TOMSON GROUP LIMITED

Financials Tomson Group Limited

Equities

258

KYG8917R1083

Real Estate Development & Operations

Market Closed - Hong Kong S.E. Other stock markets 04:08:17 2024-05-17 am EDT			5-day change	1st Jan Change
1.68 ^HKD	+4.35%		+6.33%	+2.44%

Apr. 18	Tomson Group Scraps Sale of Shanghai Cheng Qi to Ustar Financial	MT
Apr. 17	He Dong and Ustar Financial Development Holding Group Limited cancelled the acquisition of Shanghai Cheng Qi Technology Limited from Tomson Group Limited.	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	4,601	3,824	3,784	4,119	3,075	3,366
Enterprise Value (EV) ¹	1,060	1,456	1,009	-135.4	-693.7	171.3
P/E ratio	10.8 x	22.6 x	21.6 x	14.5 x	179 x	77.4 x
Yield	8.14%	5.67%	2.86%	2.63%	5.45%	6.1%
Capitalization / Revenue	6.78 x	4.18 x	4.07 x	5.29 x	6.68 x	6.55 x
EV / Revenue	1.56 x	1.59 x	1.08 x	-0.17 x	-1.51 x	0.33 x
EV / EBITDA	5.25 x	5.27 x	4.1 x	-0.3 x	-4.88 x	1.1 x
EV / FCF	1.04 x	-1.95 x	15.8 x	-0.12 x	41.2 x	-0.31 x
FCF Yield	96.1%	-51.4%	6.32%	-811%	2.43%	-318%
Price to Book	0.35 x	0.31 x	0.29 x	0.31 x	0.25 x	0.28 x
Nbr of stocks (in thousands)	2,081,837	1,971,025	1,971,025	1,971,025	1,971,025	2,052,147
Reference price ²	2.210	1.940	1.920	2.090	1.560	1.640
Announcement Date	4/25/19	4/28/20	4/28/21	4/27/22	4/26/23	4/25/24

¹HKD in Million²HKD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	678.1	915.8	929.9	779.1	460	513.8
EBITDA ¹	201.9	276.1	246.2	454.7	142.1	155.1
EBIT ¹	169.9	250.5	215	426.5	115.5	127.6
Operating Margin	25.05%	27.35%	23.11%	54.74%	25.1%	24.83%
Earnings before Tax (EBT) ¹	700.7	391.4	406.8	588.5	126.6	135.2
Net income ¹	407.7	172.5	175	283.4	17.17	42.68
Net margin	60.12%	18.84%	18.82%	36.38%	3.73%	8.31%
EPS ²	0.2045	0.0859	0.0888	0.1438	0.008710	0.0212
Free Cash Flow ¹	1,018	-748.1	63.7	1,098	-16.83	-544.4
FCF margin	150.2%	-81.69%	6.85%	141%	-3.66%	-105.95%
FCF Conversion (EBITDA)	504.56%	-	25.87%	241.56%	-	-
FCF Conversion (Net income)	249.82%	-	36.4%	387.53%	-	-
Dividend per Share ²	0.1800	0.1100	0.0550	0.0550	0.0850	0.1000
Announcement Date	4/25/19	4/28/20	4/28/21	4/27/22	4/26/23	4/25/24

¹HKD in Million²HKD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	3,541	2,368	2,776	4,255	3,768	3,194
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	1,018	-748	63.7	1,098	-16.8	-544
ROE (net income / shareholders' equity)	2.89%	1.78%	1.4%	2.15%	0.14%	0.36%
ROA (Net income/ Total Assets)	0.49%	0.75%	0.67%	1.3%	0.37%	0.43%
Assets ¹	83,937	23,023	26,208	21,759	4,678	9,947
Book Value Per Share ²	6.260	6.220	6.540	6.850	6.290	5.850
Cash Flow per Share ²	2.050	1.850	1.880	2.260	2.010	1.720
Capex ¹	23.3	9.29	70.6	6.25	207	2.42
Capex / Sales	3.43%	1.01%	7.59%	0.8%	44.92%	0.47%
Announcement Date	4/25/19	4/28/20	4/28/21	4/27/22	4/26/23	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.
TOMSON GROUP LIMITED	+2.44%	423M
CHINA RESOURCES LAND LIMITED	+17.32%	29.15B
SUN HUNG KAI PROPERTIES LIMITED	-5.15%	27.94B
MITSUI FUDOSAN CO., LTD.	+26.23%	26.02B
DLF LIMITED	+16.84%	24.95B
MITSUBISHI ESTATE CO., LTD.	+40.97%	22.49B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+20.06%	22.19B
EMAAR PROPERTIES	-4.42%	18.48B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+13.13%	16.73B
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+9.98%	16.19B

Other Real Estate Development & Operations

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Financials Tomson Group Limited

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