Stock 28 TIAN AN CHINA INVESTMENTS COMPANY LIMITED
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Financials Tian An China Investments Company Limited

Equities

28

HK0028013271

Real Estate Development & Operations

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
3.75 HKD +0.27% Intraday chart for Tian An China Investments Company Limited -1.32% +6.53%
Apr. 12 Tian an China Investments Company Limited Announces Interim Dividend (In Lieu of A Final Dividend) for the Year Ended 31St December, 2023, payable on 16 May 2024 CI
Apr. 12 Tian An China Investments Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 6,253 5,207 6,948 6,333 5,806 5,161
Enterprise Value (EV) 1 9,361 8,890 9,865 10,255 7,024 6,044
P/E ratio 5 x 3.88 x 11.2 x 4.49 x 3.8 x 4.24 x
Yield 4.82% 5.76% 4.32% 4.63% 6.31% 5.68%
Capitalization / Revenue 1.9 x 2.34 x 2.94 x 2.46 x 1.14 x 1.85 x
EV / Revenue 2.84 x 4 x 4.18 x 3.98 x 1.38 x 2.17 x
EV / EBITDA 9.54 x 14.7 x 18.4 x 10.6 x 3.97 x 13.1 x
EV / FCF -34.5 x -86.5 x -12 x 5.4 x 1.34 x 2.71 x
FCF Yield -2.9% -1.16% -8.32% 18.5% 74.6% 36.9%
Price to Book 0.26 x 0.21 x 0.27 x 0.23 x 0.22 x 0.19 x
Nbr of stocks (in thousands) 1,506,769 1,500,647 1,500,647 1,466,069 1,466,069 1,466,069
Reference price 2 4.150 3.470 4.630 4.320 3.960 3.520
Announcement Date 4/12/19 4/24/20 4/15/21 4/21/22 4/21/23 4/25/24
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 3,292 2,222 2,359 2,575 5,087 2,782
EBITDA 1 981.8 606.4 536.8 964.5 1,770 462
EBIT 1 935.6 535.2 484.1 924.7 1,734 391.4
Operating Margin 28.42% 24.09% 20.52% 35.91% 34.08% 14.07%
Earnings before Tax (EBT) 1 1,868 1,704 914.7 2,623 2,285 1,628
Net income 1 1,251 1,346 618 1,430 1,529 1,217
Net margin 38.01% 60.58% 26.19% 55.55% 30.05% 43.76%
EPS 2 0.8304 0.8935 0.4118 0.9614 1.043 0.8304
Free Cash Flow 1 -271.3 -102.7 -820.9 1,898 5,242 2,231
FCF margin -8.24% -4.62% -34.79% 73.73% 103.04% 80.18%
FCF Conversion (EBITDA) - - - 196.82% 296.19% 482.82%
FCF Conversion (Net income) - - - 132.72% 342.93% 183.24%
Dividend per Share 2 0.2000 0.2000 0.2000 0.2000 0.2500 0.2000
Announcement Date 4/12/19 4/24/20 4/15/21 4/21/22 4/21/23 4/25/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 3,108 3,683 2,917 3,922 1,218 883
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.166 x 6.074 x 5.435 x 4.066 x 0.6884 x 1.911 x
Free Cash Flow 1 -271 -103 -821 1,898 5,242 2,231
ROE (net income / shareholders' equity) 5.02% 5.33% 2.16% 5.06% 5.57% 4.64%
ROA (Net income/ Total Assets) 1.54% 0.84% 0.72% 1.29% 2.25% 0.48%
Assets 1 81,496 161,075 85,470 111,147 68,030 255,643
Book Value Per Share 2 15.90 16.20 17.10 18.80 18.30 18.60
Cash Flow per Share 2 1.520 1.960 3.260 2.960 3.520 5.480
Capex 1 5.07 8.01 59.3 55.1 14 225
Capex / Sales 0.15% 0.36% 2.51% 2.14% 0.28% 8.08%
Announcement Date 4/12/19 4/24/20 4/15/21 4/21/22 4/21/23 4/25/24
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Real Estate Development & Operations

1st Jan change Capi.
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