Financials Hap Seng Consolidated

Equities

HAPSENG

MYL3034OO005

Consumer Goods Conglomerates

End-of-day quote BURSA MALAYSIA 23:00:00 25/04/2024 BST 5-day change 1st Jan Change
4.36 MYR +0.23% Intraday chart for Hap Seng Consolidated +2.83% -4.18%

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 23,776 24,523 24,847 21,411 19,170 15,934
Enterprise Value (EV) 1 27,518 28,311 29,025 24,981 22,540 20,282
P/E ratio 21.5 x 21.4 x 21.4 x 28.5 x 21.3 x 16.8 x
Yield 3.66% 3.55% 3.51% 2.91% 4.55% 4.69%
Capitalization / Revenue 4.5 x 3.93 x 3.5 x 3.66 x 3.19 x 2.24 x
EV / Revenue 5.2 x 4.53 x 4.09 x 4.27 x 3.75 x 2.85 x
EV / EBITDA 24.8 x 28.1 x 22 x 18 x 13.1 x 17.1 x
EV / FCF -575 x -101 x 35.4 x 35 x 14.4 x 30.4 x
FCF Yield -0.17% -0.99% 2.83% 2.86% 6.93% 3.29%
Price to Book 4.12 x 3.49 x 3.39 x 2.86 x 2.55 x 2.08 x
Nbr of stocks (in thousands) 2,489,676 2,489,672 2,489,670 2,489,670 2,489,670 2,489,670
Reference price 2 9.550 9.850 9.980 8.600 7.700 6.400
Announcement Date 30/04/18 30/04/19 29/05/20 27/04/21 28/04/22 27/04/23
1MYR in Million2MYR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 5,289 6,247 7,096 5,850 6,013 7,110
EBITDA 1 1,110 1,008 1,322 1,390 1,724 1,186
EBIT 1 975.2 829 1,159 1,240 1,591 1,044
Operating Margin 18.44% 13.27% 16.33% 21.19% 26.46% 14.69%
Earnings before Tax (EBT) 1 1,395 1,394 1,477 1,107 1,450 1,330
Net income 1 1,104 1,146 1,163 750.2 900.4 950.7
Net margin 20.87% 18.34% 16.39% 12.82% 14.98% 13.37%
EPS 2 0.4434 0.4601 0.4671 0.3013 0.3617 0.3818
Free Cash Flow 1 -47.88 -280 820.9 714.5 1,562 668.2
FCF margin -0.91% -4.48% 11.57% 12.21% 25.98% 9.4%
FCF Conversion (EBITDA) - - 62.09% 51.4% 90.64% 56.35%
FCF Conversion (Net income) - - 70.59% 95.24% 173.51% 70.29%
Dividend per Share 2 0.3500 0.3500 0.3500 0.2500 0.3500 0.3000
Announcement Date 30/04/18 30/04/19 29/05/20 27/04/21 28/04/22 27/04/23
1MYR in Million2MYR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 3,742 3,788 4,178 3,570 3,370 4,348
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.371 x 3.758 x 3.16 x 2.568 x 1.955 x 3.667 x
Free Cash Flow 1 -47.9 -280 821 714 1,562 668
ROE (net income / shareholders' equity) 18.9% 15.4% 14.4% 9.25% 11.6% 12%
ROA (Net income/ Total Assets) 5.09% 3.6% 4.4% 4.47% 5.72% 3.61%
Assets 1 21,689 31,781 26,444 16,768 15,732 26,314
Book Value Per Share 2 2.320 2.820 2.950 3.010 3.020 3.080
Cash Flow per Share 2 0.2600 0.2500 0.4400 0.3900 0.4900 0.5800
Capex 1 153 194 265 136 580 632
Capex / Sales 2.9% 3.11% 3.74% 2.32% 9.65% 8.89%
Announcement Date 30/04/18 30/04/19 29/05/20 27/04/21 28/04/22 27/04/23
1MYR in Million2MYR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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