Market Closed -
Hong Kong S.E.
09:08:20 26/04/2024 BST
|
5-day change
|
1st Jan Change
|
1.77
HKD
|
+2.91%
|
|
+17.22%
|
-27.76%
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Capitalization
1 |
30,245
|
26,755
|
23,689
|
18,399
|
14,734
|
10,708
|
-
|
-
|
Enterprise Value (EV)
1 |
43,450
|
41,510
|
37,349
|
32,250
|
14,734
|
24,155
|
24,060
|
23,745
|
P/E ratio
|
-51.5
x
|
-2.14
x
|
-28.5
x
|
-23.7
x
|
61.3
x
|
11.7
x
|
10.6
x
|
10.8
x
|
Yield
|
5.18%
|
5.52%
|
5.71%
|
6.35%
|
-
|
8.54%
|
8.49%
|
8.71%
|
Capitalization / Revenue
|
9.82
x
|
9.16
x
|
8.55
x
|
7.01
x
|
5.72
x
|
4.23
x
|
4.33
x
|
4.25
x
|
EV / Revenue
|
14.1
x
|
14.2
x
|
13.5
x
|
12.3
x
|
5.72
x
|
9.54
x
|
9.72
x
|
9.42
x
|
EV / EBITDA
|
20.1
x
|
20.4
x
|
19.6
x
|
18.4
x
|
8.73
x
|
14.9
x
|
15.2
x
|
14.7
x
|
EV / FCF
|
22.2
x
|
38.6
x
|
25.4
x
|
25.6
x
|
-
|
10.6
x
|
11.1
x
|
11.5
x
|
FCF Yield
|
4.5%
|
2.59%
|
3.93%
|
3.9%
|
-
|
9.41%
|
9.01%
|
8.7%
|
Price to Book
|
0.47
x
|
0.53
x
|
0.48
x
|
0.39
x
|
-
|
0.23
x
|
0.23
x
|
0.23
x
|
Nbr of stocks (in thousands)
|
5,872,789
|
5,906,143
|
5,937,080
|
5,973,676
|
6,013,735
|
6,049,474
|
-
|
-
|
Reference price
2 |
5.150
|
4.530
|
3.990
|
3.080
|
2.450
|
1.770
|
1.770
|
1.770
|
Announcement Date
|
18/02/20
|
18/02/21
|
21/02/22
|
24/02/23
|
21/02/24
|
-
|
-
|
-
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Net sales
1 |
3,081
|
2,920
|
2,769
|
2,625
|
2,576
|
2,533
|
2,476
|
2,520
|
EBITDA
1 |
2,159
|
2,039
|
1,907
|
1,757
|
1,688
|
1,626
|
1,587
|
1,616
|
EBIT
1 |
2,159
|
2,039
|
1,907
|
1,757
|
1,688
|
1,607
|
1,583
|
1,609
|
Operating Margin
|
70.08%
|
69.84%
|
68.87%
|
66.94%
|
65.53%
|
63.43%
|
63.94%
|
63.82%
|
Earnings before Tax (EBT)
1 |
-279.5
|
-12,226
|
-575.4
|
-523.9
|
409
|
1,143
|
1,138
|
1,165
|
Net income
1 |
-570.3
|
-12,497
|
-831.4
|
-749.3
|
220.6
|
938.1
|
963.8
|
1,045
|
Net margin
|
-18.51%
|
-427.94%
|
-30.02%
|
-28.54%
|
8.57%
|
37.03%
|
38.93%
|
41.44%
|
EPS
2 |
-0.1000
|
-2.120
|
-0.1400
|
-0.1300
|
0.0400
|
0.1515
|
0.1669
|
0.1646
|
Free Cash Flow
1 |
1,954
|
1,076
|
1,468
|
1,258
|
-
|
2,274
|
2,168
|
2,065
|
FCF margin
|
63.43%
|
36.83%
|
53%
|
47.94%
|
-
|
89.77%
|
87.58%
|
81.93%
|
FCF Conversion (EBITDA)
|
90.5%
|
52.74%
|
76.96%
|
71.61%
|
-
|
139.89%
|
136.59%
|
127.79%
|
FCF Conversion (Net income)
|
-
|
-
|
-
|
-
|
-
|
242.4%
|
224.94%
|
197.7%
|
Dividend per Share
2 |
0.2666
|
0.2500
|
0.2279
|
0.1956
|
-
|
0.1512
|
0.1503
|
0.1541
|
Announcement Date
|
18/02/20
|
18/02/21
|
21/02/22
|
24/02/23
|
21/02/24
|
-
|
-
|
-
|
Fiscal Period: December |
2019 S2
|
2020 S1
|
2020 S2
|
2021 S1
|
2021 S2
|
2022 S1
|
2022 S2
|
2023 S1
|
2023 S2
|
---|
Net sales
1 |
1,528
|
1,488
|
1,432
|
1,397
|
1,372
|
1,331
|
1,295
|
1,300
|
1,276
|
EBITDA
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
EBIT
1 |
-
|
-
|
-
|
983.9
|
923.2
|
900.4
|
856.9
|
862.5
|
825.4
|
Operating Margin
|
-
|
-
|
-
|
70.41%
|
67.3%
|
67.66%
|
66.2%
|
66.37%
|
64.68%
|
Earnings before Tax (EBT)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Net margin
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
EPS
2 |
-0.6400
|
-1.440
|
-0.6800
|
-0.1900
|
0.0500
|
0.0100
|
-0.1400
|
0.0100
|
0.0300
|
Dividend per Share
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Announcement Date
|
18/02/20
|
20/08/20
|
18/02/21
|
10/08/21
|
21/02/22
|
19/08/22
|
24/02/23
|
18/08/23
|
21/02/24
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Net Debt
1 |
13,206
|
14,755
|
13,660
|
13,851
|
-
|
13,448
|
13,352
|
13,037
|
Net Cash position
1 |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Leverage (Debt/EBITDA)
|
6.116
x
|
7.235
x
|
7.163
x
|
7.882
x
|
-
|
8.273
x
|
8.412
x
|
8.068
x
|
Free Cash Flow
1 |
1,954
|
1,076
|
1,468
|
1,258
|
-
|
2,274
|
2,168
|
2,065
|
ROE (net income / shareholders' equity)
|
2.16%
|
2.33%
|
2.65%
|
2.18%
|
-
|
2.05%
|
2.02%
|
2.14%
|
ROA (Net income/ Total Assets)
|
1.69%
|
1.74%
|
1.9%
|
1.58%
|
-
|
1.45%
|
1.4%
|
1.62%
|
Assets
1 |
-33,747
|
-719,091
|
-43,814
|
-47,576
|
-
|
64,848
|
68,679
|
64,676
|
Book Value Per Share
2 |
11.00
|
8.610
|
8.250
|
7.910
|
-
|
7.690
|
7.730
|
7.750
|
Cash Flow per Share
2 |
0.3400
|
0.1800
|
0.2500
|
0.2100
|
-
|
0.1700
|
0.2000
|
0.2000
|
Capex
1 |
37.4
|
-
|
27.4
|
8.23
|
-
|
34
|
33.9
|
34.1
|
Capex / Sales
|
1.21%
|
-
|
0.99%
|
0.31%
|
-
|
1.34%
|
1.37%
|
1.35%
|
Announcement Date
|
18/02/20
|
18/02/21
|
21/02/22
|
24/02/23
|
21/02/24
|
-
|
-
|
-
|
Mean consensus UNDERPERFORM Last Close Price
1.77
HKD Average target price
1.945
HKD Spread / Average Target +9.89% Consensus |
1st Jan change
|
Capi.
|
---|
| -27.76% | 1.37B | | -12.34% | 9.66B | | -1.80% | 6.48B | | -8.33% | 4.93B | | -8.05% | 4.85B | | +11.51% | 4.11B | | -4.73% | 4.02B | | -16.82% | 3.89B | | +12.04% | 3.28B | | -15.11% | 3.16B |
Office REITs
|