%	10.48%	-	-	-
Announcement Date	9/6/19	9/2/20	9/1/21	9/2/22	9/1/23	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3.66 HKD

Average target price

4.55 HKD

Spread / Average Target

+24.32%

	1st Jan change	Capi.
SMARTONE TELECOMMUNICATIONS HOLDINGS LIMITED	-9.85%	515M
T-MOBILE US	+2.26%	193B
AT&T INC.	-0.18%	120B
SOFTBANK GROUP CORP.	+23.66%	72.46B
KDDI CORPORATION	-2.36%	57.97B
CHINA UNICOM HONG KONG LIMITED	+24.90%	23.92B
TELENOR ASA	+9.95%	16.07B
ADVANCED INFO SERVICE	-10.14%	15.66B
TAIWAN MOBILE CO., LTD.	+4.97%	9.6B
VODACOM GROUP LIMITED	-15.58%	9.2B